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The Program: The HOPE for Homeowners program is the result of the “Housing bill” which will give banks and homeowners the option to ward off foreclosure and default by refinancing the at risk homeowner into a stable safe 30 year fixed mortgage. This program is administered by the FHA and started Oct 1st 2008.
Who qualifies? As always check with your current lender first about the HOPE for Homeowners program and let them know your interest in this program. You may also qualify for this program if you meet the following conditions:
The property in question must be your primary home and you MUST not own any other residential property or second homes.
You must have taken out the mortgage on the home before Jan 1st 2008, and you must have made at least six months of payments.
You can not meet your current monthly mortgage payments.
Your debt ratio including the mortgage payment must be higher then 31% of your monthly gross.
You did not provide false information on your mortgage and you have not been convicted of fraud in the past 10 years.
How do you apply?
The FHA or HUD does not write mortgages or accept mortgage application. If you want to apply for this program you would need to contact your current mortgage lender or a FHA approved mortgage lender. You may also contact a HUD counselor to find out more information.
What will the new mortgage be?
The new mortgage amount will be 90% of the current apprised value of the home. Your current lender will have to agree to write down the current mortgage before you can proceed with this financing. Your lender also has the option to not write down the mortgage causing you to become ineligible for this program.
What are my obligations?
If you are approved for this mortgage and your current lender is willing to write down the amount owed the HOPE for Homeowners mortgage will replace your old mortgage and you will not owe payments on the previous mortgage.
You are required to share in any equity created as a result of this transaction should you sell the home. You agree to share this equity with the FHA.
You will be required to pay 1.5% mortgage insurance annually which will be added to your monthly payments.
There will be closing costs associated with this loan and your are expected to pay them. Lenders will provide you with Good Faith Estimates.
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