Nov. 12, 2008 - Obama and housing expectations

A top priority for the new prez-elect

President-elect Barak Obama will face high expectations to stem the housing and credit crunch facing American homeowners and prosepctive buyers. According to the unofficial FHA and Mortgage Guide, these are expectations of the incoming Obama administration:

• 90 Day Moratorium on Foreclosures - It appears to coincide with what banks such as Citibank announced yesterday.  California’s goverrnor, Arnaold Schwarzenegger, has already proposed an identical moratorium with a 90 day delay as well. 
• Refinance Existing Mortgages Through FHA and Fannie & Freddie - The Bush administration has already begun it's plan to assist nearly 3 million homeowners prevent foreclosure.  Critics are already saying that the Federal Housing Finance Agency program would not do enough to prevent "unnecessary foreclosures."  Although the Hope For Homeowners program has been off to a sluggish start, Obama points out that making mortgage modifications will be necessary to stimulate this economy.
• A New Presidency and Many Changes - The next year brings many changes our ways- some which are highly anticipated and some which people have people anxiously standing by to hear. We’ve already caught a glimpse of next years 2009 FHA Loan Limits, as well as the increase in down payment requirements to 3.5%. As of right now though, it seems modifying existing mortgages will be the key focus for both the FHA and president-elect Obama in the near future.

For more on this topic click here