Can’t Afford Your Mortgage - Help Is Here
“Can’t Afford Your Mortgage? Help Is Here!”
By Debbie Tretheway & Michelle Alessi
The Hope for Homeowners program will continue FHA’S existing and successful efforts to provide aid to struggling families trapped in mortgages they currently cannot afford. Under the program, certain borrowers facing difficulty with their mortgage will be eligible to refinance into FHA-insured mortgages they can afford. By continuing to slow the rate of foreclosures this program will support FHA’S existing effort to stabilize local housing markets. The program will last from October 1, 2008 through September 30, 2011.
Sustainable, Absorbability, Homeownership
Hope for Homeowners maintains FHA’S long-standing requirement that new loans be based on a family’s long-term ability to repay the mortgage. Only your primary residence is eligible for FHA-insured mortgages.
Borrowers must also meet the following eligibility criteria:
-
Your mortgage must have originated on or before January 1, 2008
-
Your mortgage debt must be at least 31 percent of your gross income
-
You cannot afford your current loan
-
You did not intentionally miss mortgage payments; and
-
You do not own a second home.
Features of FHA-insured loans under the new program include:
-
30year fixed rate mortgage
-
Maximum 90 percent loan-to-value ratio; you cannot borrower more than 90% of the homes current value determined by FHA appraiser
-
No prepayment penalties
-
$550,440 maximum mortgage amount
-
New loan will replace any existing liens
-
New home appraisals from Fill-approved appraisers.
Homeowners May Already Be eligible For Assistance
Families should not wait to seek mortgage relief. You can determine if you are already eligible for mortgage assistance through FHA secure. FHA’S existing refinancing program. Obtain information through any of the following options:
-
Contact a local, HUD-approved housing counseling agency at HUD.GOV
-
Contact the HOPE NOW Alliance at (888) 995-HOPE
-
Call FHA at (800) CALL-FHA
This article was written by Debbie Tretheway & Michelle Alessi: “Our vision is to design customized loan programs that fulfill our clients’ present and future needs. Working in harmony with our clients, professional colleagues, and community, we aim to maximize The Power Of Two Working For You.” Visit www.debbieandmichelle.com for more information.
Subscribe to this feed• Email This • Stumble It! • Digg This!
Add to del.icio.us • Share on Facebook • Kirtsy This
[...] posted here: Can’t Afford Your Mortgage - Help Is Here Share and [...]
October 20th, 2008 | #
[...] More here: Can’t Afford Your Mortgage - Help Is Here [...]
October 20th, 2008 | #
[...] Read the rest of this great post here [...]
October 20th, 2008 | #
[...] afford. By continuing to slow the rate of foreclosures this program will support FHA’S existing e Source Blogs about [...]
October 20th, 2008 | #
If you give up or sell your home and ask your council to re-house you they will probably say that you have made yourself ‘intentionally homeless’ and so refuse to offer you anywhere to live. Get expert advice from a local advice agency or from MortgageFit Community before you do this. If you give your home back to your lenders you will still be charged monthly installments on the mortgage. If you do not pay, the installments will be added to the debt when the house is sold. Extra interest can also be added on to the arrears figure. The monthly installments will only stop being added when your lenders sell your home. This could take a long time. The lender will probably add solicitors’ and estate agents’ fees and any court costs on to the bill.
October 20th, 2008 | #
[...] Cant Afford Your <b>Mortgage</b> - Help Is Here [...]
October 20th, 2008 | #
[...] here: Can’t Afford Your Mortgage - Help Is Here archives, categories, estate-planning, events, family-wealth, finances, georgia real estate, [...]
October 20th, 2008 | #
[...] Cant Afford Your <b>Mortgage</b> - Help Is Here [...]
October 20th, 2008 | #
IT’s good to know where to look when wanting a mortgage loan. It’s important to shop around for the best deal for your needs.
October 22nd, 2008 | #