From Realtor Magazine Online, Daily Real Estate News February 26, 2009
Not as many homeowners as you might think are eligible for President Barack Obama’s housing stability plan.
The reason:
Eligible borrowers are only those whose loan is conforming--that is, a first mortgage backed by Fannie Mae or Freddie Mac, the two secondary mortgage market companies that are now under the direction of the federal government. Those loans are limited in size--$417,000 for most of the country, although they go up to $729,750 in high-cost areas.
Eligible borrowers are also limited to those with a loan-to-value ratio of 80 percent to 105 percent on their first mortgage.
Here are the percentages of mortgage holders in some hard-hit areas who meet the eligibility criteria to refinance under the plan, according to Zillow.com:
Miami-Fort Lauderdale: 17 percent
New York and North Jersey: 16 percent
San Diego: 12 percent
Los Angeles: 9 percent
San Francisco: 8 percent
San Jose-Santa Clara: 7 percent
Source: The Wall Street Journal, Nick Timiraos (02/24/2009)
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