Overview

  • NO CASH OUT: No cash to borrower will be permitted.
  • LOAN TYPE: 30 year fixed rate mortgage (no rate adjustments)
  • OCCUPANCY: Owner Occupied, principal residence only
  • PROPERTY TYPES: Existing 1-4 Family Detached, Attached and Condominiums
  • INTEREST RATE: Market Interest Rates and Subsidized Rates offered to Low-to-Moderate Income Homeowners
  • CREDIT HISTORY: Less than perfect credit accepted
  • EARN EQUITY NOTE: An innovative way to lower monthly debt in order to ensure security in homeownership by sharing the appreciated value in the home
  • RESERVES: 2 months PITI (can be in a qualified retirement or 401K account)
  • HOMEOWNER EDUCATION: Completion of approved homeowner counseling program is required prior to and after the closing of all transactions
  • OTHER TERMS: Interest rate buy-down available, no prepayment penalties. Minimum length of property occupancy is 1 year

A public private partnership, the HELP Program is designed to work with local and state governments to address the real needs of homeowners that are experiencing financial hardship and are struggling to pay their mortgage.

The HELP (Home Equity Loss Prevention) Program was created to get homeowners back on track financially by offering an affordable fixed rate refinance loan using flexible underwriting guidelines. This fixed rate product provides peace of mind for the homeowner by eliminating interest rate adjustments and bringing their mortgage current.

Summary

The HELP Program assists with the stabilization of the current housing market by saving homeowners from foreclosure on their homes. Through the use of the EARN equity share second lien, HELP lowers the homeowners monthly mortgage payment allowing them to maintain a current pay history on their new mortgage.

The refinance program is intended to expand upon the more demanding standards of mainstream conventional mortgage products. The HELP Partnership is committed to facilitating financing for individuals in the community who have been put in financial hardship by the current market state of affairs.

Who Does it HELP?

The HELP Program is committed to facilitating financing for homeowners in the community who are experiencing financial hardship and are struggling to pay their mortgage. Typically these are homeowners in the community that are:

  • Delinquent 1-2 months on their mortgage payments
  • Struggling with less than perfect credit history
  • Paying off a mortgage loan balance above $417,000
    (HELP can finance up to $565,000)
  • In an insufficient or negative equity position on their property
    (owe more than their home is worth)

Product Requirements

Homeowners’ Counseling is required. Association for Homeowners Across America (AHAA) will work with homeowners who are in need of special financing and loan programs. Our homeowner service representatives will assess each homeowners needs and determine fit for loan programs and/or loss mitigation assistance on their existing mortgage debts.

Qualified Borrower

Borrowers must occupy the property as his/her primary residence. Minimum length of property occupancy is 12 months

The HELP Program is a real solution to a real problem and provides immediate, net tangible benefits. Homeowners in trouble do not need any more promises or talk, they need HELP!

To find out how the HELP Program can help homeowners in your community, call 866-716-3630.