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Do you qualify for a lower mortgage rate?
03/05/09 - The Web site created for the Obama Administration’s housing plan offers a complex, detail-by-detail breakdown of the new program, a summary of the program, and step-by-step instructions for homeowners checking to see if they qualify for a mortgage rate reduction. It also includes contact information for Fannie Mae and Freddie Mac, since only loans under those government-sponsored enterprises qualify. Complete info: Read here.
WASHINGTON (AP) – March 4, 2009 – The Obama administration is kicking off a new program designed to help up to 9 million borrowers stay in their homes through refinanced mortgages or loans that are modified to lower monthly payments.
The Treasury Department on Wednesday released detailed guidelines designed to let the lending industry know how to enroll borrowers in the program announced last month.
To help borrowers determine if they are eligible, the government has put answers to common questions and assessment tools on the Web site www.FinancialStability.gov.
“It is imperative that we continue to move with speed to help make housing more affordable and help arrest the damaging spiral in our housing markets,” Treasury Secretary Timothy Geithner said in a statement.
Copyright © 2009 The Associated Press.