How to Apply for HOPE for Homeowners Act of 2008

The HOPE for Homeowners bill of 2008 is meant to help homeowners avoid foreclosure by refinancing their loans. Homeowners who find they are not eligible for the Making Home Affordable program may be able to obtain assistance with the HOPE for Homeowners mortgage solution, which is offered by the Federal Housing Administration.

Instructions

1

Prove you cannot pay your existing mortgage by putting together all sources of income in order to show your lender. If you have a home equity loan or line of credit on the home, you must pay this off first before you can get help from the HOPE for Homeowners program.

2

Submit an application to the HOPE for Homeowners program through the FHA website, which connects you directly to an FHA approved lender, or contact your mortgage lender. Your mortgage lender must agree to the terms of the HOPE for Homeowners program before you can proceed.

3

Compile all of your mortgage papers and federal tax returns, going back at least three years. In addition, have your monthly mortgage statements, insurance papers and a listing of any assets you might have. You will also need to have some sort of identification that is government issued.

4

Apply for a HOPE for Homeowners refinancing loan through your lender, if your lender agrees to participate. If you loan is approved, you will get a fixed-rate, lower interest loan that is insured against default by the FHA. However, the FHA will be able to claim part of the equity in your home if you sell after certain time periods.