Hope for Homeowners! Refinance to
Hope for Homeowners
Here are the details to the program:
1) The program is helping 3.9 billion (3,900,000,000.00) for neighborhoods hardest hit by the foreclosure epedemic.
2) The Hope for Homeowners Program will help struggling homeowners get new cheaper loans.
3) The Hope for Homeowners Program will help Freddie Mac and Fannie Mae with their cash issues
4) The Hope for Homeowners Program bill would let hundreds of thousands of homeowners trapped in mortgages they can't afford on homes that have lost their value evade foreclosure by refinancing into much more affordable, fixed-rate loan backed by the Federal Housing Administration (FHA)
5) The Hope for Homeowners Program is a great program to help homeowners in Foreclosure. It also helps homeowners that have high interest rate Sub-Prime loans.
6) In the Hope for Homeowners Program servicing companies ie. lenders would have to agree to take a loss on the existing loans, and in return, they would walk away with at least some payoff and avoid the often-costly foreclosure process. The principal reduction will have to be approved.
7) the Hope for Homeowners Program has included 15 billion in housing tax breaks, which consists of a credit of up to $7500 for first time home buyers for people who bought homes between April 9th, 2008 and July 1st, 2009. It allows people who don't itemize their taxes to claim a $500-$1,000 deduction on their 2008 property tax.
8) The Hope for Homeowners Program bill sets a ceiling on loan limited to of $625,000 for the loans that Freddie Mac or Fannie Mae may buy and FHA may insure. It allows them buy and back mortgages up to 15 percent above the median home price in certain areas.
Our team can help utilize the Hope for Homeowners Program in almost every state. So if you need help getting approved for an FHA "Hope for homeowner's program", contact us to get started.
More Specific Details about The Program:
the Hope for Homeowners Program Eligibility
1. All Qualified borrowers must live in their homes and have loans that were issued to them before January 1st, 2008.
2. Qualified borrowers must be spending at least 31% of their gross monthly income on mortgage debt to be eligible for the program.
3. The borrowers can be up to date on their existing mortgage or in default, but either way borrowers must prove that they will not be able to keep paying their existing mortgage. Additionally, they must attest that they are not deliberately defaulting just to obtain lower payments.
4. Prior to getting an FHA-backed mortgage, they must first retire any other debt on the home, such as a home equity loan or line of credit. The same borrowers are not permitted to take out another home equity loan for at least five years, unless it's to pay for necessary upkeep on the home.
5. Borrowers can get a new home equity loan, subject to approval from the FHA. The total new combined debt cannot exceed 95% of the home's appraised value at the time.
How can i apply?
1. Borrowers can contact their current mortgage servicer or go directly to an FHA-approved lender for help. [that's us] These lenders can be found on the Web site of the Department of Housing and Urban Development.
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