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Hope for Homeowners Plan Update
Posted by: Marlyn Wiener
October 31, 2008
Topic: The Housing and Economic Recovery Act of 2008
The H4H program holds out the possibility of refinancing existing mortgage loans into long term, fixed rate loans with a reduction in the outstanding principal balance to 90% of the fair market value of the property. The effective dates for this program are October 1, 2008 - September 30, 2011. The FHA's website provides a comprehensive explanation of the H4H program including underwriting standards, maximum loan amounts, fees, eligible loans and borrowers, and identity of approved lenders.
Unfortunately, despite the October 1, 2008 effective date, no loans have yet been made under the H4H program. I have discussed the status of the H4H program with several approved lenders and have been advised that the FHA is still working with potential lenders to develop the program and that a major conference of the interested parties will be held in mid November (after the Presidential election) to firm up the program details. It would appear that no loans will be made under the H4H program before the first quarter of 2009. Despite this time lag, the approved lenders I spoke with encouraged borrowers to contact lenders on the FHA's approved list now to start the process so that their files would be opened and all necessary information and documents collected and ready for submission when the program is up and running.
