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Obama is pumping money into states hit the hardest by the mortgage crisis. The Los Angeles Times reports: “Under the new policy, $1.5 billion that had been reserved for the bank bailout will be rerouted to five states that have seen housing prices drop more than 20% since 2006: Nevada, California, Michigan, Florida and Arizona. [...] [...more]
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The federal government recently released more details on how to qualify for the new refinancing program. In a nutshell, if you want a federally-insured refi at a a lower rate, you must meet the following requirements: 1. you must live in the property as a primary residence 2. your mortgage must be insured by Fannie [...] [...more]
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Under the new Homeowner Affordability and Sustainability Plan, a whopping 9 million Americans may be able to refinance with lower rates and incentives for paying on time. Although the complete details won’t be available until the beginning of March, the White House just released their preliminary plans. Basically, there are two groups of people the [...] [...more]
