The New Housing Bill…what it means to you!

Here is an excerpt from the Associated Press as to a provision of the new Housing Bill that has been signed into law by President Bush:

“Homeowners struggling to make payments on high-interest mortgages can contact their banks and transform their loans into government-backed, 30-year fixed-rate mortgages.

To qualify, homeowners must have a mortgage debt-to-income ratio greater than 31 percent. To see if you qualify: Multiply your gross monthly salary by 31 percent. A homeowner earning $75,000 a year, for example, must owe a monthly mortgage payments of at least $1,938.

The new loan cannot exceed 90 percent of the home’s value and borrowers must prove they can repay the loan.

Congressional budget analysts project that this $300 billion program would help 400,000 homeowners facing possible foreclosure. The program begins in October but officials recommend homeowners begin the process now.”

Please contact your Mortgage company to see if you qualify.  It has been reported that some mortgage companies will not be overly motivated to take advantage of this program as of yet due to the amount of money they must forgive on some of these loans to get to the 90% point.

For more information on what this means to you please call 813-546-5222 or visit us online at Tampa Real Estate.

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~ by ToughGuy on August 5, 2008.

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