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HOPE for Homeowners Program
The HOPE for Homeowners program allows homeowners who have difficulty paying their mortgages to refinance into FHA-insured mortgages. For borrowers who refinance under HOPE for Homeowners, lenders will be required to “write down” the size of the mortgage to a maximum of 90 percent of the home’s new appraised value. The program will offer 30-year fixed rate mortgages. This program is a good option for homeowners whose home values have fallen below their loan amount. The FHA will insure up to $300 billion in new loans. The program will last through September 30, 2011.
Contact Information: HOPE NOW Alliance: 1 (888) 995-HOPE; or FHA: 1 (800) CALL-FHA; or www.fha.gov
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