The FHA Hope for Homeowners loan program officially began on October1, 2008.  The objective of the Hope for Homeowners program is to helphomeowners who are in a negative-equity (they more than the house isnow worth) situation and may be in a toxic adjustable rate mortgage,get a fixed rate FHA mortgage loan they can afford.

The key elements of the FHA Hope For Homeowners loan program include (this is not an all-inclusive list):

  • Your current mortgage payment must be more than 31% of the your gross monthly income.
  • You must not have misrepresented your income on your original loan application.
  • You must be able to qualify for a new FHA 30-year fixed rate based upon your current documented income.
  • You will be required to share in future home appreciation with the FHA.
  • The new FHA mortgage loan will be a maximum of 90% of the home'scurrent appraised value.  All second mortgages or any other liens onthe property will need to be extinguished -- usually meaning that the2nd mortgage holders will have to agree to a loss of principal.
  • The program is completely voluntary; lenders are not required to participate.

I am currently helping people obtain new FHA loans who meet these criteria.  Since not all lenders are excited about participating in the FHA Hope for Homeowners Program, the first step to seeing if it can benefit you is to pick up the phone and call your current lender.

Ask them if they are participating in the FHA Hope For Homeowners Program.

Ifthey are participating in the program but cannot help you get a new FHAloan because they are not an approved FHA lender, you have come to theright place!  I will be happy to help you, you can call or email meanytime.