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anyone understand the housing plan rates?

When Obama's plan goes through, and people in financial/foreclosure trouble will be able to refinance at a low rate (i thought as low as 4.5%), will that rate be for anyone, or just for people who are in danger of losing their homes?

We are going to refinance and but we don't qualify for the housing plan help. I just want to get the low rate! I've looked high and low for this and no one seems to know!

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Jenn & Jason
September 27, 2008
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Re: anyone understand the housing plan rates?

  • Not to be a negative nestie but...If you don't qualify for the housing plan help, I would assume you won't qualify for the same rate. (I was hoping to do the same but I doubt We qualify either).

    I am assuming they will want us in a higher interest rate to help balance out for the people who do qualify. I am really really trying to keep my political views to myself. But if we were in danger of forclosure...we could potentially qualify and that stinks..

    "Onward"--CathyMD Waiting since 07/5/2011 for our forever child! Yep we are adopting!
  • Yeah, I think you would have to get behind in your payments to get that rate, and even then, nothing is guaranteed.  I am willing to bet that people will intentionally wreck their credit by not making payments, only to find out that they won't be getting that stellar rate or it will only be temporary.  How many might lose their homes by gambling on that low rate?  It's a shame that the historic low rate is not readily available to everyone who wants it.
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  • You can probably get a lower rate than that right now without being in trouble.  We aren't in trouble, but I called my mortgage company last week and they said we could refinance at 3.5%. 
  • imagemanther225:
    You can probably get a lower rate than that right now without being in trouble.  We aren't in trouble, but I called my mortgage company last week and they said we could refinance at 3.5%. 

    3.5%?! Where? That's an awesome rate!

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