NAHB: Builders applaud changes to HOPE for Homeowners programMortgagePress.comNAHB, HOPE for Homeowners, HUD, Steve Preston, Sandy Dunn, Housing and Economic Recovery Act of 2008
The National Association of Home Builders (NAHB) applauded
changes to the HUD HOPE for Homeowners program that will allow more
distressed home owners to take advantage of the program which was
designed to prevent foreclosures and keep families in their
homes.
The modifications announced this week by Housing and Urban
Development Secretary Steve Preston are also expected to make the
program more appealing to lenders and to make homeownership more
affordable for the owners.
"These changes will allow HOPE for Homeowners to reach many more
troubled mortgage borrowers," said NAHB Chairman Sandy Dunn, a home
builder from Point Pleasant, W. Va. "In particular, increasing the
mortgage loan-to-value ratio, which will reduce the required
write-down of principal, and allowing owners to refinance from 30-
to 40-year mortgage terms will make more owners eligible for the
program and help make homeownership more affordable so that
families can stay in their homes."
The HOPE for Homeowners program was authorized by the Housing
and Economic Recovery Act of 2008. Although the programs purpose is
to help prevent foreclosures and keep families in their homes,
borrowers must meet a number of qualifying criteria including the
Federal Housing Administration's long-standing requirements for
fully documenting income and employment.
For more information, visit www.nahb.com.
