Obama Mortgage Plan: Everyone Gets 2% Mortgage Refinancing

Homeowners who want to get a 2% fixed rate mortgage through a home loan refinancing or modification. The “Making Home Affordable” plan from Obama makes this a reality. This is a $75 billion plan which will allow millions of homeowners the chance to get an affordable Obama mortgage plan payment, and drastically reduce their interest rates. Here is how: New home loan and grant options are available to homeowners. These low interest loans and grants will help a homeowner pay off their other debts, and reduce their overall monthly payments.

To take advantage of President Obama mortgage plan for yourself, you must meet these guidelines and eligibility requirements: Homeowners who are facing financial hardships, and can prove them with documents, can apply for, and most likely be approved for a home loan modification. This will be into a much more affordable monthly payment, depending on your financial hardships and how much those cost you.

The home which is to be refinanced using this “Making Home Affordable” plan needs to be lived in as a primary residence by the actual homeowner. Homes used as investment, or second properties are not covered under this Government backed housing bailout program. With such a bad housing market and economy, homeowners can now refinance or get a home loan modification even if they owe as much as 105% of their homes actual market value. This will assist a lot of homeowners who have been making their payments, yet have seen their home values drop as a result of the tough economy.

Home loans backed by either Freddie Mac or Fannie Mae are automatically eligible to be modified into a monthly payment which will not exceed 31% of the homeowners gross monthly income. This will help a lot of people who currently spend 50% or more of their income towards their mortgage payments. This is a great way for millions of homeowners across the country to get back on track with their finances, save money every month, or most importantly save their home from foreclosure.

Now is a great time to strengthen your financial future, save money every month, save a home from foreclosure, or all of the above.

Learn more about Obama Mortgage Relief Plan Qualifications.