Industry NewsMortgage

Michigan housing authority to refinance ARM loans

Qualifying borrowers can't earn more than $108,000 a year

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A new program will allow Michigan's Housing Development Authority to help homeowners with adjustable-rate mortgage (ARM) loans refinance into more affordable, 30-year fixed-rate loans if they make less than $108,000 a year and paid no more than $224,500 for their homes. In addition to an ARM refinance program, the new "Save the Dream" legislation signed into law today by Gov. Jennifer Granholm creates a "Rescue Refinance Program" that will allow MSHDA to refinance borrowers who have been delinquent on their mortgage but are current now. The programs were enabled by HB 5433 and five related bills, and will be funded by taxable bonds, with homeowners responsible for the full value of their refinanced mortgages. For more information visit MSHDA on the Web or call the toll-free consumer hotline, 1-866-946-7432. *** What's your opinion? Leave your comments below or send a letter to the editor. ...