A Program to Keep the Roof Over Your Head -- but It Will Cost You in the Long Run

Other costs include a 3 percent upfront mortgage insurance premium and a 1.5 percent annual premium based on the mortgage amount. Typically, FHA-backed loans carry a half-percentage point annual premium.

With so many caveats to this program, many lenders will probably balk at participating. What's better for homeowners is for lenders to provide them with an affordable monthly mortgage payment through a loan modification.

I'm troubled that many homeowners won't even realize the caveats of the H4H program because they won't pay attention to the details. They didn't before, when they got those nasty subprime loans that started this downward economic spiral. People were so focused on getting the lowest monthly mortgage payment starting out that they gave little, if any, consideration to how they could afford the loans once they reset to higher interest rates. Or they bet that refinancing would save the day. As we now know, that was a bad bet.

I have compassion for the many borrowers who were duped by unscrupulous predatory lenders and mortgage brokers. Yes, they should have known better, but somebody got the better of them.

For those homeowners scrambling to save their homes by any means necessary, I won't be so sympathetic years from now if they try to cry foul about having to give up so much of the appreciated value in the home to the federal government.

"If this is your only choice, take it," Taylor said. "But just know that you are giving up half of the accumulated wealth in the home."

This time around, borrowers can't use ignorance as an excuse. All the funky particulars of this program are clear. H4H can save your home if you qualify, but pay attention to the details. Read the documents.

Be sure that the deal you are willing to accept now is a deal you can live with later.

· On the air: Michelle Singletary discusses personal finance Tuesdays on NPR's "Day to Day" program and athttp://www.npr.org.

· By mail: Readers can write to her at The Washington Post, 1150 15th St. NW, Washington, D.C. 20071.

· By e-mail:singletarym@washpost.com.

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