My Lubbock TX Real Estate Blog

Feds Unveil Plan To Help 9 Million Stay In Homes
March 4th, 2009 8:31 AM

WASHINGTON (AP) – The Obama administration is kicking off a new program designed to help up to 9 million borrowers stay in their homes through refinanced mortgages or loans that are modified to lower monthly payments.

The Treasury Department on Wednesday released detailed guidelines designed to let the lending industry know how to enroll borrowers in the program announced last month.

To help borrowers determine if they are eligible, the government has put answers to common questions and assessment tools on the Web site http://www.FinancialStability.gov.

"It is imperative that we continue to move with speed to help make housing more affordable and help arrest the damaging spiral in our housing markets," Treasury Secretary Timothy Geithner said in a statement.

Posted by Gary Owen on March 4th, 2009 8:31 AMPost a Comment (0)

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FHA Loan Update
March 11th, 2009 5:40 PM

From my friend Lacie Walton at American State Bank in Lubbock:

I wanted to update everyone on a few changes that have happened on FHA loans effective today on any loans that are not locked in on an interest rate:

-Credit score must be at least a 620

-Both borrowers must have a credit score that must be above 620. That will hurt some of the kiddy condos that the student did not have credit scores.

These changes are only on FHA loans.

You can reach Lacie at (806) 741-2630 if you would like to discuss your loan options.

Posted by Gary Owen on March 11th, 2009 5:40 PMPost a Comment (0)

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