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         FHA HOPE for Homeowners H4H           

Determining Eligibility Calculating the Maximum Mortgage
Consumer Protection & Disclosures Underwriting and Qualifying
Appraisals Documentation Requirements
Term & Rates of H4H Mortgages Prohibition Against Subordinate Financing
Mortgage Insurance Premiums Equity & Appreciation Sharing
  Extinguishment of Subordinate Liens

Mortgage Eligibility

        The mortgage being refinanced must have been originated on or before January 1, 2008;

        Each holder of an existing senior mortgage being refinanced must:

1.      Waive all prepayment penalties and late payment fees (including insufficient funds fees) on the mortgage.  Prepayment penalties are defined in the Federal Reserve Board’s Regulation Z (Truth in Lending), 12 CFR 226.32(d)(6);

2.      Agree to accept the proceeds of the new H4H mortgage as payment in full, and

3.      Release their outstanding mortgage liens.

        Each holder of an existing subordinate mortgage must: 

1.      Waive all prepayment penalties and late payment fees (including insufficient funds fees) on the mortgage.  Prepayment penalties are defined in the Federal Reserve Board’s Regulation Z (Truth in Lending), 12 CFR 226.32(d)(6); and 

2.       Release their outstanding mortgage liens. 

        Any type of mortgage is eligible for refinancing under the H4H Program, including conventional (prime, Alt-A, subprime) or government-backed (FHA, VA, or Rural Development), fixed-rate or an adjustable rate mortgage; and 

        The mortgage being refinanced may have a variety of payment characteristics, including interest only, payment option, negative amortization and/or any other exotic features. 

Property Eligibility 

       The property must be the borrower’s primary and only residence in which they have an ownership interest (if there are non-occupant co-borrowers, they will need to quit claim their interest in the property prior to the occupying co-borrowers applying for the H4H Program); 

       Only 1 unit properties are eligible, including condominium units, cooperative units and manufactured housing permanently affixed to realty.

 

 

How to Qualify
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