Amy Fitzpatrick

The Hope for Homeowners Program is a new temporary FHA mortgage insurance program authorized by the National Housing Act as part of the Housing and Economic Recovery Act of 2008.

This Program will allow homeowners that are having difficulty paying their mortgages to refiance into affordable FHA-insured mortgages.   There are criteria that need to be met and provisions for payback if/when the homeowner decides to sell their home, please click the link below to read the entire program!

Please, if you know anyone who is in need of assistance with their mortgage, pass this on!

 

How the Program Works

There are four ways that a distressed homeowner could pursue participation in the HOPE for Homeowners program

1. Homeowners may contact their existing lender and/or a new lender to discuss how to qualify and their eligibility for this program.
    
2. Servicers working with troubled homeowners may determine that the best solution for avoiding foreclosure is to refinance the homeowner into a HOPE for Homeowners loan.
    
3. Originating lenders who are looking for ways to refinance potential customers out from under their high-cost loans and/or who are willing to work with servicers to assist distressed homeowners.
    
4. Counselors who are working with troubled homeowners and their lenders to reach a mutually agreeable solution for avoiding foreclosure.