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New FHA Program Launches: Details, and How to ApplyOct 2, 2008 - The Federal Housing Administration program announced and passed this summer officially rolled out this week with the backing of the Bush administration. Lenders will begin processing the details over the next few days, if they choose to participate.
The details, which until now were restricted by law from full disclosure, spell out a plan that will enable homeowners to refinance (refinance mortgage rates) into more affordable, government-backed mortgages and stave off foreclosure. The program will insure up to $300 billion in mortgages, helping thousands of borrowers strapped with increasing bills and unrealistic interest rates.
The Congressional Budget Office estimates this plan, called the “Hope for Homeowners” programs, could help 400,000 people during the three-year time period. Critics have long contended that this is merely a symbolic gesture and not a long-ranging, comprehensive solution. Some housing advocates cite the fact that foreclosures are now reaching 300,000 filings a month. Final participation numbers will be determined by lenders, who have the option to participate in the program. Program details are as follows:
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