In December, Fannie Mae is going to revamp a program that allows borrowers to include income from non-borrowers living in their household to qualify for mortgage loans. The program is aimed to help lower income households who live with multiple generations of family members to use their income qualify for a loan. The program is helpful for these large families in the Chicago land area who pay expensive rent for a home in locations where a mortgage might be less burdensome. See the article here: http://www.nytimes.com/2015/09/06/realestate/fannie-mae-revamps-mortgage-program.html?ref=your-money&_r=0
At Olstein Law, we work with many homeowners that qualified for mortgages and can no longer afford them. Oftentimes, a homeowner was counting on income that no longer exists. We encourage everyone to stay within their means, and make sure they have a back-up plan. Many financial advisers recommend a six-month emergency fund, to allow you to pay your mortgage during budget shortfalls. Unfortunately, for many homeowners, these emergency funds dried up. If you or someone you know is struggling to make their mortgage payments, or having other debt problems, contact Olstein Law today. We will take the time to listen to your issues, and put a comprehensive plan to resolve your financial hardship. We look forward to working with you!