FHA Federal Housing Loan
 

Questions and answers about the Hope for Homeowners Act of 2008,
passed by Congress last weekend to try to steer as many as 400,000
struggling homeowners away from foreclosu

Q: What exactly will the legislation do?

A: It will allow those who qualify to cancel their old mortgage loans
and replace them with 30-year fixed-rate loans for up to 90 percent of
the home's current value. The FHA will insure a total of $300 billion
of the loans over a three-year period.

But the decision on whether to write such a loan remains up to banks,
which would have to be willing to take a loss on the existing loans in
exchange for avoiding an often-costly foreclosure.


FHA: www.my-quickloans.com