Obama’s Home Refinance Stimulus Package contains 75 billion dollars worth of assistance to struggling homeowners hard hit by the current economy and the failing housing market. Many folks have seen a major reduction in their income due to economic events beyond their control, like reduced hours. But, they have been previously unable to refinance their mortgage because the current market value has decreased, sometimes below what they owe! This decreases the percentage of equity they have, so they don’t qualify for traditional refinancing. So, they have struggled along, managing to make the payments, but not sure how long they can continue.Obama’s Home Refinance Stimulus Package paves the way for them to refinance their home, even if they owe up to 105% of the current market value of the home. The loan must be on a primary dwelling. The payments must have been no later than 60 days late during the last year. The loan is refinanced, keeping the equity intact, at a lower interest rate. These loans are FHA insured, and lenders receive a financial incentive for doing these refinance packages. . The original loan must be owned or serviced by Fannie Mae or Freddie Mac to be eligible.If you have tried to refinance your mortgage at the current interest rates to get some relief for your ailing budget, but did not have enough equity to qualify, take hope. Maybe Obama’s Home Refinance Stimulus Package will be the answer to your situation. Don’t delay; the deadline for applications is June 10, 2010. This federal program may not just save your monthly budget, but eventually save your home from foreclosure.