First, from the official government site – makinghomesaffordable.gov
“On March 26, 2010, the Administration announced several enhancements to the existing Making Home Affordable Program (MHA) and the Federal Housing Administration (FHA) refinance program that will give a greater number of responsible borrowers an opportunity to remain in their homes and reduce costly foreclosures. The changes will improve the effectiveness of the existing MHA program by providing temporary assistance for unemployed homeowners while they search for re-employment, providing servicers and lenders more flexibility to reduce mortgage principal for underwater borrowers, increasing incentive to servicers to participate in MHA, facilitating transitions to more sustainable housing for borrowers who do not succeed within the HAMP program, and expanding opportunities to refinance into affordable FHA loans for underwater borrowers.”
“USDA still needs additional funding for the Guaranteed Rural Housing Program
One item that was completely ignored was increased funding for a program that is already working, USDA Home Loans. A USDA Home Loan is one of the best loans available, it also has the lowest foreclosure rate of any other product available, 1.72%. The Wall Street Journal had an excellent piece talking about USDA Home Loan and the need for Congress to authorize additional funding.
I urge everyone to contact your elected officials immediately and voice your concerns; Authorize additional funds for USDA Home Loans.”
