Hope for Homeowners Program
Date:
July 1, 2008
Who:
FHA
Policy Area:
Sector Policy (Non-Financial)
Economic Target:
Housing
Action Type:
Government Guarantee
Maximum Amount:
$1.00 billion
Amount Spent:
< $1.00 billion
Deficit Impact:
< $1.00 billion 'Hope for Homeowners' program allows homeowners to refinance distressed mortgages through their existing private lender and provides for an FHA guarantee of the newly refinanced mortgage.
This program was created under the Housing and Economic Recovery Act of 2008, along with the first-time homebuyer tax credit, increases in the low-income housing credit, and increases in community housing grants.
Notes:
Figures are taken from CBO's "Budget and Economic Outlook: Fiscal Years 2009 to 2019" (http://www.cbo.gov/ftpdocs/99xx/doc9957/01-07-Outlook.pdf) and current as of 12/31/2008.