https://www.governmentrefinanceassistance.com/fha-short-refi-hope-loan-qualifications/on-the-efforts-to-revive-the-hope-for-homeowners-h4h-plan/ Information and Updates on Government Mortgage Programs Sun, 22 Feb 2009 19:43:24 +0000 hourly 1 https://wordpress.org/?v=6.2.2 https://www.governmentrefinanceassistance.com/fha-short-refi-hope-loan-qualifications/on-the-efforts-to-revive-the-hope-for-homeowners-h4h-plan/#comment-2610 Sun, 22 Feb 2009 19:43:24 +0000 http://www.governmentrefinanceassistance.com/?p=344#comment-2610 I don’t believe there were only 300 applications for H4H. Our company alone had 500 applications and maybe, half still qualifies. I don’t understand why the Govt/FHA released this and just put this aside. In counties like San Joaquin, Sacramento, and Stanislaus, homeowners are either walking away or just can’t find the right help. In Mountain House, Ca, most homeowners owe 500k-800k and now the values are 200k-300k and the cost of living is ridiculous. There is no incentives to stay in these homes unless there is a principal reduction.
There was an investor who released their guidelines in January, but the guidelines are so strict. They wanted 12 months no mortgage lates, 600+fico, AND at least 5% closing costs of the new loan amount at 7%.
A miracle has to happen. Everyday they drag their feet, people are just giving up. It’s depressing to see foreclosure/auction signs every few houses in the central valley.

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