FHA Loan Limit Increase Passed by Senate
The U.S. Senate on Friday, December 14, 2007, passed S. 2338, the FHA Modernization Act with a 93 to 1 votes, which will reform the Federal Housing Administration (FHA) to give home buyers a safe, low-cost alternative to subprime loans. This is a huge victory for REALTORS® who have lobbied Congress aggressively all year to pass the FHA reform and provide troubled homeowners with safe and affordable refinancing options. Read more
Foreclosure Looms
So you bought a house in 2005 at or near the top of the market and probably used an adjustable first and second mortgage in order to qualify to buy that house. Now, two or three years later that interest rate on your loan has adjusted upward and your monthly mortgage payment has significantly increased to a point that you can no longer afford to make the house payment. Read more
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