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  • Writer's pictureCharles Grosh

Biden mortgage plan aims to lower interest rate for buyers with low credit scores.

The White House’s new home loan modification program will potentially help millions of struggling mortgage borrowers by cutting down their principal and interest payments by up to 25%.

The new modification program announced Friday, as an extension to other housing relief efforts for those impacted by Covid-19, aims to help borrowers with Federal Housing Administration (FHA), Veteran’s Administration (VA) or the U.S. Department of Agriculture (USDA) loans. Click here for whole article.

The new Federal Housing Finance Agency (FHFA) rule, which will go into effect on May 1, is part of the administration's push to make home ownership more accessible for first-generation and low-income buyers, who tend to be people of color, but it has sparked a debate about whether it could cause an increase in defaults on mortgages and cause a downturn in property values. Click here for whole article from Newsweek.

If you’re unsure of all your options and rights, speak with a real estate professional, lender, or housing counselor who is approved by the U.S. Department of Housing and Urban Development (HUD). They offer free services and are available in every state. To locate a housing counselor in your area, visit the HUD website.

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