Hope for Homeowners Program

This is a program for borrowers at risk of default and foreclosure. It provides a new 30 year fixed rate mortgage that are insured by the Federal Housing Administration (FHA). This program can help homeowners refinance their mortgage into a more affordable payment. The lender and borrower must agree to participate in the program. It will end September 30, 2011.

A few factors in determining eligibility are:

• 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).

Homeowners should contact their lender or a housing counselor to learn more about their options.

Susan Reardon