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New mortgage help for homebuyers and renters

Shared by Sara on Tue Oct 20, 2009 2:33 am

In order to help the homebuyers and renters, the Obama administration has come up with a new program. The new program will mainly help the middle and low income borrowers to rent a property or buy a home. It'll also support the low mortgage rates. This new program is based upon a law passed by the Congress in 2008 which aims at sustaining the housing market. Thus, it's expected that this program would strengthen the housing industry and help a number of people to get affordable mortgages.

Source: http://www.google.com/hostednews/ap/article/ALeqM5hH6jBI6p8bWJJFBU8gv3gRiRpVgQD9BEA3CG0
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Niicss
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PostPosted: Tue Oct 20, 2009 3:13 am    Post subject:

Hey Sara,

Thanks for sharing such an important news with the community.

In the recent times, the local and state housing finance agencies, which provide loans to people with moderate or low incomes, faced a hard time raising money to fund loans because of the crisis in the real estate market. With the coming of this new program, the local housing financing agencies would get a temporary support. This would encourage them to rely again on market sources for their capital as quickly as possible.
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