HOPE for Homeowners
The program will be available until September 30, 2011
Borrowers having difficulty paying their mortgage will be able to refinance into FHA-insured mortgages under the program.
Under the HOPE for Homeowners, lenders will be required to “write down” the mortgage to a maximum of 90% of the homes appraised value.
Only a 30-year fixed rate mortgage is available under the program. This will ensure that the borrowers’ payment will never change. The program also has the same FHA requirements as new loans and are based on a family’s long-term ability to repay the mortgage, and is only available for owner-occupied homes.
Borrowers must also meet the following requirements:
- Loan originated on or before January 1, 2009.
- Borrower cannot afford their current loan.
- Must have made a minimum of six full payments on their current mortgage and not have intentionally missed payments.
- Do not own a second home.
- Their mortgage debt-to-income (DTI) is at least 31%
- Did not knowingly or willfully provide false information to obtain their existing mortgage, and have not been convicted of fraud in the last 10 years.
- Income and employment must be fully documented.
- Must agree to share both the equity created at the time of their new HOPE for Homeowners mortgage and any future appreciation in the value of their home.
- Existing subordinate lenders must agree to release their outstanding mortgage liens.
The new payment must be at or below 31% of the borrower’s income, unless there is a “trial modification” period in which the borrower has the opportunity to demonstrate their ability and willingness to make a payment that does not exceed 38% of their monthly income.
Homeowners can find out if they are eligible for the HOPE for Homeowners program through FHASecure, as well as through any of the following:
- Contact current lender
- Contact a local, HUD-approved housing counseling agency
- Contact the HOPE NOW Alliance (888) 995-HOPE
- Call FHA (800) CALL-FHA.
Should you have any questions or need further information,
please don’t hesitate to contact me, (775) 220-1630
Or visit my blog at www.SellingNorthernNV.com
Joshua Talayka
Chase International
Office: 775 850 5900
Toll Free: 877 922 5900
Cell: 775 220 1630
Fax: 775 850 5901
985 Damonte Ranch Pkwy, Ste. 110
Reno, Nevada (NV) 89521
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I am pre-qualified under the hope program on my BOFA home loan. However I do own a second home that is out of state. I told them that I do not make payments on it any more and I am letting it foreclose or short sale.
Are these H4H refi’s actually being facilitated now? This H4H program has been a fallacy thus far… If these loans are now getting done, do you know which lenders are actually closing/funding these? Also, do you know if brokers will be able to originate these H4H loans and be compensated accordingly? This is a potentially huge niche that will be great for mortgage brokers and borrowers who need help…Any info you can give me is greatly appreciated. Thank you in advance….
I do not know. Even with the increase to 125% ltv ratio, the majority of homes in my area still do not qualify.