Here's a look at who qualifies for a mortgage refinance under President Obama's new home-foreclosure relief plan.
The Obama administration on Friday unveiled new programs to help 3 million to 4 million distressed borrowers avoid home foreclosures. By one count, 11 million borrowers now owe more than their homes are worth.
The Federal Housing Authority's (FHA) measures are expected to help replenish the agency's depleted capital reserves and quell rising delinquencies. The move to increase premiums and tighten loan standards could have an impact on low-income borrowers.
Home mortgage foreclosures and delinquencies were up in the third quarter despite greater efforts to help homeowners. Defaults on modified loans were also high.
Job losses are driving more mortgage woes, as a record 9.6 percent of homeowners were delinquent in the third quarter, Mortgage Bankers Association reports.
Low home prices and an array of incentives have sparked a surge of new buyers.
New rules raise loan limits, lower origination fees.