If you are having problems with your home mortgage, http://www.makinghomeaffordable.gov is the way to go. They are helping homeowners in distress by having a difficult time keeping up in their mortgages. Makinghomeaffordable.gov has an application process where troubled homeowners can apply for loan modification of their personal loans. Those who qualify would have to show proof of hardship. If you have missed a payment or two, it is advisable to apply right away. This website is part of the bailout and stimulus programs which aim to keep people in homes that they bought with a mortgage that ran into problems due to circumstances pretty much beyond their control. If that sounds like you, check it out.

Fannie Mae Announces Deed-For-Lease Program

On November 5, 2009, Fannie Mae announced its new Deed-for-Lease Program (D4L) that allows eligible borrowers facing foreclosure (or their tenants) to stay in their primary residences. Under D4L, the borrower transfers ownership of the property to the lender through a deed-in-lieu of foreclosure and the borrower (or the tenant) signs a lease for up to 12 months. The program is designed for borrowers who do not qualify for other workout solutions, including modifications, or who do not meet their obligations under the modification. Read the details on Fannie Mae's website.

FHA Loan Program

The United States Department of Housing and Urban Development (HUD) has a department called the Federal Housing Administration (FHA) which works to help people realize their dreams of homeownership. Not only do they help people purchase homes, but they also do a lot of other things to help home buyers, homeowners, and other living situations.

Some of the great things that the FHA does for Americans include:

• They help people purchase homes. The FHA offers guaranteed loans for people who qualify. You do not have to be a first time buyer to get an FHA loan. The loan requirements are that you get the mortgage through an FHA approved lender and you must go through the lenders qualifications process and pass all their guidelines to be approved. It is easier to get approved with an FHA loan because a portion of the mortgage is guaranteed by the Federal Government. Because of this guarantee the lenders know that even if you default and get your home foreclosed on they will still recapture their money so there is little risk in the loan.
   
• They offer reverse mortgages to senior citizens. Some people who are older may live on a fixed income and need help to pay for home improvements, hospital bills, long term care insurance, or need an extra monthly income or lump of cash for something. With an FHA reverse mortgage senior citizens can take out a mortgage on their fully owned home to get the money they need, never have to make a payment, and stay living in their home.
   
• The FHA also helps people avoid foreclosure. They have a list of options for homeowners who are facing foreclosure in order to help them keep their homes by deferring payments, getting a forbearance from their lender, or get temporary help through local programs.
   
• They offer homes for sale. In the cases where a homeowner fell into circumstances that made foreclosure unavoidable, then the FHA has no other choice than to take the home. As a result of this the FHA owns and is constantly selling homes in the United States. At their website you can find a list of their current homes for sale. Go to http://portal.hud.gov/portal/page?_pageid=33,717372&_dad=portal&_schema=PORTAL to read more information about how to purchase a HUD/FHA home.
   
• The FHA also offers help to people whose mortgages are in default or who have an adjustable rate mortgage where the fixed rate is ending and their interest rate and monthly payment is about to increase. This program is called FHA Secure and it is designed to help lower the number of foreclosures across the country by offering a solution to homeowners. Many homeowners got into a low rate adjustable mortgage and once the rate began to increase they could no longer afford the monthly payments. This meant they had to default on their loan which gave them bad credit history so that they could not refinance into an affordable low fixed rate mortgage. The FHA understands this problem and is offering the Secure program so that homeowners in default can refinance at an affordable fixed rate and avoid foreclosure.

• The FHA also offers disaster relief and relief for active military families. For disaster victims the FHA requires lenders to evaluate the location of the home and forebear or defer the loan based on the circumstances of the homeowners. For families who have a spouse on active military duty the FHA requires lenders to lower their interest rate so that their monthly payment decreases.

The FHA offers all of these valuable programs in order to help people purchase, own, and keep their homes even through troubled times. For more information on FHA homes and programs go to the FHA Mortgage Center.com

You can also check out FHA Mortgage Center.com for FHA Refinancing infor