A huge bunch of stuff on mortgage loan
With the housing plan, Fannie Mae and Freddie Mac mortgage holders can refinance with equity levels below what many banks currently require. For those customers who do not have a loan backed by Freddie and Fannie, mortgage loan modification may be an option. For consumers who qualify, monthly mortgage payments will be decreased to 31 percent of gross income. The mortgage payment would maintain those modified terms for five years, then will slowly be raised again. Lenders will look at the debt to income ratio of customers to determine who is eligible for a home mortgage loan modification.