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 2023

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

FHA Loans Are an Affordable 2023 Mortgage Option

February 28, 2023 - FHA mortgages are affordable home loans, but some first-time home buyers might not be aware of the ways they can save with FHA mortgages compared to some conventional alternatives.
For those who need a low down payment, FHA loans can save money upfront on the mortgage.

FHA Lowers Annual Mortgage Insurance Premiums (MIP)

February 26, 2023 - The FHA announced a reduction in the annual FHA mortgage insurance premium, also known as FHA annual MIP. This is expected to lower costs for FHA loans by as much as $800 a year for typical mortgages and even more for larger home FHA mortgages.

Earnest Money and FHA Loans

February 12, 2023 - Earnest money is a deposit made by a buyer to demonstrate they are serious and not just window shopping when making an offer on a home. This deposit is held in escrow until closing, when it is applied to the buyer's down payment.

Building a Dream Home in Georgia Might Be the Best Choice for You

January 24, 2023 - If you're a first-time or subsequent homebuyer looking to construct your dream home in Georgia without stretching your budget, low down payment construction loans could be an excellent choice. These loans allow you to merge the land purchase and construction costs into a single loan.

VA One-Time Close Construction Loans

January 22, 2023 - Did you know that the VA offers a One-Time Close construction loan similar to the FHA One-Time Close loan? The VA version of the One-Time Close loan allows qualified borrowers to finance both the construction and the permanent mortgage at the same time.