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HPS Program
The Homeownership Preservation Subsidy (HPS) Program provides grants that member financial institutions can use to restructure or refinance mortgage loans for eligible low- and moderate-income homeowners at risk of foreclosure because of unaffordable increases in their monthly payments for adjustable rate mortgage loans.
Only members of the Bank may submit HPS applications. Funds may be used to:
- Provide relief to customers when an existing loan held by the member can be restructured or refinanced to remain affordable for the homeowner
- Facilitate homeownership preservation for low- and moderate-income households
- Maintain existing customer relationships
- Achieve community investment goals
The Bank will match up to $1 for every $2 contributed by the member for mortgage loan restructuring or refinancing, up to a maximum of $25,000 per homeowner.
Nonprofit or community-based organizations may participate by identifying eligible homeowners and by offering post-purchase homeownership or credit counseling programs, which all HPS participant homeowners are required to complete.
The application window for the 2008 HPS Program is from Tuesday, September 2, 2008, to Monday, November 17, 2008.
To Get Started
- Learn more about the HPS Program
The HPS Product Profile provides a detailed description of eligible program uses, advantages, key features and guidelines, and homeowner eligibility and member participation requirements.
- Determine the subsidy amount needed to restructure or refinance a loan by using our HPS calculator workbook (.xls), which includes:
- Instructions
- HPS Calculator Worksheet
- HPS Eligible Expenses Worksheet
Note: Participating members are encouraged to ask the Bank to verify enrolled homeowner eligibility in advance by submitting a Pre-Approval Request.
- Reserve HPS Funds
After reading the Application Instructions (PDF), members of the Bank may complete an Application for Funds Reservation (PDF).
- Contact us
For more information about the program, Bank members may contact membership@fhlbsf.com.
Community organizations and other interested parties should contact hps@fhlbsf.com.
Important Information
The AHP Implementation Plan (PDF) explains the Bank's guidelines for this homeownership set-aside program. Participation in the HPS Program requires compliance with all of HPS' policies, procedures, regulations, and obligations. Noncompliance may subject HPS funds to cancellation and/or repayment. To ensure that all eligibility requirements are met, the Bank reviews all HPS applications at the time members request a reservation of funds from the Bank and monitors HPS transactions at the time the member requests disbursement of HPS funds for a specific household. Any subsidy that is not used in compliance with the HPS program requirements and the commitments made in the request for reimbursement and other documentation will be recovered by the Bank. A member is responsible to repay any subsidy if the homeowner misrepresented his or her eligibility.
For Consumers
Are you a homeowner who may be at risk of losing your home? Please contact the holder of your mortgage loan to inquire about HPS Program eligibility.
|
|
|
|
|
|
HPS Program
The Homeownership Preservation Subsidy (HPS) Program provides grants that member financial institutions can use to restructure or refinance mortgage loans for eligible low- and moderate-income homeowners at risk of foreclosure because of unaffordable increases in their monthly payments for adjustable rate mortgage loans.
Only
members of the Bank may submit HPS
applications. Funds may be used to:
- Provide relief to customers when an existing loan held by the member can be restructured or refinanced to remain affordable for the homeowner
- Facilitate homeownership preservation for low- and moderate-income households
- Maintain existing customer relationships
- Achieve community investment goals
The Bank will match up to $1 for every $2 contributed by the member for mortgage loan restructuring or refinancing, up to a maximum of $25,000 per homeowner.
Nonprofit or community-based organizations may participate by identifying eligible homeowners and by offering post-purchase homeownership or credit counseling programs, which all HPS participant homeowners are required to complete.
The application window for the 2008 HPS Program is from
Tuesday, September 2, 2008, to Monday, November 17, 2008.
To Get Started
- Learn more about the HPS Program
The HPS Product Profile provides a detailed description of eligible program uses, advantages, key features and guidelines, and homeowner eligibility and member participation requirements.
- Determine the subsidy amount needed to restructure or refinance a loan by using our HPS calculator workbook (.xls), which includes:
- Instructions
- HPS Calculator Worksheet
- HPS Eligible Expenses Worksheet
Note: Participating members are encouraged to ask the Bank to verify enrolled homeowner eligibility in advance by submitting a Pre-Approval Request.
- Reserve HPS Funds
After reading the Application Instructions (PDF), members of the Bank may complete an Application for Funds Reservation (PDF).
- Contact us
For more information about the program, Bank members may contact membership@fhlbsf.com.
Community organizations and other interested parties should contact hps@fhlbsf.com.
Important Information
The
AHP Implementation Plan (PDF) explains the Bank's guidelines for this homeownership set-aside program. Participation in the HPS Program requires compliance with all of HPS' policies, procedures, regulations, and obligations. Noncompliance may subject HPS funds to cancellation and/or repayment. To ensure that all eligibility requirements are met, the Bank reviews all HPS applications at the time members request a reservation of funds from the Bank and monitors HPS transactions at the time the member requests disbursement of HPS funds for a specific household. Any subsidy that is not used in compliance with the HPS program requirements and the commitments made in the request for reimbursement and other documentation will be recovered by the Bank. A member is responsible to repay any subsidy if the homeowner misrepresented his or her eligibility.
For Consumers
Are you a homeowner who may be at risk of losing your home? Please contact the holder of your mortgage loan to inquire about HPS Program eligibility.
© 2000-2008 Federal Home Loan Bank of San Francisco
