In today’s turbulent economy the housing market is in the worst crisis it has ever seen. Due to the drastic decline in the housing market President Obama has released a new housing stimulus plan. This new stimulus plan will allow millions of homeowners in America to refinance their current home mortgage into a fixed 4.5% rate. Here is how President Obama’s “Home Affordability Plan” will save millions of people hundreds of dollars a month.At this time there are numerous grant options for struggling homeowners regardless of their current credit rating. These grants however are for those that are in need of short term assistance and the grants can be used to repay the loans.There are also options for mortgage modification for those that are in financial hardship. These hardships can range any where from unexpected medical emergency, decrease in income, loss of job or other debts. What this new stimulus plan will do is allow those struggling homeowners modify their mortgage payments into no more then 31% of their total monthly income.Along with this the borrowers’ total debt including the mortgage cannot exceed 51% of the borrowers’ total monthly income. The Federal Reserve along with President Obama are hoping to change the interest rates everywhere into a locked 4.5% rate for current and potential homeowners.Homeowners are also encouraged to seek professional help from mortgage counselors. Those who are interested can get help free of charge from a HUD appointed mortgage counselor who can act as their representatives when it comes time to speak with financial lenders or banks.The value of homes have been dropping in every neighborhood and those who have witnessed their homes value drop by 15% or more will be eligible to refinance their mortgage into a 4.5% fixed rate.Everyone especially the president is aware of the current economic difficulties we are all facing in the housing market. Due to the current housing crisis the government has $75 billion set aside for homeowners to refinance their current mortgages. The foreclosure rate is at an all time high and homes are losing their value fast, this housing stimulus plan can save hundreds of dollars a month. Take advantage of Obama’s “Home Affordability Plan” speak with a bank or lender and find an option that works best for you and your specific situation.