The ‘Making Home Affordable’ program was created to help as many as 9 million homeowners who want to stay in their homes, but are struggling with their finances.

As with most legislation of this type, some of the details are still pending and subject to further clarification – but I would invite you to call me so we can begin to discuss how they might benefit you.

There are two important elements of this program:

One part of the program will be available to 4 to 5 million homeowners who have a solid payment history on an existing home loan owned by Fannie Mae or Freddie Mac. Many of these homeowners have been unable to refi and take advantage of lower interest rates because their homes have lost value. This plan allows for rate and term refis up to a 105% loan-to-value, which will help many homeowners take advantage of today’s lower rates or refinance an adjustable-rate home loan into a more stable product, such as a 30-year fixed rate loan.

To qualify, the home must be your primary residence and have a loan balance not exceeding $729,750. While there are still a few unknowns in the mix, this program will help a large number of homeowners cut their monthly expenses and benefit from the lower home loan rates available today.

The second part of the program will help up to 3 to 4 million at-risk homeowners avoid foreclosure by reducing monthly home loan payments. This program lets home loan servicers modify eligible loans for those who have experienced financial hardship. The plan is designed to help these at-risk borrowers decrease the payment amount on their existing loan.

Help Is Here

The housing and job markets continue to be hard hit by the contraction in the economy. But combined with earlier measures, such as the $8,000 tax credit for first time home buyers, the Making Home Affordable program may actually have some legs to help the housing market and economy overall.

Regardless of which opportunity may be right for you – the best first move is to pick up the phone and let’s start talking.

Compliments of Tammy Wilt, Mortgage Advisor, 571.212.4548, 434.242.0046, Tammy@TammyWilt.com

If you or anyone you know is thinking about buying, selling, or investing in real estate, please let me know … I value referrals and do them nationwide!  Or if you know someone who’d like to pay off their mortgage in a fraction of the time, please let me know!

To receive daily tips and updates like this one go to:
http://www.findhomesincharlottesville.com//cynthias-blog.asp
click on “RSS” at the bottom of a blog, click on “subscribe to this feed”, click “subscribe”.

THANK YOU!
Cynthia Hash, Realtor/SRES/GRI, Keller Williams Realty
FULL SERVICE REALTOR .. www.FindHomesInCharlottesville.com
GET HELP THRU CAREGIVERS LIBRARY .. www.AgingYourWay.org
ALWAYS WANTED A LOG HOME? .. www.CedarLogStructures.net
WANT TO PAY OFF YOUR HOUSE? .. www.PayOffYourHome.org
Cell: (434) 531-5351 ~ Fax: (801) 681-0286 ~ Email: hash@kw.com
Ofc: 1885 Seminole Trail, Ste 100, 2nd Floor, Charlottesville VA 22901
Matthew 7:12 is NAR Golden Rule