I take pride in providing useful information that you will find helpful when making decisions regarding your mortgage. My monthly newsletter covers different topics each month to help increase your knowledge of the mortgage industry and recent industry happenings. Please take a moment to review the monthly newsletter and click on the links on the left hand side for more news and resources. Feel free to pass this newsletter along to any friends and family members who might find it useful and contact me with any questions you may have.
Thank You,
Bob Ullman
Spotlight
A Closer Look at the Foreclosure Rescue Plan
Rescue Plan at a Glance:
400,000: Estimated number of troubled
borrowers eligible
$300 billion: Lower-cost home loans
$625,000: New loan cap
$15 billion:
Tax benefits including $7,500 tax credits for first time home buyers
With the foreclosure rescue bill signed and in place, the housing and loan market has finally received a much needed boost. In October, when the law is finally put into effect, the Federal Housing Administration (FHA) will be able to back $300 billion in new, affordable home loans for nearly 400,000 distressed borrowers who otherwise would be considered too risky to qualify for government insured, fixed rate loans. The rescue plan is intended to not only benefit homeowners at risk of losing their homes, but also home buyers unable to afford a substantial down payment, lenders looking to minimize the repercussions of client foreclosures and, ultimately, the economy.
Get the basics and uncover the fundamentals of the new program before you decide
that a government insured loan is right for you. Below are answers to a few
popular rescue plan questions:
Am I Eligible?
Borrowers may only be eligible to refinance their current loan to a more affordable, FHA insured mortgage program if they:
- Use their home as their primary residence
-
Have loans that were issued between January 2005 and
June 2007
- Spend close to 40 percent of their gross monthly income on all household debt
-
Are able to prove that they are unable to keep paying
their existing mortgage and prove that they are not intentionally
defaulting just to obtain lower payments
- Have retired any other debt on the home (including home equity loans or lines of credit)
- Have the FHA's approval through their current mortgage lender
- Can verify that their total debt does not exceed 95 percent of their home's appraised value
If you feel that your current mortgage and financial situation fit the criteria above, contact Jacob Dean Mortgage Inc at 603-888-7788 to discuss your loan options.
What Will I Save?
The foreclosure rescue plan offers relief to homeowners and incentives to home buyers tight on cash.
Unlike the subprime adjustable rate mortgage that can climb every six
months, the reasonable, fixed rate FHA loan offers the borrower a sense of
financial security. So whether you are in the market to purchase a home, or
interested in refinancing your current mortgage, you are certain to enjoy
significant savings and tax benefits, even after factoring in the FHA fees.
Learn more about your potential savings and discuss your refinance options by visiting our office, or contact us directly on our website at http://jacobdeanhomeloans.com.
How Can I Apply?
Jacob Dean Mortgage Inc can help you assess your current financial situation to ensure you qualify for a new, low fixed rate loan insured by the government. Call us today at 603-888-7788 to schedule a meeting.
Keeping You Informed
Jacob Dean Mortgage Inc is dedicated to keeping you informed of the latest market trends and mortgage options. Visit us online at http://jacobdeanhomeloans.com, or call us today at 603-888-7788 to obtain custom loan options designed to fit your needs and help you obtain your ownership goals.
