The housing sector of the stimulus bill recently signed by President Obama plans to stabilize the housing market and keep millions of homeowners in their homes.
This bill plans to assist in two ways - to refinance homeowners with less than 20% equity in their homes, or owe more for their home, than what it is worth. The second program is a loan modification section to lower monthly house payments to homeowners at risk of losing their homes.
March 4th should be the day the plan's details will be announced, and we shall see the benefits of this stimulus and how it will help homeowners in Colorado.
The refinance portion of this stimulus cannot include prepayment penalities or balloon payments. Credit scores will come into play when this refinancing occurs.
This stimulus plan also to increase fund commitment to Fannie Mae and Freddie Mac to ensure the strength and security of the mortgage market and help maintain mortgage affordability. This should ensure the mortgage rates remain affordable.
This government plan to scheduled to be unveiled March 4, 2009, but you can download the common Questions and Answers produced by the government at: www.treas.gov.initiatives/eesa/homeowner-affordability-plan/ConsumerQA.pdf
Joan Cox
Metro Brokers - Turning Point RE, Inc.
Centennial, CO 80111
720-231-6373
www.JoanCox.com
About Me
- Joan Cox
- Denver, Colorado, United States
- With 13 years in real estate, I specialize in relocation, new construction, investor purchases, first time homebuyers and sellers. Ask me about my web site! Call today - 720-231-6373 In August 2009 I opened MY OWN Metro Brokers office in the Tech Center.
