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This is a new program for people at risk of losing their home due to default and foreclosure. The program provides new, 30-year, fixed rate mortgages that are insured by the Federal Housing Administration (FHA). Homeowners having difficulty paying their mortgages may be eligible to refinance into a mortgage that they can afford. Hope for Homeowners is voluntary and both lender(s) and homeowner(s) must agree to participate.

General Program Requirements

You should contact your lender to determine eligibility, but you may be eligible if, among other factors:

• The home is your primary residence, and you have no ownership interest in any other residential property, such as second homes.
• Your existing mortgage was originated on or before January 1, 2008 and you have made at least six payments.
• You are not able to pay your existing mortgage without help.
• As of March 2008, your total monthly mortgage payments due were more than 31 percent of your gross monthly income.
• You certify that you have not been convicted of fraud in the past 10 years, intentionally defaulted on debts; and did not knowingly or willingly provide material false information to obtain existing mortgage(s).

Loan Terms
Not applicable

Managing Agency
U.S. Department of Housing and Urban Development
http://www.hud.gov/