DENA LAND NEWS A MONTHLY NEWSLETTER BY LINDA LANE-WHITE—KELLER WILLIAMS REALTY SERVING MY HOMETOWN OF ALTADENA/PASADENA AND OUTLYING AREAS
April 2009
April is a month of exciting changes in housing! You could say April is the month of miracles, at least it is this year. In 2009, Passover and Easter fall in the month of April, two ancient religious holidays with miracles at the center of the celebration. But apart of the traditional celebrations, there are a lot of really wonderful things happening out there for people. For one thing, in
Linda Lane-White “Singing” Realtor ® CA Lic #01091347 Notary Public
my business we are seeing many happy buyers, people who are getting the bargain of their lives on wonderful properties. And the new stimulus, and mortgage assistance bills have given many people a new chance to own a home. If you are looking for your own April housing miracle, either to buy or sell, I hope you will give me a call. I can make it happen! …..Linda
Qualifying for Mortgage Assistance Under The Homeowner Affordability and Stability Plan
If your total monthly mortgage payments are greater than 31% of your monthly pre-tax income, you might qualify for relief. You must prove to your lender that your payments are greater than 31% of your income and that you might not be able to keep up your mortgage payments. In this case, the government is giving the lender incentives to reduce your interest rate. This could substantially lower your monthly payment. A loan with a 7.5% interest rate that costs you about $1,500 per month could get an interest rate reduction. This means your rate would be lowered to 4.4%, making your payments just $1,100 per month. You probably have to show that you could afford the reduced monthly payment. Even if your mortgage payments are not more than 31% of your income, you might qualify for another kind of mortgage relief. If your mortgage is owned by Fannie Mae or Freddie Mac (or a governmentbacked program), or if your mortgage is insured by them, you might be able to refinance, even if you owe more than 80% of what your house appraises for today. These new rules will make it possible to refinance up to 105% of your home’s value.
You probably have no idea whether your loan is owned or insured by a government agency. Your lender will know that but you probably will not even have to call the lender to find out. Lenders will be reviewing all of their loans to find out who possibly qualifies for mortgage assistance and then they will be sending out notices. You will not qualify for assistance on second homes or investment properties. But, if you have a duplex or an apartment building with up to four units, and if you live in one of the units, you can qualify for assistance.
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Owning a home is a keystone of wealth, both financial affluence and emotional security. Suze Orman