The "Making Home Affordable Plan" from President Obama allows homeowners facing foreclosure, or financial hardships, a opportunity to get a fixed rate 4% home loan. This plan will help over 9 millions homeowners with over $75 billion in Government funding. Here is how you can get a piece of the bailout for yourself, and get a money saving home loan modification or refinance: Here are some of the very basic and easy to meet eligibility requirements for a homeowner who wants to use Obamas "Making Home Affordable" plan for themselves:

Homeowners who are in a "Financial Hardship", and have documents such as bank statements, bills, lay off notices, or other relevant documentation for which they claim a financial hardship from, can now be approved for a home loan modification or refinancing, quickly and easily, through the use of a mortgage lender or bank participating on Obama mortgage plan 2009 . Include a brief handwritten letter with your signature, explaining your financial problems, and that you will lose your home if action is not taken to reduce the monthly loan payments.

The plan calls for mortgage lenders and banks to provide mortgages which are less than 31% of a homeowners monthly income. This will be a drastic savings for many homeowners who pay close to 50% or more of their income towards their mortgage every month. Homeowners who have a mortgage that is backed by either Freddie Mac or Fannie Mae are now automatically eligible for a home loan modification. This is not dependent on your financial position, or mortgage situation.

A homeowner can even refinance if they owe up to 5% more on their mortgage than their homes actual market value. This helps a lot of homeowners who feel helpless paying a huge monthly payment on a property which is actually losing value. Homeowners who are struggling financially, have a bad mortgage, have seen their home values drop, or are looking to save money every month, should look into the advantages and potential savings they can easily get through Obama's plan.

This means that homeowners have never had a better chance to save a lot of money through reduced interest rates, as those in the guidelines of Obamas "Making Home Affordable Plan". The savings have been reported to be hundreds per month for the average homeowner who has used this plan. Do yourself a favor and see the potential savings you can be getting and call your mortgage lender or bank.

Learn more about Obama Mortgage Relief Plan Qualifications.