Question about the new congress passed housing bill.....?

Question

If the Gov't is going to give all this money to Freddie Mac and Fannie Mae to bail out people who can't afford their homes, and are going into forclosure, does the bill help everyone, or just the irresponsible people.My wife and I have owned our home for 3 years, and have never missed a payment or been late; But it has not ben easy, and I could sure use some help lowering my monthly payment. So my queston is " Are the responsible people barely getting by going to get any relief, or is it just for the greedy banks and the people who shouldn't have been able to buy a home in the first place?"

Answer 1

I believe the bill is intended to help homeowners in general.  I heard there would be a loan available of $7500 to homeowners that can be paid back in a 15 year term.

If you have an ARM, you will be qualified for a fixed rate mortgage.  Call your broker, and find out about your requirements and options.  

Visit the HUD website for contact information:

http://www.hud.gov/offices/hsg/fhahistor...

Best to you.