Proposed Presidential Plan for Refinancing - by Tom Brewer

Proposed Presidential Plan for Refinancing President Obama announced parts of his latest plan to help improve the condition of the nation’s housing market. The money for the plan, which is expected to cost between $5 billion to $10 billion, is expected from fees charged to banks. The plan is pending congressional approval at this time. The plan would allow homeowners, even those that do not have government supported mortgage loans (Fannie Mae, FHA, Freddie Mac, et al), to be able to refinance with less of a struggle. Homeowners would have to have a credit score of 580 or better and must have paid their mortgages on time for the 6 months prior to applying for the program. This is potentially good news for Arlington and Mansfield area homeowners that are struggling to keep on top of the mortgages. If this program passes, homeowners with either federal home loans or loans from the private sector would be able to refinance their homes and finally take advantage of the extremely low mortgage interest rates currently available. Many residents have met the proverbial brick wall when it comes to refinancing. This is a direct result of tighter restrictions by loan companies after the housing market downturn that hit just a few years ago. Overall, even without this program, Arlington and Mansfield homeowners have been in a good place thanks to state and local programs to help homeowners avoid defaulting on their mortgages. To find out more about what the President has in mind for the new housing related programs he is proposing, go to: http://www.whitehouse.gov/blog/2012/02/01/president-obama-talks-about-ways-help-homeowners . Please go to Arlington Texas Real Estate for more information.