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3/30/2010 - GCV Approved for FHA Insured Financing

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.

For more information on these programs see the Making Homes Affordable web site and click here for the fact sheet.

Editorial Comment

Based on the past success of these programs, I am not optimistic that these changes will in fact help many people, as the programs rely on the voluntary cooperation of mortgage lenders and servicers to implement these programs.

Still, someday there may be a chance for you to take advantage of one of these programs so, for what it's worth, you should know that the Green Cay Village townhomes and condos are eligible for FHA loan guarantees effective 3/3/2009 through 3/3/2011. To see the source document, click here and enter "Florida" for the state and "green cay" for the condo name.

Note: While the townhomes are not specifically mentioned in the source document, it does in fact cover both condos and townhomes and when I get the proof for this statement, I'll post a link to it on this page.

Peter Schulz - Editor - Email CM

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