Stop Foreclosure With a New Fha Program

Avoid Foreclosure San Diego

Responding to the current housing crisis, HUD and FHA has just come out with a new program that helps homeowners who may owe more than their home is currently worth.

The Hope for Homeowners program will refinance home loans for borrowers who are having difficulty making their payments, but can afford a new loan insured by HUD’s Federal Housing Administration (FHA).

The program begins October 1, 2008 and ends September 30, 2011. The Hope for Homeowners Program is designed to directly help those homeowners where their mortgage exceeds the current value of their home.

The program effectively refinances (and pays off the current mortgage including seconds) to 90% of the homes CURRENT market value based on a FHA approved appraisal. Your credit score does not matter; but you must be able to afford the new payment after refinancing.

And you will have to provide income documentation to prove it. If you cannot afford your current loan, you do not own a second home, and your mortgage was originated before 2008 it is very likely that you qualify.

These are 30 year FIXED rate mortgages with NO prepayment penalties; and these new refinance loans are FHA insured. How do you know if you can qualify? Here are the basic guidelines for this new program…

-The home is your primary residence, and you have no ownership interest in any other residential property, such as second homes.

-Your existing mortgage began on or before January 1, 2008, and you have made at least six payments.

-You are not able to pay their existing mortgage without help.

-The loan amount may not exceed a maximum of $550,440.

-The new mortgage will be no more than 90 percent of your home’s value; determined by a current new FHA appraisal.

-You will have to certify you have not been convicted of fraud in the past 10 years, and did not knowingly or willingly provide false information to obtain your existing mortgage.

The bottom line is this. Because of the declining value of homes nationwide, millions of Americans did not have the ability to refinance their current home loan and stop foreclosure.

With the Hope for Homeowners Program, millions of Americans now have that ability; regardless of what they owe and how much their home is currently worth. If you owe more than your home is worth, you need to get more information on this program.

They call this program Hope 4 Homeowners for a reason; and it could work for you as a new way to save your home from foreclosure.

How To Avoid Foreclosure San Diego