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. Foreclosure - FCL

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

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

    A federal act approved in 1975 that requires mortgage lenders ...
  4. Real Estate

    Land plus anything permanently fixed to it, including buildings, ...
  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. Measuring The Benefits Of Home Ownership
    Home & Auto

    Measuring The Benefits Of Home Ownership

  2. Retirement Living: Renting Vs. Home ...
    Retirement

    Retirement Living: Renting Vs. Home ...

  3. The Hidden Costs Of Home Ownership
    Budgeting

    The Hidden Costs Of Home Ownership

  4. Battling Foreclosure: The HOPE NOW Alliance ...
    Options & Futures

    Battling Foreclosure: The HOPE NOW Alliance ...

comments powered by Disqus
Hot Definitions
  1. Takeover

    A corporate action where an acquiring company makes a bid for an acquiree. If the target company is publicly traded, the ...
  2. Harvest Strategy

    A strategy in which investment in a particular line of business is reduced or eliminated because the revenue brought in by ...
  3. Stop-Limit Order

    An order placed with a broker that combines the features of stop order with those of a limit order. A stop-limit order will ...
  4. Pareto Principle

    A principle, named after economist Vilfredo Pareto, that specifies an unequal relationship between inputs and outputs. The ...
  5. Pareto Principle

    A principle, named after economist Vilfredo Pareto, that specifies an unequal relationship between inputs and outputs. The ...
  6. Budget Deficit

    A status of financial health in which expenditures exceed revenue. The term "budget deficit" is most commonly used to refer ...
Trading Center