Wednesday, September 8, 2010

Brand new today SEPT 8 2010 New FHA Mortgage Refinance Program Aimed at 11 Million Homeowners Underwater - Real Estate Channel Global News Center

New FHA Mortgage Refinance Program Aimed at 11 Million Homeowners Underwater - Real Estate Channel Global News Center: "About 1.5 million of the 11 million U.S. homeowners who owe more on their mortgage than their home is worth could be catching a break shortly.

A new Federal Home Administration refinance program kicked off Tuesday, Sept.7.

The government has earmarked $14 billion in Troubled Asset Relief Program (TARP) funds to support the program.

The latest data from CoreLogic shows that some 11 million borrowers were in a negative equity position as of the end of June, reports DSNews.com. That equates to 23 percent of all U.S. residential properties with a mortgage."

To facilitate the refinancing of new FHA-insured loans under the program, the U.S. Department of Treasury says it will provide incentives to existing second lien holders who agree to "full or partial extinguishments" of the liens.


NOTE::: I Hope this helps more than their last help program for underwater homeowners. CHECK IT OUT FAST


photo credit: sxc.hu

2 comments:

Abbie said...

I've heard and read a lot of stories about underwater houses in the U.S. but not much here in Canada. Edmonton mortgage brokers are offering good terms for home owning depending on the income of the buyers. For the past months, there has been decrease in rates in house financing. Edmonton is one of the cities in the province of Alberta where houses are being sold in lower rates than last year. The decline started last September when loaners had introduced much cheaper rates with lower tax.

Alrady said...

Abbie Thanks I have wondered some about other countries and have tried to grab information as I see it. Mostly from UK and a few from Phillipines. Nice to know that one province is doing better.

We have great interest rate here in US but the credit is dried up. Hard to get loans .. not sure if that has eased very much or not. Thanks for the comment

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