FHA’s new program for homeowners started Oct. 1
Hope for Homeowners, a program that was authorized by the federal government this summer, took effect Wednesday Oct. 1. This is a Federal Housing Administration program that is intended for homeowners who are struggling to make current payments, but could keep up with a revised mortgage.
Program web page and FAQ page. A snippet from the press release:
The HOPE for Homeowners program begins today and ends September 30, 2011. The program is available only to owner occupants and will offer 30-year fixed rate mortgages – so the borrower’s last payment will be the same as the first payment. In many cases, to avoid what would be an even costlier foreclosure, banks will have to write down the existing mortgage to 90 percent of the new appraised value of the home.
Some links about this program:
- CNN: Lenders praised new FHA program, but won’t use it much.
- News-Journal in Daytona Beach, Fla.: HUD offers homeowners hope.
- Mortgages Unzipped: Mixed reaction to FHA Hope for Homeowners.
Thanks to Marti for this news tip!
Posted: October 2nd, 2008 under Foreclosure, In the News.
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