Beginning October 1st, many borrowers struggling to pay their mortgages will be eligible for relief through refinancing with the Federal Housing Administration (FHA)’s “Hope for Homeowners” program. The program has been established to extend through September 30, 2011.

Not everyone facing financial problems or a foreclosure will qualify for this particular program, which is designed to help families who can show they have the long-term ability to repay a mortgage. Of most importance, these new loans will be available only to owner-occupants, not to investors renting out a property.

Here are more of the requirements established by the FHA:

Borrowers must also meet the following eligibility criteria:

Read the full Hope for Homeowners to Avoid Bank Foreclosure – REO story

Posted by Carlos Sagastume on September 12, 2008. Filed under HUD Homes. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry