Housing Plan Loan Limit Could Help Californians (and other American homeowners)

Housing Plan Loan Limit Could Help Californians (and other American homeowners)

www.SFGate.com

(03-04) 18:27 PST SAN FRANCISCO -- The Obama administration unveiled key details of its housing market rescue program on Wednesday, including a ceiling on mortgages eligible for modification that was raised high enough to potentially help hundreds of thousands of struggling Californians, local real estate experts say.

(visit the link for the full news article)

This plan, according to the article, could apply to mortgages as high as $750k, thereby helping homeowners in areas where housing prices are very high (like the Bay area) as well as those in the average to low markets. It would adjust eligible mortgages to just a little over 30% of income, making payments affordable for homeowners who are currently struggling with reduced incomes due to the downturn in the economy and/or the housing market.

This is an example of the stimulus program working for average Americans and not just the big financial institutions. Good news for struggling homeowners everywhere.

www.SFGate.com
(visit the link for the full news article)