By HOLDEN LEWIS, bankrate.com

The Federal Housing Administration is getting ready to implement new rules that could, in some cases, make it harder to get a mortgage to buy a condominium unit.

The new rules were supposed to take effect Oct. 1. But the FHA announced in mid-September that it would delay implementation of the new rules until Nov. 2, and that it might modify some of the policies.

Less than one in 50 mortgage modifications includes debt forgiveness, which is considered the surest way to prevent foreclosure.

For every troubled homeowner whose mortgage principal is reduced in a modification, 39 others end up with more housing debt as lenders tack on missed payments, late charges and even attorney fees to the loan balance.

Do you want to refinance your mortgage under the Home Affordable Refinance program? Good luck. The plan is confusing and confounding.
For example, under the program, lenders are supposed to refinance loans with mortgage insurance. But they are evasive about whether they will.

With historically low rates, many homeowners are watching closely for the right time to refinance their mortgages. Those with good credit may well recall being showered with praise by a mortgage broker during the initial purchase for that solid credit score.
That was then. This is now.

This year some first-time homebuyers will charge their down payments to the taxpayer.

The benchmark 30-year fixed-rate mortgage fell 10 basis points, to 5.19 percent, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point. The mortgages in this week's survey had an average total of 0.42 discount and origination points. One year ago, the mortgage index was 5.91 percent; four weeks ago, it was 5.45 percent.

People with unaffordable mortgages now have one set of rules, applicable nationwide, to determine whether they can get lower monthly payments.
Folks who can afford their mortgages but need help to refinance to lower rates don't get a lot of help.

As homeowners try to refinance their mortgages at lower rates, their home equity lenders are telling them, "Not so fast."

President Barack Obama introduced a $75 billion homeowner relief program this week. Who will it help?
Two sets of homeowners will be eligible to get help under the Obama administration's foreclosure-prevention plan:

Mortgage rates continue to plunge toward record territory.