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Lemar Wooley                                      Wednesday
(202) 708-0685                                October 1, 2008

Detailed Program Eligibility Requirements Announced

WASHINGTON – The Bush Administration today unveiled additional mortgage assistance for homeowners at risk of foreclosure.  The HOPE for Homeowners program will refinance mortgages for borrowers who are having difficulty making their payments, but can afford a new loan insured by HUD’s Federal Housing Administration (FHA).

“For families struggling to keep up with their mortgage payments, this program will be another resource to refinance into a loan they can afford,” said HUD Secretary Steve Preston.  “FHA remains a safe and affordable alternative to the high-priced mortgage loans that threaten homeowners’ ability to retain their homes.  We strongly encourage borrowers to work with their lenders to determine if HOPE for Homeowners is the right program for them.”

The HOPE for Homeowners program was authorized by the Economic and Housing Recovery Act of 2008.  Since the President signed this vital legislation into law on July 30, 2008, the HOPE for Homeowners Board of Directors has worked diligently to develop and implement the program as directed by Congress.  The Board was charged with establishing underwriting standards to ensure borrowers, after any write-down in principal, have a reasonable ability to repay their new FHA-insured mortgage.

The HOPE for Homeowners program begins today and ends September 30, 2011.  The program is available only to owner occupants and will offer 30-year fixed rate mortgages – so the borrower’s last payment will be the same as the first payment.  In many cases, to avoid what would be an even costlier foreclosure, banks will have to write down the existing mortgage to 90 percent of the new appraised value of the home.

Borrower Eligibility

Borrowers are encouraged to contact their lender to determine eligibility, but may be eligible if, among other factors:

• The home is their primary residence, and they have no ownership interest in any other residential property, such as second homes.

• Their existing mortgage was originated on or before January 1, 2008, and they have made at least six payments.

• They are not able to pay their existing mortgage without help.

• As of March 2008, their total monthly mortgage payments due were more than 31 percent of their gross monthly income.

• They certify they have not been convicted of fraud in the past 10 years, intentionally defaulted on debts, and did not knowingly or willingly provide material false information to obtain their existing mortgage(s).

How the HOPE for Homeowners program works

“HOPE for Homeowners will add to HUD’s existing efforts to make FHA refinancing available to homeowners who need it most,” said FHA Commissioner Brian D. Montgomery.  “One year ago, FHA expanded refinancing into its FHASecure program.  Since that time, we have helped more than 360,000 families keep their homes by refinancing with FHA, and we will assist a total of 500,000 families by the end of this year.”

The Board expects that the primary way homeowners will participate in the program is by working with their current lender. HOPE for Homeowners will serve as another loss mitigation tool available to distressed borrowers. 

HOPE for Homeowners also includes the following provisions:

• The loan amount may not exceed a maximum of $550,440.

• The new mortgage will be no more than 90 percent of the new appraised value including any financed Upfront Mortgage Insurance Premium. 

• The Upfront Mortgage Insurance Premium is 3 percent and the Annual Mortgage Insurance Premium is 1.5 percent.

• The holders of existing mortgage liens must waive all prepayment penalties and late payment fees.

• The existing first mortgage must accept the proceeds of the HOPE for Homeowners loan as full settlement of all outstanding indebtedness.

• Existing subordinate lenders must release their outstanding mortgage liens.

• Standard FHA policy regarding closing costs applies, and they may be:

o Financed into the new loan provided the value of the mortgage (including the Upfront Mortgage Insurance Premium) does not exceed 90 percent of the new appraised value of the home.
o Paid from the borrowers’ own assets.
o Paid by the servicing lender or third party (e.g., federal, state, or local program).
o Paid by the originating lender through premium pricing.


• The borrower must agree to share with FHA both the equity created at the beginning of this new mortgage and any future appreciation in the value of the home.

• The borrower cannot take out a second mortgage for the first five years of the loan, except under certain circumstances for emergency repairs.

The lender will disclose to the homeowner the benefits of the program including home retention, a new affordable mortgage based on the current appraised value, and 10 percent equity.  The lender will also explain the prohibition against new junior liens against the property unless directly related to property maintenance, and a minimum of 50 percent equity and appreciation sharing with the Federal government. 

The costs to the homeowner include the upfront and annual insurance premiums, as well as a share of the equity created by the write-down associated with the HOPE for Homeowners mortgage and any future appreciation in the value of the home.  At settlement, subordinate lien holders will receive a certificate that evidences their interest as an obligation backed by HUD, with payment conditional on the value of HUD’s appreciation share. 

If the home is sold or refinanced, the homeowner will share the equity with FHA on a sliding scale ranging from a 100 percent FHA share after the first year to a minimum of 50 percent after five years.  The lien holder that previously held the highest priority will receive payment up to a proportion of its original interest, not to exceed the amount of available appreciation.  This type of delayed payoff will take place until all prior lien holders are satisfied or the amount of available appreciation is exhausted.  All remaining appreciation is remitted to FHA.

The HOPE for Homeowners Board of Directors includes HUD Secretary Steve Preston, Treasury Secretary Henry Paulson, Federal Reserve Board Chairman Ben Bernanke, and FDIC Chairman Sheila Bair.  They have named the following people to serve on the board as their designees:  FHA Commissioner and Chairman of the Board Brian Montgomery, Federal Reserve Board Governor Elizabeth Duke, Treasury Assistant Secretary for Economic Policy Phillip Swagel, and Federal Deposit Insurance Corporation Director Tom Curry.

Read more about HOPE for Homeowners at

HUD Issues New Mortgage Rules

On November 12, 2008 the U.S. Department of Housing and Urban Development (HUD) issued long-anticipated mortgage reforms that will help consumers shop for the lowest cost mortgage and avoid costly and potentially harmful loan offers. HUD will require, for the first time ever, that lenders and mortgage brokers provide consumers with a standard Good Faith Estimate (GFE) that clearly discloses key loan terms and closing costs. The reforms were announced in response to comments received on the Real Estate Settlement Procedures Act (RESPA) regulations that were released in March. Read the final RESPA rule and more on the new reforms on HUD's website.


  If you are in need of a Quality appraisal, by qualified licensed Appraisers in New Jersey or New York, please try us first to realize the difference a modern Appraisal office can provide we are located in NJ and service the following counties. BICI APPRAISALS CAN HELP WITH YOUR APPRAISAL NEEDS FOR THE NEW FHA-HOPE PROGRAM IN NEW JERSEY OR NEW YORK, EMAIL; BILL@9739494768.COM , CALL -973-949-4768, FAX-973-427-1505.


      NEW JERSEY                               NEW YORK

 Atlantic County, NJ Appraiser             BRONX,NY 
 Bergen County, NJ Appraiser           DUTCHESS,NY 
 Burlington County, NJ Appraiser            NASSAU,NY 
 Camden County, NJ  Appraiser      
 Cape May County, NJ  Appraiser           ORANGE,NY 
 Cumberland County, NJ Appraiser          QUEENS,NY
 Essex County, NJ Appraiser              RICHMOND,NY 
 Gloucester County, NJ Appraiser        ROCKLAND,NY 
 Hudson County, NJ Appraiser              SUFFOLK,NY 
 Hunterdon County, NJ Appraiser         SULLIVAN,NY 
 Mercer County, NJ  Appraiser               ULSTER,NY

 Middlesex County, NJ Appraiser      WESTCHESTER,NY 
 Monmouth County, NJ Appraiser
 Morris County, NJ Appraiser
 Ocean County, NJ Appraiser
 Passaic COUNTY,NJ Appraiser
 Salem County, NJ Appraiser
 Somerset County, NJ Appraiser
 Sussex County, NJ Appraiser          

 Union County, NJ Appraiser                                 Warren County, NJ Appraiser

Below is a partial listing of all the nj towns and counties we serve, please
feel free to call for additional information .telephone 973.949.4768

 Adelphia, Allamuchy, Allendale, Allenhurst, Allentown, Allenwood, Alpine, Andover, Annandale, Asbury, Asbury Park, Atlantic Highlands, Augusta, Avenel, Avon By The Sea,

Baptistown, Barnegat, Barnegat Light, Basking Ridge, Bayonne, Bayville, Beach Haven, Beachwood, Bedminster, Belford, Belle Mead,
Belleville, Belmar, Belvidere, Bergenfield, Berkeley Heights, Bernardsville, Blairstown, Blawenburg, Bloomfield, Bloomingdale, Bloomsbury, Bogota,
Boonton, Bound Brook, Bradley Beach, Branchville, Brick, Bridgewater, Brielle, Broadway, Brookside, Budd Lake, Butler, Buttzville,

Caldwell, Califon, Carlstadt, Carteret, Cedar Grove, Cedar Knolls, Changewater,
Chatham, Chester, Clark, Clarksburg, Cliffside Park, Cliffwood, Clifton, Clinton, Closter, Colonia, Colts Neck, Columbia, Cranbury, Cranford, Cream Ridge, Cresskill,

 Dayton, Deal, Delaware, Demarest, Denville, Dover, Dumont, Dunellen,

 East Brunswick, East Hanover, East Orange, East Rutherford, Eatontown, Edgewater, Edison, Elizabeth, Elmwood Park, Emerson, Englewood,
Englewood Cliffs, Englishtown, Essex Fells,

 Fair Haven, Fair Lawn, Fairfield, Fairview, Fanwood, Far Hills, Farmingdale, Flagtown, Flanders, Flemington,
Florham Park, Fords, Forked River, Fort Lee, Fort Monmouth, Franklin, Franklin Lakes, Franklin Park, Freehold, Frenchtown,

 Garfield, Garwood, Gillette, Gladstone, Glasser, Glen Gardner, Glen Ridge, Glen Rock, Glenwood, Great Meadows, Green Village, Greendell,

Hackensack, Hackettstown, Haledon, Hamburg, Hampton, Harrington Park, Harrison, Hasbrouck Heights, Haskell,Haworth, Hawthorne, Hazlet, Helmetta, Hewitt, Hibernia, High Bridge, Highland Lakes, Highland Park, Highlands, Hightstown, Hillsdale, Hillside, Ho Ho Kus, Hoboken, Holmdel, Hopatcong, Hope, Hopewell, Howell,

Imlaystown, Ironia, Irvington, Iselin, Island Heights,

Jackson, Jersey City, Johnsonburg,

Keansburg, Kearny, Keasbey, Kendall Park, Kenilworth, Kenvil, Keyport, Kingston,

Lafayette, Lake Hiawatha, Lake Hopatcong, Lakehurst, Lakewood, Lambertville, Landing, Lanoka Harbor, Lavallette, Layton, Lebanon, Ledgewood,
Leonardo, Leonia, Liberty Corner, Lincoln Park, Lincroft, Linden, Little Falls, Little Ferry, Little Silver, Little York, Livingston, Lodi, Long Branch, Long Valley, Lyndhurst, Lyons,

Madison, Mahwah, Manahawkin, Manasquan, Mantoloking, Manville, Maplewood, Marlboro, Martinsville, Matawan, Maywood, Mc Afee, Mendham, Metuchen, Middlesex, Middletown, Middleville, Midland Park, Milford, Millburn, Millington, Milltown, Mine Hill, Monmouth Beach, Monmouth Junction, Monroe Township, Montague, Montclair, Montvale, Montville, Moonachie, Morganville, Morris Plains, Morristown, Mount Arlington, Mount Freedom, Mount Tabor, Mountain Lakes, Mountainside,

Navesink, Neptune, Neshanic Station, Netcong, New Brunswick, New Egypt, New Milford, New Providence, New Vernon, Newark, Newfoundland, Newton, Normandy Beach, North Arlington, North Bergen, North Brunswick, Northvale, Norwood, Nutley,

 Oak Ridge, Oakhurst, Oakland, Ocean Gate, Ocean Grove, Oceanport, Ogdensburg, Old Bridge, Oldwick, Oradell, Orange, Oxford,

Palisades Park, Paramus, Park Ridge, Parlin, Parsippany, Passaic, Paterson, Peapack, Pennington, Pequannock, Perrineville, Perth Amboy, Phillipsburg, Picatinny Arsenal, Pine Beach, Pine Brook, Piscataway, Pittstown, Plainfield, Plainsboro, Pluckemin, Point Pleasant Beach, Pompton Lakes, Pompton Plains, Port Monmouth, Port Murray, Port Reading, Pottersville, Princeton, Princeton Junction, Quakertown,

Rahway, Ramsey, Randolph, Raritan, Readington, Red Bank, Ridgefield, Ridgefield Park, Ridgewood, Ringoes, Ringwood, River Edge, Riverdale, Rochelle Park, Rockaway, Rocky Hill, Roosevelt, Roseland, Roselle, Roselle Park, Rosemont, Rumson, Rutherford,

 Saddle Brook, Saddle River, Sayreville, Schooleys Mountain, Scotch Plains, Sea Girt, Seaside Heights, Seaside Park, Secaucus, Sergeantsville, Sewaren, Short Hills, Shrewsbury, Skillman, Somerset, Somerville, South Amboy, South Bound Brook, South Hackensack, South Orange, South Plainfield, South River, Sparta, Spotswood, Spring Lake, Springfield, Stanhope, Stanton, Stewartsville, Stillwater, Stirling, Stockholm, Stockton, Succasunna, Summit, Sussex, Swartswood,

Teaneck, Tenafly, Tennent, Teterboro, Three Bridges, Titusville, Toms River, Totowa, Towaco, Tranquility, Trenton, Tuckerton,

Union, Union City, Vauxhall, Vernon, Verona, Vienna,

Waldwick, Wallington, Wallpack Center, Wanaque, Waretown, Warren, Washington, Wayne, West Creek, West Long Branch, West Milford, West New York, West Orange, Westfield, Westwood, Wharton, Whippany, Whitehouse, Whitehouse Station, Whiting, Wickatunk, Windsor, Wood Ridge, Woodbridge, Wyckoff, Zarephath 


This is list of neighborhoods on Staten Island, one of five boroughs of New York City, where Bici Appraisals provide Real Estate Appraisal Services. 

Annadale · Arden Heights · Arrochar · Bay Terrace · Bloomfield · Brighton Heights · Bulls Head · Castleton · Castleton Corners · Charleston · Clifton · Concord · Dongan Hills · East Shore · Egbertville · Elm Park · Eltingville · Emerson Hill · Farm Colony · Fort Wadsworth · Fox Hills · Fresh Kills · Graniteville · Grant City · Grasmere · Great Kills · Greenridge · Grymes Hill · Heartland Village · Hoffman Island · Howland Hook · Huguenot · Isle of Meadows · Lighthouse Hill · Livingston · Manor Heights · Mariners Harbor · Meiers Corners · Mid-Island · Midland Beach· New Brighton · New Dorp · New Dorp Beach · New Springville · North Shore · Oakwood · Ocean Breeze · Pleasant Plains · Port Ivory · Port Richmond · Prall's Island · Prince's Bay · Randall Manor · Richmondtown · Richmond Valley · Rosebank · Rossville · St. George · Shooters Island · Shore Acres · Silver Lake · Snug Harbor · South Beach · South Shore · Stapleton · Stapleton Heights · Sunnyside · Swinburne Island · Todt Hill · Tompkinsville · Tottenville · Tottenville Beach · Travis · Ward Hill · Westerleigh · West New Brighton · West Shore · Willowbrook · Woodrow

Below is a list of neighborhoods in the Bronx,one of five boroughs of New York City, that are serviced by Bici Real Estate Appraisal Service.

Allerton · Baychester · Bedford Park · Belmont (Arthur Avenue)

· Castle Hill · City Island · Clason Point · Concourse · Co-op City · Country Club

 · East Bronx · Eastchester · East Morrisania · East Tremont · Edenwald

· Fieldston · Fordham · Fordham-Bedford · Harding Park · Highbridge · Hunts Point · The Hub · Kingsbridge · Kingsbridge Heights · Locust Point · Longwood · Marble Hill (Manhattan) · Melrose · Morrisania · Morris Heights · Morris Park · Mott Haven · North Bronx · North Riverdale · Norwood · Olinville · Parkchester · Pelham Bay · Pelham Gardens · Pelham Parkway · Port Morris · Riverdale · Silver Beach · Soundview · South Bronx · Spuyten Duyvil · Throgs Neck · Tremont · University Heights · Van Cortlandt Village · Van Nest · Wakefield · West Bronx · West Farms · Williamsbridge · Woodlawn 

Westchester County has 6 cities, 19 towns and 23 villages that Bici Appraisals provides Real Estate Appraisal Services in.

Cities| Mount Vernon , New Rochelle , Peekskill , Rye , White Plains , Yonkers
Towns| Bedford , Cortlandt , Eastchester , Greenburgh , Harrison , Lewisboro , Mamaroneck , Mount Kisco , Mount Pleasant , New Castle , North Castle , North Salem , Ossining , Pelham , Pound Ridge , Rye , Scarsdale , Somers , Yorktown
Villages| Ardsley , Briarcliff Manor , Bronxville , Buchanan , Croton-on-Hudson , Dobbs Ferry , Elmsford , Harrison , Hastings-on-Hudson , Irvington , Larchmont , Mamaroneck , Mount Kisco , Ossining , Pelham , Pelham Manor , Pleasantville , Port Chester , Rye Brook , Scarsdale , Sleepy Hollow , Tarrytown , Tuckahoe
Communities and CDPs| Armonk , Baldwin Place , Banksville , Bedford , Bedford Hills , Bedford Village , Chappaqua , Cortlandt Manor , Crompond , Crugers , Eastchester , Eastview , Fairview , Golden's Bridge , Granite Springs , Greenville/Edgemont , Hartsdale , Hawthorne , Heritage Hills , Jefferson Valley , Katonah , Lake Mohegan , Lincolndale , Millwood , Montrose , Peach Lake , Pocantico Hills , Purchase , Salem Center , Scotts Corners , Shenorock , Shrub Oak , Somers , South Salem , Thornwood , Tompkins Corners , Valhalla , Verplanck , Vista , Waccabuc , Yorktown Heights

There are five towns in Rockland County,and nineteen incorporated villages in Rockland County, twelve of which are located at least partially in the town of Ramapo, which Bici Appraisal Services Provides Appraisal services to.

Airmont (Town of Ramapo)
Chestnut Ridge (Ramapo)
Grand View-on-Hudson (Orangetown)
Haverstraw (Haverstraw)
Hillburn (Ramapo)
Kaser (Ramapo)
Montebello (Ramapo)
New Hempstead (Ramapo)
New Square (Ramapo)
Nyack (Orangetown/Clarkstown)
Piermont (Orangetown)
Pomona (Haverstraw/Ramapo)
Sloatsburg (Ramapo)
South Nyack (Orangetown)
Spring Valley (Ramapo/Clarkstown)
Suffern (Ramapo)
Upper Nyack (Clarkstown)
Wesley Hills (Ramapo)
West Haverstraw (Haverstraw)

Rockland County has a number of unincorporated hamlets, including:

Bardonia (Town of Clarkstown)
Blauvelt (Orangetown)
Central Nyack (Clarkstown)
Congers (Clarkstown)
Garnerville (Haverstraw)
Grassy Point (Stony Point)
Hillcrest (Ramapo)
Jones Point (Stony Point)
Ladentown (Ramapo)
Monsey (Ramapo)
Mount Ivy (Haverstraw)
Nanuet (Clarkstown)
New City (Clarkstown)
Orangeburg (Orangetown)
Palisades (Orangetown)
Pearl River (Orangetown)
Sparkill (Orangetown)
Stony Point (Stony Point)
Tappan (Orangetown)
Thiells (Haverstraw)
Tomkins Cove (Stony Point)
Valley Cottage (Clarkstown)
Viola (Ramapo)
West Nyack (Clarkstown)
Upper Grandview (Orangetown)

Cities,Towns,Villages located in Orange County , New York, that are Serviced by Bici Appraisal Real Estate Services.

Port Jervis

Tuxedo Park
Cornwall on Hudson
Highland Falls
Kiryas Joel
Greenwood Lake

Blooming Grove
Mount Hope
New Windsor

There are many hamlets in Orange County. Some Towns may have 5 or more. A Hamlet is defined as an Unincorporated Village


Areas located in Putnam County , New York, that are Serviced by Bici Appraisal Real Estate Services.

Towns and municipalities
1 Carme
2 Kent
3 Patterson
4 Philipstown
5 Southeast
6 Putnam Valley

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