June 14, 2011
The Department of Housing and Urban Development has sent guidance to lenders and FHA mortgagees about the phase-out of the Hope For Homeowners program, which is due to effectively end on September 30, 2011.
During the housing market crisis of 2008, the federal government created several programs in an attempt to help stabilize the American housing market. As part of that effort, the Emergency Economic Stabilization Act of 2008 was signed into law, which included authorization to create programs like HOPE For Homeowners. HOPE was intended to prevent qualified applicants from going into default and foreclosure by offering affordable refinancing programs featuring fixed-rate mortgages.
FHA Mortgagee Letter 11-20 announced the phase-out of HOPE For Homeowners, including a July 29, 2011 deadline for new case numbers under the HOPE refinancing program.
According to the letter, “The H4H program is a temporary program authorized under the Housing and Economic
Joe Wallace has been specializing in military and personal finance topics since 1995. His work has appeared on Air Force Television News, The Pentagon Channel, ABC and a variety of print and online publications. He is a 13-year Air Force veteran and a member of the Air Force Public Affairs Alumni Association. He was Managing editor for www.valoans.com for (8) years and is currently the Associate Editor for FHANewsblog.com.
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