FHA (Federal Housing Association) is assisting homeowners with the Hope for Homeowners Mortgage Lending Program (H4H). As a solid step toward helping homeowners in distress by having a difficult time keeping up on their mortgage payments. The program is intended to help homeowners who are struggling to make their mortgage payments to be able to refinance into an FHA-insured mortgage. Borrowers who are in a loan workout or some type of loan modification program because of having a hard time making their mortgage payments will be giving consideration under the H4H program. For those homeowners who have stopped making their mortgage payments due to advice of others or because they simply cannot make the payment in most cases would need to begin making the payment for at least 3 months and agree to a loan modification agreement before being considered for the H4H program. FHA-insured mortgages have qualifying guidelines. The guidelines for the H4H (Hope for Homeowners) program will include the borrowers long term ability to repay the mortgage. It is a 30 year fixed rate mortgage so the 1st and last payment will be the same. On FHA-insured mortgages only owner occupants may apply. Non-Owner occupants would not qualify.
Qualifying Guidelines: *The H4H program is voluntary and both the homeowner and lender must agree to participate.
*Primary Residence. May not own any other homes or rentals.
*Your current mortgage must have been originated before January 1, 2008 and you must have made at least 6 payments.
*Your ability to pay the existing mortgage has diminished and you need help to make your mortgage payment.
* As of March 2008 your PITI (principal, Interest, Tax, Insurance) payments exceeded 31% of your gross monthly income.
* You certify that you have not been convicted of fraud in the past 10 years, intentionally defaulted on debts; and did not knowingly or willingly provide material false information to obtain existing mortgage(s). H4H Rates, Fees and Terms:
* If approved for H4H program, all existing mortgages will no longer exist. You will not have to make any more payments to existing lenders as the debts will no longer exist.
* Your new loan would not be higher than 90% of the appraised value. Your lender must be willing to write down their payoff so that the new mortgage will not exceed 90% LTV. If they are not willing to write down your mortgage than you would not qualify for the H4H program.
* Equity Sharing. You must share the equity from the beginning of the new loan as well as a portion of future appreciation in the value of your home.
1st Year - 100% initial equity to FHA
2nd Year- 90% initial equity to FHA
3rd Year - 80% initial equity to FHA
4rh Year - 70% initial equity to FHA
5th Year - 60% initial equity to FHA
6th Year and beyond: 50% of initial equity to FHA
Appreciation: For all years when home is sold 50% of appreciation to FHA.
Mortgage Insurance: 3% Upfront MIP (mortgage insurance premium) and 1.5% annual mortgage insurance premiums included in your monthly payments.
Closing Costs: You will receive a good faith estimate of closing costs for the loan. You will need to pay the closing costs but may not have to pay them out of pocket.
Interest Rates: H4H will be current mortgage rates at the time of loan closing. You will be notified by the lender what the rate will be. Subordinate Financing: You cannot take out a second or equity loan for 5 years except for emergency repairs.
The Hope for Homeowners (H4H) program started on October 1st, 2008 and was re-affirmed with the Emergency Economic Stabilization Act of 2008. The program will continue until September 30th, 2011.
If you have any questions about this program you can contact your existing lender or contact a local mortgage broker / bank for more information.
Vancouver Washington Real Estate Information
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