Aloha Friday,

Let’s start with the new stimulus package and the easy sites you can get to if you want to review the plans:

Obama administration outlines mortgage plan for responsible homeowners
"Two weeks after the President unveiled his plan to help promote homeowner affordability, we are moving forward today with these guidelines to implement that plan," HUD Secretary Shaun Donovan said. "This step forward represents a tremendous coordinated effort between major government and regulatory agencies to help bring relief to America's housing market and homeowners. This plan will help make home ownership more affordable for nine million American families and in doing so, help to stop the damaging impact that declining home prices have on all Americans."

Here are the two websites where you can review the various plans and details:

www.FinancialStability.gov

http://www.hud.gov/offices/hsg/sfh/hcc/fc/

The rates this week are down about an .125% from last Friday. Please note we also have to new PMI guidelines for conventional loans over 80% loan to value. The borrower must have a FICO score of 720 or better and the debt to income ratio cannot exceed 41%. If either of these two features do not fit, the borrower will be required to purchase a loan on an FHA mortgage which allows scores down to 620 and ratios up to 45%.

Let us know if we can help in any way and have a great weekend.