Alert November 03, 2009

HUD Updates HOPE for Homeowners Program Guidance

HUD issued Mortgagee Letter 09-43 to update its guidance on the HOPE for Homeowners Program, taking into account recent legislative amendments to the Program. Among other things, the letter updates requirements concerning borrower eligibility, appraisal standards, loan documentation, loan-to-value ratios and debt-to-income ratios. The letter is effective for endorsements on or after January 1, 2010. Click here for the letter.