HOPE FOR HOMEOWNERS
What is the HOPE for Homeowners Program (H4H)?
This new program created by Congress is intended to help borrowers at risk of default and foreclosure refinance into more affordable loans. If you are having trouble making your mortgage payments, this program may allow you to refinance your loan into a new 30-year fixed rate loan with lower payments.
Do I have to pay anything to apply?
There will be closing costs associated with HOPE for Homeowners loans; however, they may not be required to be paid out of pocket by the borrower.
How long will the process take?
Processing time will vary, but usually takes approximately 30-60 days.
What information do I need to apply?
It is based on the borrowers specific situation, but at a minimum you will need evidence of your income and assets, as well as your current mortgage information.
How long is the H4H program available?
The program began on October 1, 2008 and will end on September 30, 2011.
I don't want another adjustable rate mortgage. Will this interest rate be fixed or adjustable?
All HOPE for Homeowners loans are 30-year FIXED RATE mortgages insured by the Federal Housing Administration (FHA).
Eligibility questions
My lender has started foreclosure proceedings. Can I still apply for H4H?
Yes, however, time is of the essence.
Is there an income restriction?
No, but you will need to demonstrate that you have sufficient, steady income to make the new H4H mortgage payments.
I recently filed for bankruptcy. Am I still able to apply for H4H?
Yes, borrowers in bankruptcy may participate.
My lender has already foreclosed on my home. Can I still apply for H4H?
It may be possible depending on which stage of the foreclosure process you are in.
I have a first and second mortgage on my home. Can I still apply for H4H?
Yes, however, all your existing lenders must agree to release the liens against your home.
I am current on my mortgage. Can I apply for H4H?
Yes.
Please contact Bill Cunningham for more information, and to apply for the Hope For Homeowners program at: 727-644-7541, or via e-mail at: bill@spectacularhomeloans.com
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