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Hope for Homeowners will be offering a 30 year fixed rate mortgage meaning the borrower’s last payment will be the same as the first payment except for escrow fees. The Hope for Homeowner program will maintain FHA’s long standing requirement that new loans be based on a families ability to repay the mortgage. Only owner occupants are eligible for FHA-insured mortgages.

Requirements for the Hope for Homeowner program are:

Hope for Homeowners

Their mortgage debt-to-income must be at least 31 percent;

The new HOPE for Homeowners mortgage payment must be at or below 31 percent of the borrower’s income, unless there is “trial modification” period prior to loan application. A trial modification would give borrowers the opportunity to demonstrate their capacity and willingness to make a mortgage payment that does not exceed 38 percent of their monthly income.