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The HOPE for Homeowners (H4H) program was created by Congress to help
those at risk of default and foreclosure refinance into more affordable,
sustainable loans. H4H is an additional mortgage option designed to keep
borrowers in their homes.
The program is effective from October 1, 2008 to September 30, 2011.
As many as 400,000 homeowners could avoid foreclosure through this program
over the next three years. If you are having trouble making your mortgage
payments, HOPE for Homeowners may be able to help you, by refinancing
your loan into a new 30-year fixed rate loan with lower payments.
This is a new program for borrowers at risk of default and foreclosure. The
program provides new, 30-year, fixed rate mortgages that are insured by the
Federal Housing Administration (FHA). It may help you refinance your
mortgage into a more affordable payment.
H4H is voluntary. Both lender(s) and borrower(s) must agree to participate.
Who is Eligible?
The home is your primary residence, and you have no ownership interest in any
other residential property, such as second homes.
Your existing mortgage was originated on or before January 1, 2008 and you
have made at least six payments.
You are not able to pay your existing mortgage without help.
As of March 2008, your total monthly mortgage payments due were more than
31 percent 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).
How much can i borrow?
Your new H4H mortgage will be no more than 90% of the new appraised value
of your home with your lender essentially writing down your current mortgage to
that amount. Your lender may choose not to write down your mortgage, in
which case you would not be able to participate in the program.
those at risk of default and foreclosure refinance into more affordable,
sustainable loans. H4H is an additional mortgage option designed to keep
borrowers in their homes.
The program is effective from October 1, 2008 to September 30, 2011.
As many as 400,000 homeowners could avoid foreclosure through this program
over the next three years. If you are having trouble making your mortgage
payments, HOPE for Homeowners may be able to help you, by refinancing
your loan into a new 30-year fixed rate loan with lower payments.
This is a new program for borrowers at risk of default and foreclosure. The
program provides new, 30-year, fixed rate mortgages that are insured by the
Federal Housing Administration (FHA). It may help you refinance your
mortgage into a more affordable payment.
H4H is voluntary. Both lender(s) and borrower(s) must agree to participate.
Who is Eligible?
The home is your primary residence, and you have no ownership interest in any
other residential property, such as second homes.
Your existing mortgage was originated on or before January 1, 2008 and you
have made at least six payments.
You are not able to pay your existing mortgage without help.
As of March 2008, your total monthly mortgage payments due were more than
31 percent 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).
How much can i borrow?
Your new H4H mortgage will be no more than 90% of the new appraised value
of your home with your lender essentially writing down your current mortgage to
that amount. Your lender may choose not to write down your mortgage, in
which case you would not be able to participate in the program.
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.
How can the H4H program help me?
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. Please consult your lender or a HUD-approved Housing Counselor for more details. To find a
FHA-approved lender or HUD-approved Housing Counselor, please go to www.fha.gov.
How long will the process take?
Processing time will vary, but usually takes approximately 60 days. Please consult your lender when you apply.
What information do I need to apply?
Your lender is in the best position to answer this question based on your 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.
What interest rate will I receive?
The interest rate for the new H4H loan will be provided by the lender and is based on current market rates.
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).
I contacted my lender and they are not interested in participating in this program. Can I apply with HUD?
HUD does not accept loan applications or lend money directly. You may apply with any FHA-approved lender who is
participating in the program. You may also consult a HUD-approved housing counselor. HOPE for Homeowners is a
voluntary program for both borrowers and existing lenders. In order to complete a HOPE for Homeowners loan, however,
your lender must agree to accept the proceeds of the new loan as payment in full. For further assistance you may wish to
consult a HUD-approved counselor. For a list of participating lenders and counselors please go to www.fha.gov.
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; however, you will want to consult with the person handling your bankruptcy.
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. You should talk to your lender
immediately for more detailed information.
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.
This new program, created by Congress, is intended to help borrowers at risk of default and foreclosure refinance into more
affordable loans.
How can the H4H program help me?
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. Please consult your lender or a HUD-approved Housing Counselor for more details. To find a
FHA-approved lender or HUD-approved Housing Counselor, please go to www.fha.gov.
How long will the process take?
Processing time will vary, but usually takes approximately 60 days. Please consult your lender when you apply.
What information do I need to apply?
Your lender is in the best position to answer this question based on your 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.
What interest rate will I receive?
The interest rate for the new H4H loan will be provided by the lender and is based on current market rates.
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).
I contacted my lender and they are not interested in participating in this program. Can I apply with HUD?
HUD does not accept loan applications or lend money directly. You may apply with any FHA-approved lender who is
participating in the program. You may also consult a HUD-approved housing counselor. HOPE for Homeowners is a
voluntary program for both borrowers and existing lenders. In order to complete a HOPE for Homeowners loan, however,
your lender must agree to accept the proceeds of the new loan as payment in full. For further assistance you may wish to
consult a HUD-approved counselor. For a list of participating lenders and counselors please go to www.fha.gov.
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; however, you will want to consult with the person handling your bankruptcy.
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. You should talk to your lender
immediately for more detailed information.
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.
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Hope For Homeowners Program (H4H)