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Mary Maxie » Arizona Real Estate News: Gov’t Help for Home Seekers/Owners

Arizona Real Estate News: Gov’t Help for Home Seekers/Owners

Arizona Real Estate News: Gov’t Help for Home Seekers/Owners

Obama To Promote New Steps To Help Housing Woes – According to an administration official, Obama’s housing initiative will help homeowners with little or no equity in their homes refinance by cutting the cost of doing so and removing caps for deeply underwater borrowers.  The new rules apply to homeowners with federally guaranteed mortgages who are current on their payments.  With the president’s jobs bill struggling in Congress, the White House is refocusing its efforts on steps Obama can take to address the nation’s economic woes without getting lawmakers’ approval.  Read article:
http://www.npr.org/templates/story/story.php?storyId=141648275

 

Ariz. underwater homeowners to get help with refinancing – More Arizona homeowners may soon be able to refinance to current low mortgage-interest rates, no matter how far underwater they are in their homes.  The federal Home Affordable Refinancing Program has allowed certain loans to be refinanced if the borrower owed up to 125% of the home’s value.  The plan announced Monday would lift the value requirement completely, allowing some borrowers to refinance no matter how much their home’s value has dropped, if their mortgage is backed by one of the two largest federal mortgage agencies and they meet other requirements.  Read article:
http://www.azcentral.com/business/realestate/articles/2011/10/25/20111025arizona-homeowners-underwater-help-obama.html

 

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