Qualifying for a Wells Fargo loan modification is easier for distressed homeowners now, thanks to the Obama federal program. The main advantages of this government loan workaround include (a) a way for millions of American homeowners to get an interest rate reduction, and (b) a chance for homeowners to lower their monthly payments. Read on to learn more about how to apply through Wells Fargo, one of many lending institutions participating in the new federal plan.

Even if Wells Fargo has already turned you down for a loan modification, or if you are still waiting for their decision, you can now request consideration for the Obama Obama refinance Mortgage plan. While the criteria for approval are strict, you can increase your odds of getting assistance, by learning a bit about how to conform to the program guidelines, and completing your paperwork accordingly.

Qualification guidelines to refinance under the home refinance stimulus package: You must live in your home; it must be your primary residence. You cannot have been any later than thirty days with a payment over the last year. You must not owe more than 105% of the total current market value of your house. The loan must be under Fannie Mae or Freddie Mac. You have to be able to document that you can make the new payment. Only first mortgages are included in this refinancing plan; the lender may agree to work with you on the second mortgage, if you have one.

This home stimulus program will offer 15 and 30 year terms at current interest rates and closing costs. This program offers a way for homeowners whose property value has decreased and they have been unable to obtain a more affordable fixed-rate loan. If you have been paying only the interest or some other adjustable rate payment, your payment may actually increase when you obtain a fixed rate mortgage, but in the end, it is the wisest choice while the opportunity is available.
These refinance packages are government subsidized, and will only be available or a limited window of time.

So, in order to get a Wells Fargo loan modification, be sure you learn everything you need to know in order to conform your application to the guidelines, take plenty of time to prepare, and make it as easy as possible for the lender to approve your application. Be sure to do it right, to ensure that you can keep your home.

Learn more about Obama Mortgage Relief Plan Qualifications.