With millions of homeowners still struggling to pay their mortgages and with lending rates at an all-time low, President Obama gave details about his latest plan to help turn around the housing industry.
This new plan still needs approval from Congress but it would allow homeowners to save up to $3,000 per year by refinancing into loans backed by the Federal Housing Administration.
To pay for this program – which is estimated to cost between $5 billion and $10 billion – President Obama raised the issue of imposing fees on banks, an idea that has been shot down by many in Congress.
To be eligible for the program, homeowners must not have missed more than one mortgage payment in the last six months and no more than one missed payment in the six months prior. They must also have a credit score of 580 or better and they must own and occupy the home covered by the loan.
Stay tuned to see if this program passes through Congress. What are your thoughts on all these programs that we’ve seen over the last couple of years? Have they helped or hindered the real estate recovery?
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