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Denver: Hope for homeownership for FHA goes into affect October 1st, apply today

Posted on September 30, 2008 by Ray Williams.

Below you will read the article posted on HUD’s website about the new FHA portion of the housing bill. This bill could allow you to qualify for a refinance where you may not have been able to before. What this can do for you is to help keep your family keep your home. You may be surprised at the clients we have already been able to help into FHA Secure loans. Don’t delay in calling in. We are hear to listen and help. Apply today! Call Ray 303.779.0591 x101

HUD CONTINUES TO PROVIDE IMMEDIATE HELP TO HOMEOWNERS IN COLORADO
HUD Secretary to troubled homeowners: Don’t wait to seek relief: Visit HUD.gov

DENVER – Distressed homeowners in Colorado do not have to wait for the new housing law to take effect on October 1st in order to be eligible for mortgage relief.HUD’s Federal Housing Administration (FHA) continues to provide troubled homeowners with access to safe, affordable mortgage products.

“HUD understands that for many families, time is of the essence. These families should not wait to obtain help when it may already be available,” said HUD Secretary Steve Preston. “Delay could only result in the loss of their home. We have already helped hundreds of thousands of families nationwide, and we believe there are more Colorado families that can currently benefit from our refinancing product.”

Immediate assistance is available by calling 1 (800) CALL-FHA or visitingwww.HUD.gov. There are 40 HUD-approved housing counseling agencies standing by to help homeowners in Colorado. In addition, homeowners may also call the HOPE Now alliance at: 1 (888) HOPE-NOW, or the Colorado Foreclosure HOTLINE at 1 (877) 601-HOPE.

In July, the Bush Administration expanded its flagship mortgage insurance program to assist more homeowners who are struggling to keep up with their high-cost subprime adjustable rate mortgages. HUD’s FHA expanded its FHASecurerefinancing product to insure more mortgages for borrowers who were late on a few payments and/or received a voluntary mortgage principal write-down from their lender.

With this expansion, FHA has helped more than 320,000 families since September 2007 refinance into affordable mortgages and is on pace to help 500,000 American families by the end of this year.

In August 2007, FHA initially modified its refinancing program to help creditworthy homeowners who missed their mortgage payments as a result of the payment shock associated with interest rate resets. FHASecure has further expanded its eligibility criteria to help homeowners who have gone into default as a result of temporary economic setbacks.FHA’s eligibility will now help the following categories of troubled homeowners:

  1. Borrowers who are delinquent on their adjustable rate mortgages, but who were late on no more than two monthly mortgage payments over the previous twelve months are eligible for the standard 97 percent loan-to-value (LTV) FHASecure refinance loan.
  2. Borrowers delinquent on their adjustable rate mortgages who were late on three consecutive monthly mortgage payments or at three different times over the past twelve months will be eligible for a 90 percent LTV ratioFHASecure refinance loan.

FHASecure can help additional borrowers in COLORADO and across the nation access a more viable refinancing option and will offer lenders an alternative to foreclosing on these individuals. Lenders can already voluntarily write down the outstanding subprime mortgage principal balances to a 97 percent or 90 percent LTV ratio depending on the borrowers’ circumstances. FHA will also encourage lenders to make other arrangements, such as subordinate financing, to “fill the gap” between the existing loan balances and the FHA-insurable loan amount. The refinanced loan amount backed by the FHA would be based upon a new appraisal, performed by an FHA-approved appraiser.

 

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