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Tens of Thousands of Californians Could Benefit from Higher Government-Insured Mortgage Limits |
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From HUD Press Releases: San Francisco - Tens of thousands of California families could benefit from affordable government-insured mortgages under a plan to be announced shortly that will temporarily increase home loan limits, U.S. Department of Housing and Urban Development Secretary Alphonso Jackson said today. Highlighting the Bush Administration's plans to help Americans keep their homes, Jackson said the President's economic growth package, which became law last month with wide bipartisan support, could allow more than 30,000 California families to be eligible over the next several months for safe, affordable mortgages insured by HUD's Federal Housing Administration (FHA). This increase will help provide economic stability to communities in California and give hundreds of thousands of homeowners and homebuyers throughout the country a safer, more affordable mortgage alternative. President Bush and Jackson continue to call on Congress to pass a permanent bipartisan solution to help more families quality for FHA-insured mortgages, which allow low-income, minority and first-time homeowners access to prime-rate financing so they afford to purchase a home. The Secretary pointed to FHASecure, the refinancing arm of FHA, which has helped more than 100,000 homeowners refinance their mortgage since it was announced last fall. FHASecure includes homeowners who are current on their loan or past due because their teaser rates reset; some borrowers who owe more on their homes than they are worth; and those in the process of foreclosure. To stress the importance of housing counseling, Jackson pointed to studies that show homeowners in need of financial help responding more quickly to community and non-profit groups than to lenders and banks.
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