San Francisco, CA (1888PressRelease)
August 10, 2007 - Government Loans May Save Homeowners Facing Foreclosure
As the adjustable rates of subprime mortgages continue to rise, many homeowners are facing inflated mortgage payments they simply cannot afford. Faced with the task of coming up with hundreds of dollars more each month to make their mortgage payments, many homeowners are lagging behind, resulting in record numbers of home foreclosures.
Panda Polk, nationally known mortgage specialist knows this problem very well. “For many families, a 200-dollar increase in their monthly house payment means the difference between being able to pay and not being able to pay the mortgage,” said Polk.
Polk who works with many clients facing foreclosure, said the government is now offering loan programs that are often more desirable than typical subprime mortgage offers. “The Department of Housing and Urban Development (HUD) has created programs to assist homeowners who are trapped in sub-prime mortgages,” said Polk.
According to Polk, HUD’s lending programs can even benefit those with very low FICO scores by conventional mortgage industry standards. “Credit scores can be as low as 560 to qualify, and maybe even lower,” she said.
In addition to meeting minimal credit ratings, applicants may need to reside in a Low to Moderate Income (LMI) Tract to be eligible for government mortgage programs. “This is an area where the majority of residents are below the median income level,” said Polk. Offering assistance to those who are unsure if they are in a LMI area, Polk encourages those with questions to contact her. “Just give me a call, and I can help you determine the status of your neighborhood,” she said.
HUD is currently offering a 30-year fixed mortgage at 5.875 percent and a 40-year fixed mortgage at 6.00 percent. The maximum loan amount is $417,000. “You can even combine first and second mortgages to save money every month,” said Polk. For those purchasing a home, 105 percent financing is also available. “Hundreds of families have avoided foreclosure by taking advantage of these loan products,” said Polk.
For more information on the current sub-prime lending crisis, or to see if you qualify for a government mortgage program, call Panda Polk at
1-888-454-9179 ext. 336 or visit SmartMortgageResource.com
Contact:
Panda Polk
Pacific Mortgage Group
1-888-454-9179 ext.336
ppolk ( @ ) pacificmortgagegroup dot com
SmartMortgageResource.com
