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Who Will Benefit From the Government Plan to Assist Homeowners?

What loans will actually qualify for the federal government plan to freeze Adjustable Rate Mortgage (ARM) interest rates?

– ARM loans that were obtained from January 1, 2005 until June 31, 2007;

– Loans that are not held by banks;

– Loans that have not yet adjusted their interest rate;

– Loans that are not seriously delinquent;

– Borrower could not have good credit when the loan was obtained;

– The payment increase must be more than 10%;

– The Borrower must have a credit FICO score of less than 660 and the credit score cannot have gone up more than 10% since the loan was issued.

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