Foreclosure is up and Americans are starting to fear that the economy is never going to bounce back. Fortunately for the consumer, Obama has created a stimulus package for mortgage refinancing. With this home refinance stimulus package, consumers will be able to refinance their mortgages for a lower interest rate and a lower monthly payment. For anybody facing foreclosure, this could be the light at the end of the tunnel that they have been waiting on. But do not rush out and call your lender just yet. There are many stipulations that you have to consider before you apply to this new program.A huge factor in whether or not you can qualify for the home refinance stimulus package is when you received the loan on your home. If you received your loan after the first of January in 2009, you might not be able to qualify for this new plan. You must also have an excellent payment history with your lender. If you have fallen on financial hardships due to the loss of employment or a general loss of income, you might be a good candidate for this plan. Individual lenders will judge each consideration, but if you have filed bankruptcy in the last couple of years, you will find it very hard to secure your place among this program.Your credit score will play a very big part in whether or not you can qualify for this home refinance program also. If you have a good credit score, you are in good shape. If you have a bad credit score, the lender will take this into consideration also. Some factors could be if you have high medical bills or credit card debt due the loss of a job. Another factor that will affect your eligibility is if your current mortgage is more than thirty one percent of your monthly income after taxes. If the rate is larger than your income, you could possibly qualify for this new plan.Finding yourself among the millions of Americans who are facing foreclosure can be extremely scary. Considering the alternatives of foreclosure or bankruptcy, the home refinance plan could save your home. Gather all of your income information and your monthly bills before you contact your lender to apply. This program is designed to help you so take advantage of it and get your financial pitfalls under control today. Remember you can get tons of information from different firms and in this way you can get always the most convenient for you.