Quantcast

The U.S. government created the Obama Mortgage to help borrowers in financial trouble avoid foreclosure, stay in their homes, and make their mortgage payments more affordable.

FHA Loan Programs for 2022

The most recognized 3.5% down payment mortgage in the country. Affordable payments w/good credit.

Are You Watching Your Credit Score?

NOTICE: Some FHA mortgage lenders are substantially raising FICO score requirements during the Coronavirus crisis, even though FHA minimums remain unchanged.


- Improving Your Credit Score Has Never Been More Important -

Get started one
Get started two
Get started three
Get started four
FHA.com is a privately owned website, is not a government agency, and does not make loans.

Choose a Loan Type

FHA.com is a privately owned website, is not a government agency, and does not make loans.

The Obama Mortgage

What You Should Know About This Program?

The U.S. government has created several programs aimed at helping borrowers in financial trouble avoid foreclosure, stay in their homes, and make their mortgage payments more affordable. Some use a catch-all term, “Obama mortgage” to describe one or more of these programs. What is an Obama mortgage? How does the government offer help to borrowers who are worried about their mortgage payments?

The term “Obama mortgage” has, for better or worse, been applied by some to one or more of the following. You’ll find that there’s one program that’s directly referred to as an Obama mortgage-the Making Home Affordable program.

The official government website for Making Home Affordable has a list of options for borrowers who need mortgage help. Choosing the right program depends on your needs. Here’s a list of the programs found at the Making Home Affordable Website:

The Home Affordable Modification Program (HAMP)

This program is described on the official site for borrowers who want to lower monthly mortgage payments, "making them more affordable and sustainable for the long-term".

The Home Affordable Refinance Program (HARP)

The HARP program is for homeowners who are current on mortgage payments but, “have had difficulty refinancing”. The official site says that even for borrowers who are “underwater” on their mortgages (owing more than the home is currently worth on the housing market), if mortgage is owned by Fannie Mae or Freddie Mac, HARP could be of assistance.

Home Affordable Foreclosure Alternatives (HAFA)

According to the official website, HAFA “provides homeowners the opportunity to exit their homes and be relieved of their remaining mortgage debt through a short sale or a deed-in-lieu of foreclosure (DIL). It also provides homeowners with $10,000 in relocation assistance”.

Home Affordable Unemployment Program (UP)

This program is designed to temporarily lower or suspend a qualifying borrower’s monthly mortgage payment, “giving you some much needed breathing room while you search for your next job” according to the official site.

Each of these programs has specific criteria borrowers will need to meet in order to qualify. Some programs require you to be current on your mortgage and apply before missing payments, etc. Othes may be available for those who have fallen behind on mortgage payments. Some of these programs will help borrowers keep their homes and stay in them, while at least one is designed as a short sale/foreclosure avoidance plan.

You can view specific details of these programs and more at the Making Home Affordable official site.

SEE YOUR CREDIT SCORES   From All 3 Bureaus  

Do you know what's on your credit report?

Learn what your score means.


GET STARTED

FHA Loan Articles and Mortgage News

What You Should Know About Home Equity

June 13, 2022 - Home equity is the difference between the current market value of the home and the amount you still owe on the mortgage. But that market value is subject to change depending on supply and demand, interest rates, and other factors.

How FHA Adjustable Rate Mortgages Work

June 10, 2022 - When you buy a home with an FHA mortgage, you will choose between a fixed-rate mortgage where the payments stay the same for the duration of the loan term and an adjustable-rate mortgage where the rates may change after a certain period of time.

Reasons to Choose an FHA Mortgage Over Other Government-Backed Loans

June 2, 2022 - There are many mortgages to choose from. There are conventional loans, plus government-backed home loan programs such as VA mortgages, and even USDA home loans. All options to consider. So why choose an FHA mortgage instead?

Build a House on Your Own Land With an FHA Loan

June 1, 2022 - You can build on your own lot using an FHA mortgage, even as a first-time home buyer. You will get the same 3.5% down payment minimum on an FHA construction loan as you would buying existing construction real estate.

The Military VA Construction Loan Program is Thriving

May 28, 2022 - Demand for custom built homes is on the rise. Many  veterans  are finding out about the VA guaranteed construction loan program that has been around for years.  If you are an eligible veteran and qualify for a $0 Down VA Home Loan, then you qualify for a $0 Down VA Construction Loan.