Hope for Homeowners - New FHA program available October 1st!

Hope for Homeowners is an FHA program scheduled to be available October 1st!
The FHA Hope for Homeowners program is designed for homeowners who are current or behind on their mortgage and can document that they are/will be unable to afford the payment. The program is also available to homeowners who owe more than their home is worth.

The Hope for Homeowners program runs from October 1st, 2008 until September 30th, 2011.

Criteria that must be met:

1. The mortgagor must occupy the property as a primary residence

2. The mortgagor must have been originated before Jan. 1st 2008

3. The mortgagor must certify that it has not intentionally defaulted on the debt

4. The mortgagor must have a DTI (debt to income) greater than 31%

5. The new mortgage must be determined to be payable by the mortgagor and not exceed 90% of the appraised value(current lender must take loss to accomidate 90% mark).

6. The lender must waive all penalties related to prepayment and fees related to default or delinquency.

7. The refinancing must include extinguishment of all leins on the property thus requiring the participation of all lien holders.

8. The refinanced mortgage must be a fixed rate product with a minimum of 30 years.

9. The mortgagor may not add a second mortgage within the first 5 years of the loan unless the Hope Board determines that a second is required to maintain the property. In that case the CLTV will be capped at 95%.

10. The mortgagors income must be verified with the 2 previous years tax returns.

11. The mortgagor must not have been convicted of fraud within the past 10-year period.

How can you apply?

1. You can apply here: www.denver1stmortgage.com (Colorado residents only)
2. If you are not in the state of Colorado we can still help!

Many people don't agree that federal intervention is a good thing but I think it's the only possible solution. With the economy struggling this program fills a gap that will hopefully help put the US economy back on track.

*I'm always looking for ways to connect with homeowners who need my services. If you are in the Real Estate industry or regularly connect with people who are having trouble making their mortgage payments please contact me so we can help.

Michael Shotnik

Hope for Homeowners Program Specialist

Summit Home Mortgage

303-800-4595

mshotnik@summit-mortgage.com

www.denver1stmortgage.com

Source: http://www.ArticlePros.com/author.php?Michael Shotnik

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