Hope For Homeowners Loan

The Hope For Homeowners Loan is a new program created by the FHA (Federal Housing Administration) to help distressed American homeowners. Under the H4H Loan Program, borrowers that are having difficulty keeping up with mortgage payments may qualify to refinance into FHA insured mortgages with lower, more affordable payments and even a reduced principal balance equity to 90% of appraised value. This puts 10% equity back into the home and is an unprecedented relief for borrowers that currently owe more than their home is worth. Homeowners that do not have adequate income to be eligible for the The Hope For Homeowners Loan Program, but are making mortgage payments under a Mortgage Loan Modification or other loan workout agreement can receive additional consideration for the program. Features of FHA Hope for Homeowners under the new program include: 1. A 30 year fixed rate mortgage. 2. A maximum 90% loan to value ratio (based on a new appraisal of the home's current value). 3. No prepayment penalties. 4. The maximum mortgage amount is $550,440 5. The extinguishing of subordinate liens. The FHA Hope For Homeowners Program requires that new loans be based on a the homeowner's long-term ability to repay the mortgage. FHA only allows owner-occupants to be eligible for FHA insured mortgages. The criteria that a borrow must meet to qualify for an H4H Loan includes the following: 1. The Homeowner's mortgage must have originated on or before January 1, 2008. 2. The Homeowner's mortgage debt to income has to be a minimum of 31%. 3. The Homeowner must be in a position where they afford their current loan. 4. The Homeowner can not have intentionally missed mortgage payments. 5. The Homeowner can not own any other residential property. A Free Hope For Homeowners Help Line is now available to answer any questions and help homeowners get qualified: Call 1-800-857-1945 to have your H4H Loan questions answered with absolutely no obligation.

Posted in Finance on Saturday 8th of November 2008 05:15:48 PM