WASHINGTON – HUD today announced that it has approved changes to the Hope for Homeowners (H4H) program aimed at increasing the number of distressed borrowers who can participate.
H4H modifications include increasing the loan-to-value ratio to 96.5% and allowing lenders to extend mortgage terms from 30 to 40 years.
The alterations are expected to reduce the program costs for consumers and lenders while also expanding eligibility by driving down the borrower's monthly mortgage payments.
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