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What is HOPE for Homeowners?

If you have been paying any attention to the national news as it pertains to the mortgage crisis, you have probably heard the term "HOPE" once or twice. In passing it sounds like a simple part of a sentence; there is "HOPE" for homeowners who are struggling in the current economy. However, the HOPE topic here is actually an acronym that stands for H O P E and is the term given to a law passed in Congress effective October 1, 2008.

What Does HOPE Do?

HOPE was created by Congress to help those at risk of default and foreclosure refinance into more affordable, sustainable loans. HOPE for Homeowners (H4H) is an additional mortgage option designed to keep borrowers in their homes. If you are having trouble making your mortgage payments, HOPE for Homeowners may be able to help you, by refinancing your loan into a new 30-year or 40-year fixed-rate loan with lower payments.

How Does HOPE Work?

It is envisioned that the primary way homeowners will initially participate in this program is through the servicing lender on their existing mortgage. There are four ways that a homeowner in distress can participate in HOPE:
  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.

For more information on HOPE or how to participate, visit the Housing and Urban Development's website, or contact your mortgage lender directly and speak with a consultant about whether they are participating in the program and if your mortgage qualifies.

National Rate Averages

Mortgage Rates

Product Rate
5/1 yr ARM 3.147%
1 yr ARM 3.299%
15 yr fixed 3.221%
30 yr fixed 3.815%

Home Equity Rates

* Updated Jun 7, 2012