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Low-Cost Refi: Not So Much for the Bay Area

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Real estate site's spreading word that over 90 percent of mortgage holders in the Bay Area won't qualify for the stimulus plan's low-cost refi— the "smallest percentage of people eligible for the refinances anywhere in the country." Ouch. Apparently this is true even accounting for the fact that San Francisco's counted among the nation's high-cost areas along with cities like Boston and Washington, DC— meaning the loan maximum here is $625,000 rather than the typical $417,000. Prepare for more numbers: 8.4 percent of homes in SF, Alameda, Contra Costa, Marin, and San Mateo counties qualify. It's 6.9 in San Jose and 8.8 in Napa County. Across the U.S., meanwhile, more than a quarter of mortgaged homes qualify. Oh well.
· Few in Bay Area qualify in housing rescue plan [SF Gate]
· Little Help Here?: California Extra Hard Up for Housing Plan [Curbed SF]