New Fha Programs to Help Homeowners in Default Or Foreclosure

FHA Secure

Owning a home has always been at the center of the American Dream. For many homeowners, however, that dream is threatened by foreclosure. An estimated 240,000 families can avoid foreclosure by refinancing their mortgages using the new FHA Secure plan. FHA will allow families with strong credit histories who had been making timely mortgage payments before their loans reset-but are now in default-to qualify for refinancing.

FHA Secure gives homeowners with non-FHA adjustable rate mortgages (ARMs), current or delinquent and regardless of reset status, the ability to refinance into a FHA insured mortgage. With FHA Secure, the lender will not automatically disqualify you because you are delinquent on your loan, and the lender may offer you a second mortgage to make up the difference between the value of your property and what you owe, including standard refinancing costs.  

How far behind can you be on a mortgage to qualify? What about more than 90 days?

There isn't a limit on how far behind you can be on your mortgage or how many payments you've missed. Whether you're current, one month behind or multiple payments behind, the amount you can refinance will depend on the value of your property and how much you owe and if the lender, or another eligible source, is willing to take back a second mortgage to help bridge the gap between what is owed and your home's value.

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HOPE for Homeowners Program

This is a new program for borrowers at risk of default and foreclosure. The program provides new, 30-year, fixed rate mortgages that are insured by the Federal Housing Administration (FHA).
It may help you refinance your mortgage into a more affordable payment.
H4H is voluntary. Both lender(s) and borrower(s) must agree to participate.

You should contact your lender to determine eligibility, but you may be eligible if, among other factors:

  • The home is your primary residence, and you have no ownership interest in any other residential property, such as second homes.
  • Your existing mortgage was originated on or before January 1, 2008 and you have made at least six payments.
  • You are not able to pay your existing mortgage without help.
  • As of March 2008, your total monthly mortgage payments due were more than 31 percent of your gross monthly income.

You certify that you have not been convicted of fraud in the past 10 years, intentionally defaulted on debts; and did not knowingly or willingly provide material false information to obtain existing mortgage(s).

To find out more information about this program:


  • Review the Frequently Asked Questions page at to learn more about the program.
  • Contact an FHA-approved lender to apply. You can find a list of lenders at

Contact a Housing Counselor. A list of Housing Counselors can be found at