| President Obamas "Making Home Affordable" plan will | | | | the homes market value. Now though, a homeowner |
| allow millions of homeowners the chance to get a | | | | can get a refinance or mortgage modification, even if |
| 4.5% fixed rate home loan through refinancing or | | | | they owe up to 5% more than their homes value. |
| mortgage modification. Here is what you need to | | | | -Mortgages backed, insured, or financed, through |
| know: | | | | Fannie Mae and Freddie Mac are automatically eligible |
| These are some of the eligibility requirements that a | | | | for modification. President Obamas plan calls for this, |
| homeowner must meet in order to use President | | | | and they have no choice. |
| Obamas "Making Home Affordable Plan" for | | | | -A homeowner who wishes to use this plan, must live |
| themselves: | | | | in the home to be refinanced or modified as their |
| -Homes which have decreased by value 15% or more | | | | primary residence. This plan does not offer assistance |
| can use this plan. This helps millions of homeowners | | | | for second homes, investment properties, or rental |
| who have seen the value of their home go down, | | | | homes. |
| even though they make their payments regularly and | | | | Taking advantage and getting a 4.5% fixed mortgage |
| on time. The tough economy and bad housing market | | | | through refinancing or mortgage modification is a quick, |
| have left homeowners feeling helpless as they watch | | | | easy way a homeowner can lower their monthly |
| the value of their home drop. Now, these homeowners | | | | payments. Millions of homeowners are covered under |
| can use the housing bailout plan from Obama and get | | | | this housing bailout plan, and should take advantage. |
| a low 4.5% interest rate. | | | | Applying and qualifying is easier than ever, and |
| -Homeowners, as a result of financial hardship or the | | | | homeowners should take this chance to save a lot of |
| bad economy, may owe more on their mortgage then | | | | money. |