About Government Refinance and Home Purchase Programs

Information and Updates on Government Mortgage Programs
Filed under Government Mortgage Financing Programs News

There was an interesting synopsis of the general plans being put forth by presidential nominees Obama and McCain in the AP recently. Here is a snippet of that:

McCain:

_ To be eligible for the FHA-insured mortgages, certain borrowers who live in their homes must prove creditworthiness at the time of the original loan and that they can meet the terms of a new 30-year fixed-rate mortgage.

Obama:

_To be eligible for FHA help, people do not have to have good credit to qualify as long as they can show they are able to afford the new payments.

_Separately, Obama would create a 10 percent mortgage credit for people who do not itemize their taxes.

_Supports changing bankruptcy laws so that homeowners going through that process can renegotiate terms of their mortgages — just as people or investors who own multiple homes or vacation homes can do.

Comments (0) Posted by G.R.A. Admin on Monday, July 7th, 2008


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