Find out more about Hope for Homeowners
Thursday, January 29th, 2009 Subscribe To Our Feed
There are many homeowners that now have an upside down mortgage. If you find yourself in this position there is a solution. With hope for homeowners your principal balance will be reduced. Your monthly payments will also be reduced.
You can get a new loan based on the current value of your home. You can eliminate the upside down portion of your loan. The new loan will be for 90% of the new appraised value.
This will result in a major reduction in your monthly payments. Mortgage payments may be reduced by as much as half of what you are currently paying. Homeowners will be able to stay in their home.
Your new mortgage will be an FHA mortgage. It will be insured by the Federal Housing Administration.
I’m sure you can imagine how many home owners will be helped with this program. If you are upside down on your mortgage, take the time to research this program.
Income documentation will be needed. Most of the standard mortgage guidelines will apply. The big advantage is that you can drastically reduce your mortgage balance and your payment.
July 30th 2008 the H4H was passed. This will not be available for investment properties. 11/30/11 is the deadline for the program.
Not everyone will be able to qualify for this program. Maximum loan amounts do apply.
If you have been worried about your mortgage this plan may be for you. Your new loan can have amazing benefits over your current loan.
The program does share your equity going forward with your past lender. Your old mortgage company will share in the equity of your home moving forward. Some of your equity will be returned to the original lender when you sell your home. The scale changes and is based on how much time has passed. Equity made in the future will also be shared by the FHA.
Find out more on H4H.
