Homeowners May Already Be Eligible For Assistance

Homeowners can determine if they are already eligible for mortgage assistance through FHASecure, FHA's existing refinancing program. You can gather more information from:

  • Contact a local, HUD-approved housing counseling agency at the HUD website
  • Contact the HOPE NOW Alliance at (888) 995-HOPE
  • Call FHA at (800) CALL-FHA

More affordable homeownership

Hope for Homeowners includes FHA's requirement that new loans must be based on a family's long-term ability to repay the mortgage. FHA only allows owner-occupants to be eligible for FHA-insured mortgages. Borrowers must also meet the following criteria:

  • Mortgage must have originated on or before January 1, 2008
  • Mortgage debt-to-income must be at least 31%
  • Cannot afford their current loan
  • Did not intentionally miss mortgage payments
  • Do not own second homes.

Features of FHA-insured loans under the new program are:

  • 30-year, fixed rate mortgage
  • Maximum 90% loan-to-value ratio
  • No prepayment penalties
  • $550,440 maximum mortgage amount
  • Extinguishment of any subordinate liens
  • New home appraisals from FHA-approved appraisers.

To find out more visit the HUD website