Saturday, January 10, 2009

HOPE For Home Owners Mortgage Assistance

The government today unveiled additional mortgage assistance for homeowners The HOPE for Home owners program will refinance mortgages for borrowers who are having difficulty making their payments, but can afford a new loan insured by HUD's Federal Housing Administration (FHA). This program is authorized by Economic and Housing Recovery Act of 2008. The home owners have got the fixed payment so that will have their first and last payment as the same. This programs funds many those who qualify the mentioned criteria such as:

• The home is the primary one and do not have second homes.
• The existing mortgage must have originated on or before January 1 2008.
• Should have paid atleast 6 payments.
• As of March 31, their existing mortgage bills must be more than 30% of their gross income.
• They must be certified that they did not indulge or convicted in any of the criminal or debt cases in the past 10 years.

HOPE also gives loans to home owners on the basis ofthe new mortgage will be no more than 90 percent of the new appraised value including any financed Upfront Mortgage Insurance Premium and the existing mortgage must accept the proceedings of HOPE.