In a news conference on March 6, 2012, President Obama made an announcement concerning homeowners in the United States.Â He unveiled two new housing initiatives intended to help with government-insured loans and members of the military.Â This news is huge and could mean significant savings to the homeowners it applies to.
The first program will cut mortgage insurance premiums for certain homeowners who refinance an FHA loan into a new one under this new program.Â In order to qualify for the reduced premiums, a homeowner must be current on a mortgage taken out and insured by FHA before June 1, 2009.Â Current means no more than one 30-day-late payment in the past six months and no more than two in the past year.Â This loan must be refinanced into a new FHA-backed mortgage on or after June 11.Â The new lender is not required to verify homeowner’s income, employment or credit score, and no appraisal is required.
The great news is that the administration estimates that an additional 2 to 3 million homeowners could end up refinancing under its program, allowing these struggling homeowners to start making some kind of come back.
For military members, any service member or veteran whose home has been wrongly foreclosed on since 2006 will receive compensation equal to a minimum of $116,785 plus any home equity lost since the foreclosure.Â This compensation will come from the mortgage servicers who conducted the foreclosures.Â In addition, any service member who was wrongly denied the opportunity to refinance will receive a refund of money lost.
Another benefit: if the average family spends the money they are saving on their mortgage, it could boost the economy.
If you are one of the many that want to live in the Savannah or Richmond Hill, Ga area, I can help you get started or answer any questions you may have.Â Visit this link to browse some of the beautiful homes for sale here.
For any and all of your questions about the Richmond Hill and Savannah, Ga areas, as well as real estate questions and needs, please don’t hesitate to contactÂ me, Teresa Cowart, as I am always happy to help!Â You can also connect with me on my Facebook Page for area info and events, things to do, real estate news, home ownership tips, and so much more!
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