Hope for Homeowners Loan
 

10/22/08 UPDATE TO SAVE OUR HOMES PROGRAM

As of right now we have placed this program on hold. There are currently no buyers in the secondary market that are willing to purchase these new loans yet. Because this is a voluntary program, unless the original lender/servicer agrees to participate, our hands are tied. We feel this is very unfortunate, as people were lead to believe this was going to assist them in saving their homes. FHA has scheduled a conference in Atlanta, Georgia in November for original lenders and servicers, perhaps after this, some lenders may step up to the plate. You may also contact your original lender and ask them if they are going to be participating. We regret that we are unable to help so many desperate people and are equally frustrated. If we hear of any changes we will post them on our website and get in touch with the people on our list.

Sincerely,

Circle Mortgage Corporation

 

The The Government has just signed into law a new FHA program to assist homeowners who currently owe more than the value of their property. This program is currently being referred to as the "Housing and Economic Recovery Act of 2008", "Hope for Homeowners Act", or the H.R. 3221 Act". Although the bill was signed, it will not go into effect until October 1, 2008.

The "Save our Homes" Part Of The Act Includes The Following:

 Refinancing your existing mortgage for up to 90% of current value of property, thereby reducing the mortgage and monthly payment.

  New Mortgage will be a FHA 30 year fixed rate mortgage.

  Must be primary residence, and you can not own any other property.
   
  You must be able to qualify for new mortgage (guidelines to be released shortly).

  Homeowners will share future appreciation with FHA.

  Funds are limited and will be on a first come, first serve basis. Call or email Circle Mortgage to be placed on the priority list.


This Bill Also Includes The Following:

  A tax credit of $7500 for first time homebuyers.
   
  Changes to the Reverse Mortgage Hecm Program, to include lending limit increases, allowing the Reverse Mortgage for purchase, revising CO-OP guidelines, Manufacture Housing changes, and revising Condo requirements.

  Changes to the VA Program

 This bill is very extensive and includes many groundbreaking changes that will become in effect over the next several months. Circle Mortgage will continue to post these changes on this website as they become available. You may also listen in to our live radio shows every Sunday morning from 8:00-9:00 am on AM Radio Station 850, as well as our Reverse Mortgage Show on Saturdays, same time, and same station.