News Article From: 07-24-2008
How housing rescue bill can help you, an article from CNNMoney.com, reports that on Wednesday, the House passed a $300 billion housing rescue bill aimed at helping troubled homeowners avoid foreclosure and supporting mortgage giants Fannie Mae and Freddie Mac. If the bill is now passed by the Senate and signed by President Bush, thousands of at-risk borrowers will be able to refinance their unaffordable old mortgages into new low-cost fixed-rate loans insured by the Federal Housing Administration (FHA). In order to qualify, borrowers must live in their homes and have loans that were issued between January 2005 and June 2007. Also, they must be spending at least 40% of their gross monthly income on all household debt to be eligible for the program.