Real Esate Blog

The HOPE (Hope for Homeowners) program has been revised to assist more homeowners in trouble. Here are the revisions:

1. Increase the loan to value ratio to 96.5%

2. Eligible borrowers whose mortgage payment is on more than 31% of their monthly gross income and total debt of not more than 43% of their total gross monthly income. Those with debt to income ratios of 38% on their mortgage and 50% on total debt can qualify for 90% financing

3. Elimination of the trail modification, as this measure was too complicated.

4. permitting upfront payments to secondary leinholders.

All the old requirements are still on the books, just with these changes.