The Department of Housing and Urban Development (HUD) recently issued guidelines for the Home for Homeowner (H4H) program. This was part of the Housing Bill that was signed into law in July that authorized $300 billion for the FHA to use to insure and refinance delinquent mortgage loans.

To be eligible for the borrower to participate, the home subject to the refinancing benefit must be their primary residence, the existing loan must have been originated before January 1, 2008, the borrower must have made at least six payments, the monthly payments represent over 31% of the borrower's monthly income as of March 31, and they cannot pay their mortgage without help. The maximum amount of the new 30-year fixed mortgage loan is $550,440.

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