Did you get an loan with a balloon payment in order to afford your house? Maybe you have a loan with negative amortization, or a loan with an adjustable interest rate. If you are a Maryland homeowner, have one of these "exotic" loans, and you're starting to feel the pinch of increasing mortage payments, read on. Especially if you are beginning to fall behind in your payments. Don't end up on the list of foreclosures!

The Maryland Department of Housing and Community Developement offers a way out through its Community Development Administration (CDA) and the "Lifeline" Mortgage Refinancing Program.  There are income limits and maximum loan amounts, so be sure to read the eligibility fact sheet.

For Prince George's County, the maximum eligible income is either $92,106 and $126,420 -- depending on where the property is and how many people are in the household. Maximum loan amounts are either $429,620 and $525,091, again depending on where the property is located. The higher eligibilty is for properties in targeted areas.

The loans are fixed rate and include 30 year, 35 year and 40 year loans. Some have an interest-only feature, but it is at the same fixed rate as the rest of the loan. Right now, interest rates run around 6.25% with 2 points. Not bad if you're facing rising interest rates and rising mortgage payments.

CDA offers great loan programs for First Time Buyers in Maryland as well. Visit www.MoreHouse4Less.com and discover how this terrfic program can help you. Send me an email if you would like me to send you the name and number of a very good and experienced lender who offers the CDA programs.

(C) Susan Pruden.