Most people have heard of HAMP (Home Affordable Modification Program) which the Obama administration put together to help struggling property owners avoid foreclosure. There’s another federal agency, the Federal Housing Administration (FHA,) that offers a loan modification program designed to help these folks, too.
Phoenix, AZ -- (SBWIRE) -- 02/25/2013 -- Credit-yogi.com has gotten the details about the FHA home affordable modification program, and would like to share them here:
- Goal of the Plan
- Eligibility Requirements
- What if One is Not Eligible?
- Getting Started
The FHA home modification loan program has one goal: to help those who have an FHA mortgage loan lower their monthly payments to an amount they can easily afford. By assisting homeowners in lowering their mortgage payments, the FHA is also helping them prevent foreclosure, which takes a great deal of stress off of them. The FHA is part of the Obama administration’s Making Home Affordable program which also provides much-needed assistance to homeowners.
Know More about FHA Home Affordable Modification Program Guidelines
A person may qualify for FHA home affordable modification if his first mortgage is an FHA-insured one that he’s had for longer than 12 months. He must reside in the home and consider it his primary residence. He also has to have made at least four full mortgage payments during the term of his loan. The FHA will require proof of financial hardship and the total amount of his bills to determine his debt-to-income ratio if more than 31% of his total monthly income.
If, for any reason, a homeowner does not meet the eligibility requirements for the FHA home affordable modification program, there are other options available to him. He can apply for modification through Bank of America or he can try to get it through the HAMP plan. HAMP also offers refinancing as an option and has aid available for veterans, unemployed people, and the elderly. A troubled property owner should not despair of getting the help he needs because of these other places to look for it.
Starting the Application Process
To obtain the packet of forms and other paperwork pertaining to the FHA home modification loan program, contact the FHA by telephone. Prior to sending out the packet, the FHA will help determine if a homeowner is eligible for the program. Once eligibility has been determined, he will be assigned a Customer Relationship Manager who will help guide him through the process.
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