YOUR FHA REFINANCE CENTER
FHA Refinance FAQ
(excerpted from fha.gov)
Q. What is the FHA mortgage limit in my area?
A. The National Housing Act provides formulas for HUD to determine maximum mortgage limits for loans insured by FHA. These limits are determined by the county in which the property is located. No FHA mortgage can be originated that is in excess of the county limits. You can view all local FHA Mortgage Limits at the following web site: https://entp.hud.gov/idapp/html/hicostlook.cfm.
Q. What is the "HOPE Now" Alliance and can it help me avoid foreclosure of my home?
A. The HOPE NOW Alliance was formed in October 2007 and is collaboration of 26 organizations affiliated with the mortgage market. Members include housing counselors, mortgage market participants, and mortgage servicers uniting to reach and help as many homeowners as possible as interest rates adjust and create financial distress for borrowers. The Department of the Treasury and the Department of Housing and Urban Development encouraged these industry leaders to form this alliance and create innovative options for foreclosure prevention. The HOPE NOW Alliance established a toll-free hotline to receive calls from borrowers 24 hours a day, 7 days a week that is staffed with HUD-approved housing counselors to advise borrowers of their options. Borrowers can call (888) 995-HOPE. The list of participating members can be found at www.HOPENOW.com.
Q. Can an individual purchase a HUD Home for a dollar?
A. HUD's Dollar Homes initiative allows only approved local governments to purchase qualified HUD-owned homes for $1. The program is designed to create housing for families in need and stimulate neighborhood revitalization. An individual may not purchase a home under this program. Homes are only made available for this program if they have remained unsold for 180 days or more.
To find out if properties are available for sale in your community, visit http://www.hud.gov/offices/hsg/sfh/reo/goodn/dhmabout.cfm.
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