President Bush adding assistance to Homeowners through FHA Secure

Well, the FHA Secure Subprime market pain relief has been expanded the rescue options for some homeowners. They must qualify with ability to pay and 90-97% loan amounts. Lenders may amend the terms of loans either in the amounts or interest rate terms. They must also have been late or missed payments for two or three of the past twelve months. One source said the plans are expected to help a half million families in 2008 and President Bush reports a million have been helped. FHA loans are very attractive options for both the refinance and purchase financing for homeowners and Buyers these days.

President Bush at cabinet meeting today stated, "The other thing we've been very active on is helping people stay in their homes -- whether it be the HOPE NOW Alliance, or FHA Secure. Over a million people have been helped to renegotiate and/or to find ways to stay in the home that they own.

Congress can help. Congress needs to modernize FHA; they need to modernize Fannie Mae and Freddie Mac. I mean, there's constructive things Congress can do that will encourage the housing market to correct quickly by encouraging -- helping people stay in their homes. I don't think we ought to be bailing out lenders or speculators. I think we need to be helping hardworking Americans who are creditworthy stay in their homes."

Unfortunately, the crunch of the economy and housing market has impacted many more that are not currrently elgible for the relief programs. I don't recommend missing your payments to become eligible. I do have concerns for the people caught in the middle... again on a slippery slope with unstable employment, vanishing savings, increasing property taxes & healthcare costs. People on fixed or inconsistent incomes cannot confidently weather the storm. I have seen enough rain in St. Louis and the USA economy. Today was sunny & hopefully the Spring and new growth is just around the corner.