If you are wondering what this new mortgage assistance plan looks like, check out the proposed guidelines on http://www.cnnfn.com/ . Basically, if you have been current and only had one thirty day late on your mortgage in a twelve month period (1 year) and you are over 80% loan to value (what you owe / worth ), you qualify to apply for this loan. Now going further into the guidelines your loan would have to be a Fannie Mae or a Freddie Mac product which means a conventional loan. The maximum loan to value ratio has been removed (was 125%) which means you can qualify to merge your first and second loans together. The exact final guidelines on this new product should be available on or after November 15, 2011. I will keep you posted..... in the meantime, please call with any questions you might have and lets get your loan done!!!!
Dont forget you can apply online at http://www.myhomeloancolorado.com/
