Easily Qualify For 2 Percent Mortgage Refinance With Obama's Stimulus Plan

President Obamas $75 billion Home Mortgage Refinance plan will allow millions of homeowners a chance to refinance their home loan into a fixed rate 2% mortgage. Homeowners can easily save hundreds per month using this "Making Home Affordable" plan. Here is who qualifies:

- Homeowners who have made every mortgage payment on time and in full for the past 12 months. If you have any late fees or were late paying, that is ok, as long as you were not more than 30 days late.

- Many unfortunate homeowners have lost their job, have a reduced income, or are facing large medical bills, or other debts. If these homeowners are willing to sign a letter of "Financial Hardship" to that effect, they will have the chance to refinance into a 2% home loan.

- Homeowners by the millions have seen their property value drop by 15% or more due to the "Mortgage crisis", to these homeowners, a home mortgage refinance will be offered at a fixed 2% rate.

- If your home mortgage is backed by home mortgage lending giants Fannie Mae or Freddie Mac, you are automatically eligible to modify your home loan into a new low interest rate.

- Homeowners who choose to loan modification rather than refinancing, will be able to get a mortgage payment that does not exceed their monthly income by more than 31%.

Under the guidelines of this "Making Home Affordable" plan from Obama, the government will give cash incentives to mortgage lenders and banks who approve modification or refinancing for these at risk homeowners. This means that even if denied before, now is a great time to refinance or modify your home loan. Between this and the all time low mortgage interest rates being offered, odds are good that a refinance is a financially smart thing to do. Taking advantage of this Obama bailout for homeowners will save millions of people hundreds of dollars every month.

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With President Obama's Mortgage Refinance Stimulus Plan Homeowners Can Refinance at 4.5 Percent

Homeowners who have missed, or are struggling to make their mortgage payments, now have some relief. President Obama's mortgage refinance stimulus plan makes an estimated 9 million homeowners eligible for a home mortgage refinance at a 4.5% fixed rate. Hundreds of dollars per month can easily be saved on mortgage payments.

Here are some of the requirements needed to fully take advantage of this "Home Affordability Plan" from Obama:

- The amount remaining on the mortgage must be for less than $729,500
- The home mortgage must have been closed on and finalized before January 1st 2009.
- The homeowner must use the house to be refinanced as a primary residence.
- Your income levels must be verified through the use of tax returns or pay stubs.
- A letter of "Financial Hardship" handwritten and signed by you is needed. This can be a loss of income, job, high medical bills or other expenses leading to your financial hardship.
- The homeowner must agree to get credit counseling if monthly debts, including the mortgage, exceed 55% of the homeowners gross monthly income.

Here are some things that banks and mortgage lenders can now offer you:

- The bank or mortgage lender can lower your monthly mortgage payment to 31% of your gross monthly income.
- Home interest rates can go as low as 2% in order to meet these guidelines set by President Obama.
- Homeowners will not have to pay any fees for home loan modification. These will be paid by the Government as part of the mortgage bailout plan.
- The bank or mortgage lender has the option of setting up a balloon payment at the mortgages end if the monthly payments were too low.
- Any balloon payments will have to be paid off in full should the homeowner want to sell or again refinance their property.
- Incentive plans are in place, backed by the government, which will gradually reduce the homeowners principal over the course of 5 years, up to a maximum of $5,000, for making mortgage payments on time.
- The mortgage interest rates are adjustable after a 5 year period. The low 2% and 4.5% mortgage interest rates are temporary fixes to help homeowners get out of their financial problems.
- Only one mortgage modification can happen using this mortgage stimulus plan, their will be no renegotiating later down the road after this.

Homeowners who are current and up to date on their mortgage payments and have a bank or mortgage lender who will not allow you to refinance or modify your mortgage due to the property values plummeting and the mortgage now being worth more than the home. There is now plans from Obamas mortgage refinance stimulus plan which will allow homeowners a chance to refinance, regardless if they have been declined before.

Here are some of the refinancing options using this Obama stimulus plan:

- The home must be the primary residence of the homeowner. This plan does not cover, investment properties, or second homes.
- Your income must be sufficient to pay the new mortgage amount.
- You are not able to perform a cash out refinance to pay down other debts using this stimulus plan.
- The home loan must be insured or owned by Freddie Mac or Fannie Mae.
- Homeowners can lock in a fixed 4.5% mortgage rate for 15 or 30 years.
- Even lower interest payments may be offered by the bank over the course of 5 years.
- Homeowners can now refinance up to 105% of the value of their home.

Refinancing a home mortgage will save millions of homeowners hundreds of dollars every month. This mortgage stimulus plan from Obama will stabilize the housing market and curb the foreclosures happening everywhere. This will restore confidence in the market and home values will start to rise again. Refinancing the right way, especially using this Obama stimulus plan, will save homeowners hundreds per month, or more importantly, their home.

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