Moore Mortgage Solutions

    This morning, President Bush signed the “Housing and Economic Recovery Act of 2008.”

    The main part of the bill to me is the new program created at FHA to help families facing foreclosures called “HOPE for Homeowners Act of 2008.”

    This program is an attempt to stem the tide of foreclosures for homeowners by refinancing loans into FHA loans while at the same time, the FHA will share in the future appreciation of the home.

    The other component of the “Housing and Economic Recovery Act of 2008” is raising the loan limit that Fannie Mac and Freddie Mac can serve to $625,000 in the high cost areas. The Seattle/Tacoma area is considered a high cost area.

    And last but not least, the bill will assist our returning soldiers if they have gone into foreclosure as well as with improvements and structural alternations to their homes for service-connected disabilities.

    To learn more about the “Housing and Economic Recovery Act of 2008”, the Senate has published a four page summary.

    As parts of this bill becomes more readily available to the public and as more banks embrace this, I will, of course, be updating you.

    In the meantime, if you should have any questions about your mortgage, the mortgage industry or would like to chat more, please feel free to contact me.

    And make each day an inspired one!

Betsy Moore

206-331-2749

www.mooremortgagesolutions.com

betsy@mooremortgagesolutions.com