Hope for Homeowners is a resource provided by the Federal Housing Administration (FHA) in efforts to aid struggling homeowners. Under the program, borrowers having difficulty paying their mortgages may be eligible to refinance into FHA-insured mortgages they can afford. Borrowers who do not have sufficient income to qualify for the H4H program, but are making mortgage payments under a Loan Modification or other workout agreement will receive additional consideration for the program.
Sustainable, Affordability Homeownership
Hope for Homeowners maintains FHA's long-standing requirement that new loans be based on a family's long-term ability to repay the mortgage. FHA only allows owner-occupants to be eligible for FHA-insured mortgages. Homeowners must also meet the following eligibility criteria:
- Homeowner mortgage must have originated on or before January 1, 2008;
- Homeowner mortgage debt-to-income must be at least 31 percent;
- Homeowner cannot afford their current loan;
- Homeowner did not intentionally miss mortgage payments; and
- Ownership of second homes not allowed.
Features of FHA-Hope for Homeowners under the new program include:
- 30-40 year, fixed rate mortgage;
- Maximum 96.5 percent loan-to-value ratio;
- No prepayment penalties;
- $550,440 maximum mortgage amount;
- Extinguishment of any subordinate liens; and
- New home appraisals from FHA-approved appraisers.
APPLY FOR THE FHA HOPE FOR HOMEOWNERS PROGRAM
