The Real Deal Miami

New federal help arrives

October 02, 2008 12:53PM

A $300 billion, three-year program that will help Floridians and other homeowners get out of troubled mortgages begins this week. Lenders will be able to decide which of the 400,000 homeowners nationwide will be able to get more affordable loans. Borrowers must be spending more than 31 percent of their income on mortgage payments, and have made six months of payments on their loans before this year.