The Hope Program, Its Features And How To Avail It
Imagine a situation wherein you have purchased a lovely home on loan and at the time of purchase, your job was steady, hence you felt that the loan could be easily repaid.
However, in the course of a couple of years, the job fell through and are now forced to sell the house by foreclosure. However, you are expecting a new job or a source of income by which you can pay the loan amount by at a reduced rate. What can you do under the circumstances? Look into the HOPE program.
Hope Program And Eligible Criteria
Hope for Homeowners (H4H) program or HOPE is a loan program that is offered by the FHA to help homeowners who are distressed repay their loan and avoid a foreclosure.
It helps to refinance your loan, so that you can keep the house and comes to assistance when there is simply no other means of paying the loan amount right away. As part of this loan program, you must surrender to the government 50 percent of the home’s equity as only then can you get the loan amount and keep the house, thus avoiding foreclosure.
Eligibility : Hope Mortgage Program
- The property that is facing foreclosure must be your primary residence
- You should not own any other home, so if you happen to get rental income from a vacation home, don’t bother about applying
- You must not have done anything illegal in the past ten years or convicted for any crime during that period
- You should be able to show that income is very small and you are having difficulty in paying the mortgage amount every month
- As part of the process o availing this loan, your home will be appraised. The appraiser will determine the exact value and condition of the property based on which the amount of loan that can be sanctioned to you can be determined.
- It is to be noted that this program will not allow you to get 100 percent amount on the value of the property. It will only give you 93 percent of your home’s value.
When you get a loan through the HOPE program, you will also get a mortgage insurance premium, which has to be paid along with the loan repayment amount every month. Its purpose is to settle the entire loan should a situation arise whenever you are unable to make premium payments.
Legitimate rent to own programs
By applying for the HOPE program also known as the HOPE mortgage program, you will be able to live in your dream home and do not have to face the difficult prospect of putting it up for sale in the market.
Low income home loans for single mothers
The process of getting the loan is very methodical and by following it correctly, you can be sure of getting the finance necessary to pay of the original mortgage loan, and take out one in which the monthly premium amount is less. Hence your problems in having to pay a huge amount of money every month is gone and replaced by a lesser amount that can be borne better.
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