Bush’s FHA Plan May Only Reach 10 Percent of At-Risk Subprime Borrowers

 · FHA-insured loans, according to a recent study, account for 30 percent of purchases of new homes and close to 20 percent of purchases of existing homes, far above historical norms. Many are at risk of foreclosure. An FHA “short sale” program designed to enable borrowers to avoid foreclosure has experienced substantial fraud.

If you have a 15-year mortgage and make a downpayment in excess of 10 percent, you will not have to make monthly mortgage insurance premiums. You will also reach the 78 percent loan-to-value threshold earlier than on longer term mortgages and may not have to pay monthly mortgage insurance premiums for the full five years.

President Bush has also proposed a modification of the existing FHA program to allow FHA to insure mortgages for borrowers who have invested less than the currently required 3 percent. President’s.

But not everyone praised the plan. “Students have been. can simply start garnishing up to 15 percent of borrowers’ disposable wages directly from their paychecks. That’s more than the 10 percent.

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According to O’Halloran, the 200,000 borrowers helped so far include many traditional FHA borrowers, such as low-income and minority families, who had migrated to the more easily obtained subprime.

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WASHINGTON – Hundreds of thousands of strapped homeowners could get some relief from a plan negotiated by the Bush. subprime mortgages – loans provided to borrowers with spotty credit histories -.

They plan to do this by increasing the number of homeowner workshops by at least thirty over present numbers. This increase will also be accompanied by more use of the internet and telephone to assist homeowners in seeking modification of their loans.

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Bush Plan Would Freeze Subprime Rates. Mason said the plan targets only those borrowers who can afford their introductory. on further foreclosures to pressure lenders to reach at-risk.