If you are at all concerned about your financial situation, it's important to check out the new mortgage landscape. The administration's Homeowner Affordability and Stability Plan includes:
1) a refinancing intiative which would help homeowners who have less than 20% equity in their homes and are therefore having trouble qualifying for a refinance under current rules, and
2) a stability intiative designed to reduce homeowners' payments to 31% of their income through lower interest rates on the loan.
Homeowners who are NOT yet delinquent on their mortgages qualify to apply for the stability program, making this an option for those who have struggled to make their payments and preserve their good credit. Only personal residences are eligible for these programs at this point.
If you need more information about these programs, or about the first time homebuyers' credits now available, let me know. Some of our clients are looking into these programs as an alternative to selling a home that they'd like to keep. If you're in that situation, these programs are worth a look.
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