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.
  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 ...
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