Beginning October 1st, many borrowers struggling to pay their mortgages will be eligible for relief through refinancing with the Federal Housing Administration (FHA)'s "Hope for Homeowners" program. The program has been established to extend through September 30, 2011.
Not everyone facing financial problems or a foreclosure will qualify for this particular program, which is designed to help families who can show they have the long-term ability to repay a mortgage. Of most importance, these new loans will be available only to owner-occupants, not to investors renting out a property.
Here are more of the requirements established by the FHA:
Borrowers must also meet the following eligibility criteria:
The new FHA loan program also includes the following elements:
Go to www.fha.gov for more information
Disclaimer: This column should not be taken as legal advice for your personal situation. Please consult an attorney, lender, Realtor or other real estate professional before making decisions.