Hopefully Hope For Homeowners

Paul, my firm purchases distressed mortgages at a discount from various financial institutions. We have a number of borrowers that would qualify for the Hope for Homeowners program and we are willing to reduce the upb on our loans to the appropriate amount so that the borrower can refinance. So far we have not found a lender that offers the program. Any ideas?

Ron

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Hello Ron,

FHA.gov has a list of ‘lenders’ on the left sidebar under: “Updated list of lenders who are participating in the HOPE for Homeowners Program”.  It appears to be updated every few days.  The only lender that I recognized as a ‘real’ lender was: M&T Bank 800-557-0535.  I’d recommend calling them.

As I scanned the list I noticed a number of names that appear to be brokers or what I’ll call ‘Hope for Homeowners Hopeful Lenders’.  They are ‘hopeful’ lenders because they are only originators in as much as they can sell through the broker/wholesale channel and no one (that I know of) is offering the Hope For Homeowners program as a wholesale product at this time.

Read: Is There Hope For Homeowners?

Thanks for the questions and hope this helps.

Paul