Hope For Homeowners Update: HUD Lender Participant List Now Online

by Heindrick So
October 20th, 2008

A while ago we mentioned how the Hope for Homeowners program would be meaningless if there were no participating lenders. Well late last week they finally updated the long awaited lender list. As of right now, it is available through an excel spreadsheet on the FHA website.

What is the hope for homeowner program? If this program is still new to you, be sure to check out our recent explanation of the Hope for Homeowners program or the FHA issued Factsheet.  In short, the H4H program aims to help troubled homeowners by refinancing their current mortgages into cheaper FHA insured mortgages. One of the characteristics of these FHA loans would be that they can be no larger than 90 percent of the property’s new appraised value; this will help lower costs and help avoid the dreaded route of foreclosure.

Why is this so important? The program itself is quite helpful since it addresses the problems of our housing crisis by refinancing these troubled mortgages. But, more importantly, FHA programs like these encourage individuals to simply take action. This could be as simple as calling your lender or shopping with different companies for various loan options. Fortunately, this FHA program will help specific homeowners, as well as set a hopeful trend among homeowners and lenders alike.
With this updated list, we’re starting to see more and more participation and response from lenders to help homeowners. The FHA has since introduced numerous programs, but the Hope for Homeowners program stands out because it specifically details the discounting of mortgages to address the recent decline in home prices.

While the list has been updated on an excel spreadsheet, you can expect further updates as more lenders participate. To check for updates, remember to visit the website here. If your lender is still not listed, remember to still call your lender either way. As mentioned, lenders are responding more favorably to loan modifications and working out options with their borrowers due to the recent onslaught of foreclosures. At the moment, HUD expects this list to be updated on Fridays – so if your lender still hasn’t appeared, don’t worry as it may take awhile since the program was only initiated this month.

In addition, HUD advises you to contact the Housing Counseling Agency if you are having trouble communicating with your current lender and/or subordinate lien holders.  Contact website available here.

  •  | 
  •  | 
  •  | 


This entry was posted on Monday, October 20th, 2008 at 12:23 pm and is filed under . You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.

4 Responses to “Hope For Homeowners Update: HUD Lender Participant List Now Online”

  1. Yanett Says:

    who is the lender that has HOPE program in san antonio, tx???

  2. Robert Paduano Says:

    My company is on this list but this list does not include lenders who will purchase or service these loans even though their guaranteed by the Gov’t. Your first response was correct, the lenders aren’t interested in principle writedowns they are still in a cave when it comes to getting ahead of this problem, I don’t know anyone who will stay in a house for long when they owe $100,000 more than it’s worth. Lowering rates as the answer for the foreclosure crisis will only work at the margins. Until Congress requires lenders to participate this program is going no where. At a minimum the Banks and Institutions who received bailout money should be required to participate but our leaders in Congress apparently didn’t have the foresight to think that would be a good idea.

  3. Joanne Tambourelli Says:

    We contacted the Hope for Homeowners program. All that happened was we were re-directed to a credit counseling service that rooted through our finances, examining every penny we brought in and every penny we put out. At the end, they sent their “reccomendation” to our mortgage holder (who is not a lender, just the owner of the debt). They promptly called us and told us there was nothing they could do for us even though one of the reccomendations from HFH was FHA Secure Loan. We called tons of lenders, no one even knew what the FHA Secure loan was or how the program worked. We went throught our State’s HUD program that basically did the same thing, put us through a credit counseling service then reccomended us to Wells Fargo Bank for FHA Secure Loan. When we called Wells Fargo the same day we got out of the counselors office, we were told they coultn’t help us unless our current mortgage was already with Wells Fargo. So we are still waiting for help and most likely won’t get it unless we can somehow find out how to become a federally chartered bank and get a couple of million dollars in bailout money no questions, no strings.

  4. Eric Williams Says:

    Who is participating in this program? Who are the lenders? Where are the lenders located?

Leave a Reply

Are you a Mortgage Lender specializing in FHA Loans? Join our mortgage directory today! Homeowners click here to appy for FHA Loans