But the rules will affect new Kapolei home loans

The Fed has been trying to help fix the economy. Such measures as a recent Fed rate cut and the cash liquidity plan, though, aren’t much help to Kapolei homeowners. And the mortgage relief bill passed by Congress is more of a help to those looking to buy Kapolei real estate, rather than those who already own it.

Now there are new Fed rules that will affect new Kapolei home loans. These rules have to do with subprime loans. The new rules could help prevent future foreclosures from those looking to buy homes now. The main highlights of the new Fed rules:

• Limited prepayment penalties for those who want to refinance out of subprime loans.
• No documentation subprime loans prohibited.
• Lenders must verify that borrower can make payments after the mortgage rest.

For more on Kapolei real estate and help getting Kapolei home loans, contact John Riggins.

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