Hope For Homeowners

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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.
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    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 ...
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    A mortgage issued by federally qualified lenders and insured ...
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  3. How does the loan-to-value ratio affect my mortgage payments?

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  6. Why does the loan-to-value ratio matter?

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