The HOPE for Homeowners (H4H) program, authorized by the Economic and Housing Recovery Act of 2008, was announced on October 1st by HUD Secretary Preston.  The H4H program is a new program intended to help borrowers at risk of default and foreclosure refinance into more affordable loans. The H4H program will allow borrowers who are having difficulty making their payments, to refinance their current mortgage into a new loan insured by HUD’s Federal Housing Administration (FHA). 

Distressed homeowners have four options to pursue participation in the HOPE for Homeowners program:

1. Homeowners may contact their existing lender and / or a new lender to discuss how to qualify and their eligibility for this program.
    
2. Servicers working with troubled homeowners may determine that the best solution for avoiding foreclosure is to refinance the homeowner into a HOPE for Homeowners loan.
    
3. Originating lenders who are looking for ways to refinance potential customers out from under their high-cost loans and/or who are willing to work with servicers to assist distressed homeowners.
    
4. Counselors who are working with troubled homeowners and their lenders to reach a mutually agreeable solution for avoiding foreclosure.

Detailed information about eligibility and other H4H requirements can be found on the FHA website: www.FHA.Gov.  The FHA website also has information for consumers including fact sheets and frequently asked questions (FAQs).

This message has been sent to all Active Agencies participating in HUD’s program.  Parent agencies should distribute this information to their sub-agencies in case their emails were missing or posted in error in HCS.