Between lowering interest rates to near- historic lows and opening FHA refinances too many who previously were not qualififed, Obama plans to stabilize the housing market and help responsible homeowners stay in their houses.  With the ability to maintain a loan at the current “rock bottom” rates, President Obama instructed the nation that at least forty percent of Americans were eligible for a refinance.  The idea behind the President’s plan is to halt banks and lenders from freezing their funds.  Currently even the most creditworthy borrowers are having difficulty in obtaining mortgages or other types of loans.

     While President Obama’s strategy to deal with the housing crisis is great news for Americans who have made their housing payments despite drastic drop-offs in home values, the time to act is now.  Not only is it doubtful that interest rates will remain this low, but many economic experts are predicting that credit will be severely restricted in the near future.  Therefore, the time to act is now.  Refinancing now may give current homeowners the potential to free up funds needed for other household bills or sending children to college.  However, it is imperative to contact a lender now to find out whether one qualifies for an FHA refinance.  Do not make the mistake of assuming your credit or income will prevent you from lessening your financial burden.   Take advantage of the situation the United States government has created for those who have remained able and willing to make their housing payment.  Refinance today!