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Wednesday Jul 16, 2008

How Will New Real Estate Bill Help American Homeowners & Homebuyers?

It is anticipated that the new federal legislation working its way through Capitol Hill would help some 400,000 homeowners who are in danger of foreclosure. Assistance is offered to those who have a home loan debt-to-income ratio greater than 31% and are not able to pay their mortgage. The relief comes in the form of an affordable 30-year fixed-rate FHA loan. Borrowers are required to share any forthcoming appreciation gains with the government as repayment for the help, but that beats losing your home altogether. And, in order to be eligible for the FHA loan, your lender must decrease the principal balance on the mortgage to 85% of its current market worth.

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Posted at 09:14AM Jul 16, 2008 by Spencer Mason in General  |  Comments[0]

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