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President Signs HOPE for Homeowners Act

If you’ve been wondering how the new mortgage relief bill will impact Crofton homeowners, it probably won’t unless you’re thinking of buying a home in the near future.  The bill is primarily intended to prevent foreclosures, but Crofton real estate has not been hard-hit with the record number of foreclosures that have occurred in other areas.

Here’s how the bill will impact homebuyers:

1.  FHA minimum down payments have been increased to 3.5%.

2.  Down payment assistance programs are being eliminated.

The following provisions are relevant to the foreclosure-prevention goals of the bill:

Looking at this list through the eyes of someone facing foreclosure, it would be hard to put your finger on anything that will provide immediate relief to them.  My best suggestion would be to check out your State website to see if they have any programs that may help (Maryland’s HOPE Program, for example). 

Be sure to pass on this information to anyone you know who may be planning to buy a home in the near future or anyone who is facing foreclosure in Maryland or anywhere else.

Source of information:  Originator Times

Copyright 2008.  Margaret Woda.  All rights reserved.  “President Signs HOPE for Homeowners Act”

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