FHA Mortgage Assistance

The FHA and HUD have expanded their mortgage assistance programs in the last few years in order to help families who have been hit hard by the subprime mortgage crisis. The expansion of these programs has since helped many American families who were at risk of foreclosure to keep their homes by helping them refinance from their subprime mortgages to prime rate FHA insured mortgages. There are currently two different programs you can take advantage of if you find yourself struggling to make payments.

HOPE for Homeowners

HOPE for Homeowners is a program that was designed to help borrowers avoid foreclosure on their homes. The program does this by offering new, 30 year fixed rate FHA-insured mortgages to those in need. Eligibility is based on these factors:
- The house to be refinanced is your primary residence and the only property owned by you.
- The original loan was issued before January 2008 and you have made at least six full payments on the loan.
- You cannot pay your current mortgage without assistance.
- As of March 2008, your current mortgage payments were more than 31% of your gross monthly income.
- You certify that you have not been convicted of fraud in the past ten years, you have provided true and accurate information in obtaining the loan and you have not intentionally defaulted on loans in the past.

FHASecure

In 2007, the FHASecure program extended its benefits in order to help out more families who were close to foreclosure on their homes. Under the new FHASecure plan, the FHA allows families with strong credit histories who had been making timely mortgage payments before their loans reset – but are now in default – to qualify for refinancing. Qualification for FHASecure is based on the following:
- A history of on-time payments before the homeowner’s teaser rates expired or loans reset
- The interest rates were reset between June 2005 and December 2008
- There is at least 3% cash or equity in the home
- The borrower has a sustained history of employment
- The borrower has sufficient income to make the new mortgage payments

Through both HOPE for Homeowners and FHASecure, the FHA has been making it possible for American families to avoid foreclosure on their homes.

To see if you can qualify for a refinance on your FHA loan, take a minute to fill out our secure and free online form.

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