You’ve heard the acronyms: HUD, HAMP, HARP. The names of federal programs and agencies that provide assistance to people buying a home, refinancing a mortgage or trying to avoid foreclosure can seem like a baffling bowl of alphabet soup. It’s worth taking a few minutes to get to know each one and what they offer.
HUD. This acronym stands for U.S. Department of Housing and Urban Development. HUD’s Federal Housing Administration helps many people buy a home through the popular low-down-payment FHA loan program. But what many people don’t realize is that HUD also sponsors housing counseling agencies throughout the country that can provide advice on buying a home, refinancing an existing mortgage, preventing foreclosure and improving your credit. Here’s a link to find a HUD-approved counseling agency near you.
HARP. Did you know help is available even if you aren’t behind on your mortgage? The Home Affordable Refinance Program provides assistance to those who are current on their payments but can’t refinance because they owe more on their mortgage than the home is worth. This program can help homeowners refinance into a new loan with more affordable payments. For more information, call 888-995-HOPE.
HAMP. The federal Home Affordable Modification Program offers loan modifications and other forms of assistance to homeowners who are employed but behind on their payments. Just call the same number listed above: 888-995-HOPE.