All homeowners who have been affected by the current market scenario can now get a mortgage refinance at a refinance rate of 4.5% by Obama's stimulus plan. This program has been specially prepared to help all the customers whose property value has been decreased by 15% or more than that. Homeowners would get relief with stimulus plan by getting their mortgage refinance at 4.5% that would make their loan sustainable throughout the complete life of the loan.
Here is the eligibility criteria for Obama's Stimulus Plan to get the loan modified at a refinance rate of 4.5%:1. The entire customer's whose property rates have been dropped by 15 % or may be more can get their mortgage refinance at 4.5% interest rate. This would help them recover some of their loss which has been caused due to downfall of the value of their property.
2. If the loans of the homeowners are backed by Fannie Mae and Freddie Mac, they can get the mortgage revised at a refinance rate this rate which is really low. This would further make their monthly installment amount less than 31% of their current gross monthly income and no installment amount would cross 31% of the gross monthly income of the individual.
3. Now, each customer who is facing foreclosure can get their mortgage refinance by stimulus plan at a fixed interest rate of 4.5 %. This would make their loan cheaper and one would be able to sustain the payments. This way you can save your home and avoid foreclosure. The reduced interest rate will provide big time relief to the homeowners and they would now be tension free.
4. You are eligible for mortgage refinance by Obama's Stimulus Plan, if you are using your home for residential purpose and your property is your primary residence. This rate is not available for any other type of property like commercial etc.
So, Of you fall under any of the above mentioned categories, you can get your mortgage refinance at a interest rate of 4.5% by stimulus plan offered by president Obama.
To know more about Federal Mortgage Refinance Program and to check if you qualify :
www.loansstore.com/mortgage-refinance-loan-application.php
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