Hope For Homeowners

AAA

DEFINITION of 'Hope For Homeowners'

A federal aid program aimed at helping homeowners who reside in neighborhoods that were hit the hardest in the subprime meltdown of 2008. Hope for Homeowners will offer nearly $4 billion in aid to homeowners who are behind on their mortgages to refinance into a fixed-rate loan charging a reasonable rate of interest. These loans are backed by the FHA.

INVESTOPEDIA EXPLAINS 'Hope For Homeowners'

Hope for Homeowners loans are primarily designed to help two types of homeowners: those with high-interest rate subprime loans and those with mortgages that now exceed the values of their homes. The first-time homebuyer credit is also included as one of the incentives of this program.

RELATED TERMS
  1. Real Estate

    Land plus anything on it, including buildings and natural resources.
  2. Foreclosure - FCL

    A situation in which a homeowner is unable to make principal ...
  3. Delinquent Mortgage

    A mortgage for which the borrower has failed to make payments ...
  4. Home Mortgage Disclosure Act - ...

    A federal act approved in 1975 that requires mortgage lenders ...
  5. Home Equity

    The value of ownership built up in a home or property that represents ...
  6. FHA Loan

    A mortgage issued by federally qualified lenders and insured ...
Related Articles
  1. Home & Auto

    Measuring The Benefits Of Home Ownership

    Price appreciation is the biggest factor, but it's not the only thing to consider.
  2. Retirement

    Retirement Living: Renting Vs. Home Ownership

    Here are three simple questions you should consider when weighing this decision.
  3. Budgeting

    The Hidden Costs Of Home Ownership

    Mortgage lenders don't factor the extra costs into your loan amount. Make sure you save for the "little" things.
  4. Options & Futures

    Battling Foreclosure: The HOPE NOW Alliance Strategy

    Hope Now was formed to help prevent foreclosures. Are the organization's strengths enough to overpower its weaknesses?
  5. Personal Finance

    Why Are Mortgage Rates Increasing?

    Learn how the secondary mortgage market and investor demand affect the cost of home ownership.
  6. Home & Auto

    Save $30,000 For A Home Down Payment In 5 Months

    Before tackling mortgage rates, home maintenance costs and utilities, every home buyer must first gather the funds for a mortgage loan down payment.
  7. Credit & Loans

    Getting A Mortgage When Building Your Own Home

    It's much harder to get a loan when you're building a home, not moving into one. Here's where to look and what to expect.
  8. Credit & Loans

    Understanding Loan-to-Value Ratio

    Loan-to-value ratio (LVR) is a tool used to evaluate the risk in a collateralized loan, usually a mortgage loan.
  9. Credit & Loans

    Surprising Ways A Mortgage Affects A Credit Score

    It takes a good credit score to get favorable mortgage rates. Then, how you pay a mortgage will shape your score – just having one can lower it at first.
  10. Stock Analysis

    Can American Capital Agency Maintain Its Dividend?

    Dividend investors know that real estate investment trusts with REITs that invest in mortgage-backed securities produce double-digit dividend yields.

You May Also Like

Hot Definitions
  1. Hurdle Rate

    The minimum rate of return on a project or investment required by a manager or investor. In order to compensate for risk, ...
  2. Market Value

    The price an asset would fetch in the marketplace. Market value is also commonly used to refer to the market capitalization ...
  3. Preference Shares

    Company stock with dividends that are paid to shareholders before common stock dividends are paid out. In the event of a ...
  4. Accrued Interest

    1. A term used to describe an accrual accounting method when interest that is either payable or receivable has been recognized, ...
  5. Absorption Costing

    A managerial accounting cost method of expensing all costs associated with manufacturing a particular product. Absorption ...
  6. Currency Carry Trade

    A strategy in which an investor sells a certain currency with a relatively low interest rate and uses the funds to purchase ...
Trading Center