The Many Are Not Here

Flickr Photo Courtesy of DCJohn

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I have purposefully held off on writing about the Federal Government’s new “Homeowner Affordability and Stability Plan” until I had a chance to read all the information and understand how it would impact our fair Island.

As details of the plan came out, I did not hold out much hope that it would do anything for Alameda homeowners. Now that I have a chance to review the fine points of the plan it is proving to be true.

Carolyn Said, a very good real estate writer, over at the San Francisco Chronicle did a really nice job of breaking down the impact for the region. The article “Few in Bay Area qualify in housing rescue plan” tells us that more than 90% of the Bay Area will not qualify.

For you to qualify for under the here are the basics:

1. Conforming Loan – The loan amount needs to be under $417,000
2. The value of you home can not be less than 5% of the loan amount
3. Primary residence