More good news for homeowners! This Friday, 2/19, President Obama is slated to unveil a $1.5 billion plan to help five different home financing agencies put together new programs.
What does this mean for you?
Well, if you live in Arizona, California, Michigan, Nevada, or Florida – all places hit hard by the housing crisis – then you’re looking at new financing initiatives that will help get you into a new house in one of those places. Alternately, they may help you sell your house.
This new money infusion is slated to spark innovation through relief programs, meaning it should provide new and better ways to help troubled homeowners.
Although it’s been going on for a while, mortgage relief efforts are still a hot project – particularly as the fallout from the recent spike in unemployment is still being felt across the country.
Specific details will be unveiled with Friday’s announcement, but it’s expected that the new initiative will propel state housing finance agencies to tailor their solutions to the specific problems of their local populations. This is a direct callout to the fact that each state is facing different challenges, and relief could turn out to be anything from direct mortgage help for homeowners threatened with foreclosure to more general home-buying programs to boost overall purchases.
The housing market has been improving over the last year, particularly with the help of the Obama tax-credit programs. This new effort seeks to build on that so the initial momentum isn’t lost when interest rates rise later this year, as is expected.
If you own or would like to own a rental property, this news could be the key you need to either get in on the market or get your current rental property mortgage down to a manageable rate.
