Well if you live in Chicago, you’re in luck because the Treasury is giving away $50k to lower you mortgage. Hey, what about the rest of us?
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The recession is not over. Majority of the homes in Middle Georgia are still underwater as real estate values are stable at recession values.
Sounds like “keep your home California” that give $100,000 it’s like the money just comes out of the sky for all these programs
I live and work in the Chicago area and know this loan and the IHDA programs in general. Let me tell you this is not an easy loan for borrowers to fit into the parameters. The people who have contacted me about this loan have not been able to qualify and they all were very hard working people who have never missed a mortgage payment and have a very high interest rate. Your home MUST be at a 110% LTV based on a current appraisal and then you would get only the funds needed to get the LTV to 97% at an interest rate is higher than market value but lower than the 7% plus they currently have. This also isn’t a never ending amount of money, they have a set amount of funds that when gone the program is over. There should be some type of option for those honest hard working people to receive a lower rate if they have never missed a mortgage payment.
This is just another bank bailout.