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Homeowners who were previously denied for mortgage refinance can now refinance their mortgage with 2% interest rate with the help of Obama housing stimulus plan. This plan helps the struggling homeowners to save their home from foreclosure.

Homeowners with bad credit, no home equity, no job and other financial trouble can now refinance their mortgage with 2% interest rate. All credit goes to President Obama housing stimulus plan. This plan is worth $75 billion and permits any homeowner to get a mortgage refinance which can save their home and money. Loansstore also provides services for Obama making home affordable program and helps the struggling homeowner to save their home from foreclosure. Below given are the details that a homeowner should know about Obama housing stimulus plan.

The Obama mortgage assistance plan is designed in such a way that struggling homeowners can easily take advantage of their plan and get approval for their mortgage. The main aim of this plan is to stabilize the housing market and the overall economy by helping homeowners to save their home from being foreclosed. Cash incentives are paid to the servicers and mortgage lenders who follow the rule and approve the struggling homeowners for mortgage refinance plan. Thus many lenders and banks have eased their restrictions and approve lots of struggling homeowners who were previously denied. Now, those homeowners who were previously denied for mortgage refinance can get approval and save their money.

Mortgage refinance loan with bad credit are also possible. Thus now bad credit people can refinance their mortgage and get quick approval. $75 billion is funded for this plan and it’s used for two main purposes. The major amount goes in giving to mortgage lenders and banks for every homeowner they approve. These incentives help the lenders and banks to loosen their restrictions. The other amount goes in keeping the mortgage interest rates low. The homeowners can get 2% interest rate on their mortgage using this stimulus plan and this can save a lot of money.

Homeowners are also encouraged to take advantage of this plan and get into a Making Home Affordable Program and Second Mortgage Program. One can easily save his home from foreclosure with the help of this plan. So contact your mortgage lender and know more about this plan.