FHA-Loans-Information

There is hope you can refinance your mortgage by using the FHA Hope Loan Program.  Things may seem like there is no way you can keep your home, but refinancing with a FHA Hope Loan may be the way.

The author of this article briefly discusses the steps and conditions to qualify for a FHA Hope Loan.

Find Out How to Refinance Your Mortgage With the FHA Hope Loan

The government is trying to help decrease the housing crisis by offering the "Hope for Homeowners" program. It is a FHA refinancing choice for homeowners who have adjustable rate mortgage loans. Their goal is to decrease the rate of foreclosures in the country by putting them into fixed-rate mortgages. It is scheduled to run until September of 2011.

How to Qualify for FHA Hope Refinancing Program

Initially, you will have to get in touch with a lender who is approved to FHA loan and see if you are qualified for the FHA refinance Hope program. As usual, there are specific conditions for the program.

Some standard conditions for FHA refinancing include:

• Your current mortgage loan began on or before 1/1/08.
• Your monthly mortgage payments are more than 31% of your gross monthly income (as of 3/1/08).
• You did not intentionally become late on your payments.
• You have never been convicted of fraud.
• You do not own other residential real estate.
• You did not input false data on your mortgage application to get the original loan.

These are the minimum conditions to qualify for the FHA Refinance Hope program. Moreover, there may be additional conditions based on your file.

Common Questions and Answers

The main objective of the FHA Hope program is to assist at-risk homeowners (who are close to foreclosure) to refinance out of an ARM and into an affordable fixed-rate mortgage loan. This benefit should decrease the borrower’s monthly payments who enroll into this FHA loan program.

Are there any closing costs?

Just like as with any home loan, there will be closing costs for this refinance from the FHA. Borrowers are able to include these costs into the new loan, or they can pay them separately from their own funds. Ask for an estimate of closing costs from your mortgage company in the beginning stage.

How do I apply?

Discuss with your lender or mortgage broker regarding the documents required. It may vary from one lender to another. Although, it is quite customary to provide evidence of income (such as pay stubs, bank statements and W-2s), along with your current mortgage forms.

Upon receiving the required information for the FHA Hope refinance program (Hope for Homeowners) borrowers who are approved will be offered a refinancing choice for a fixed-rate mortgage amortized over 30 years.

Author: Mario Olivera Mario Olivera is a investor and contributor with ByOwner MLS Homes and iJumbo Loan

Article Source: http://EzineArticles.com/?expert=Mario_Olivera

Comments:  This United States Government loan modification program is meant to reduce the foreclosure rate.  If you think you may qualify for the FHA Hope Loan Program you should contact your lender immediately.  You can find another on the FHA Hope Loan here.

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Types Of FHA Housing Loans fha hope loan, fha hope loan program, hope for homeowners, loan modification

The United States Government is trying to reduce the housing crisis that we are currently going through by offering the FHA Hope Loan.  The FHA Hope Loan is also known as "Hope for Homeowners" program.

The program is to give hope to homeowners who are struggling with their adjustable mortgage loan.  The author of this article will give you a brief overview of the FHA Hope Loan Program.

 Don’t Give Up Hope – Refinance With an FHA Hope Loan!

 You may feel like there is no hope. Refinance options can seem out of reach. In this dire economy the banks and mortgage companies want very much to keep you in your home. Answer a few simple questions and see if you qualify for an FHA Hope loan.

First of all, if your mortgage originated before January 1st, 2008 and your monthly payments are more than 30% of you gross income you meet the first round of qualification.

Your loan must have an adjustable rate mortgage and your reasons for not being able to pay, or your future predictions for not being able to pay must not come as a result of fraud, theft or anything intentional on your part. Loss of job, illness, military deployment, and loss of income are all examples of things that are out of your control.

The best scenario is for those who have not yet become delinquent but are projected to do so. You are not yet deep into debt and so will be more easily able to secure a new loan with a good rate. Also, you show initiative in keeping hold of your finances and keeping your home. Banks will like this.

You cannot own other residential properties if you want to qualify for a hope loan through FHA. This program is really geared to the little guy. That middle level American who finally bought themselves a home and is suddenly faced with the possibility of losing it.

Before you discuss this option with your banker be sure that you understand that the basic goal of this program is to get soon to be defaulting homeowners with adjustable rate mortgages into fixed rate mortgages they can afford to pay on. If you already have a fixed rate mortgage then this is not the program for you. That does not mean you should give up hope.

When you apply for this loan and find that you don’t meet the criteria, be sure to ask your banker about other loan programs that can offer you hope and relief from mortgage debt. The more people that can stay in their homes and make their payments, the better the market will be in the long run.

Spend a day or two gathering up all of you financial information and getting familiar with your own situation. Once you have everything together and have reviewed it make an appointment with a loan officer at a bank you know and trust. Be sure to ask about the Hope for Homeowners program through FHA and any similar programs you may qualify for. Financial relief could be closer than you think.

Author: Jon Higgins A loan modification could be the better option for you right now. Find out how to get qualified for a home loan modification.

Article Source: http://EzineArticles.com/?expert=Jon_Higgins

Comments:  This article on the FHA Hope Loan Program is just a brief overview of this program.  You will find more articles here FHA Hope Loan Program.

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