Obama’s mortgage relief and housing plan

The details on Obama’ new mortgage relief plan are out. The key parts are the following:

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The details on Obama’s new mortgage relief plan are out.  The key parts are the following:

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  • Mortgage must be a conventional, conforming loan (i.e. up to the new $729,00 level – No jumbos)
  • Homes must be owner-occupied (no vacant or invesment homes qualify)
  • No minimum or maximum LTV (does that mean 110% loans qualify? I do not know yet, but you can be in negative equity)
  • Will bring debt to income ratio down to 38% by the lender
  • The governemnt will kick in the rest to get homeowners down to 31%.
  • Borrowers in bakruptcy are not automatically rejected
  • If you default, you do not re-qualify.

See the video below for further details.

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