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:
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Homeowner mortgage must have originated on or before January 1, 2008;
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Homeowner mortgage debt-to-income must be at least 31 percent;
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Homeowner cannot afford their current loan;
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Homeowner did not intentionally miss mortgage payments; and
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Ownership of second homes not allowed.
Features of FHA-Hope for Homeowners under the new program include:
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30-40 year, fixed rate mortgage;
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Maximum 96.5 percent loan-to-value ratio;
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No prepayment penalties;
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$550,440 maximum mortgage amount;
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Extinguishment of any subordinate liens; and
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New home appraisals from FHA-approved appraisers.
APPLY FOR THE FHA HOPE FOR HOMEOWNERS PROGRAM