Montague, Miller & Company Realtors is committed to being the best real estate firm in Central Virginia. Our large coverage area includes most of Central and Piedmont Virginia, with offices in Charlottesville-Albemarle, Downtown Charlottesville, Nelson, Madison, Waynesboro, Amherst, Culpeper, and Orange.
Insider Blog
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House committee passes FHA relief for homeowners.
May 7, 2008 - Though still a long way from becoming the law of the land, the House of Representatives moved an FHA relief bill out of committee. The bill in its current form would guarantee $300 Billion with a B in new mortgages by Government Sponsored Enterprise approved private lenders. The house Financial Services Committee passed the bill with the full House voting this week. This may be a relief and alternative to homeowners who are about to lose their homes to foreclosure. As committee chairman Rep. Barney Frank said, "There are people who made loans that should not have been made; there are some people that were wrong to take the loans out, some wrong to make the loans. If nothing happens the economy suffers." What could this mean for struggling homeowners? This bill provides FHA guarantees to lenders. The lender's in turn make up to 90% loans to the present value. Perhaps this will become an option for troubled loans. Our central Virginia market is not overwhelmed with foreclosure but as Percy Montague,IV said in his POST, A Tale of Two Markets, if you are the homeowner suffering-then one bad loan is one too many. Read More
