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.