Eligibility Requirements For the Home Affordable Modification Program

Bookmark and Share
So, how do you know if you are eligible or not for the new government loan modification program?

Eligibility requirements for the “Home Affordable Modification Program” are relatively loose and most likely only rule out less than 5% of the nine million homeowners currently struggling with their mortgage. The requirements include:

The subject property is the borrower’s primary residence and is no more than a 4-unit building. This includes condos, manufactured homes attached to a foundation and treated as real property. If the property is more than one unit, the borrower must occupy one of the units.
The subject property must currently be occupied by the borrower and not be vacant or abandoned.
The maximum unpaid principal loan balance for the borrower’s first loan must not exceed 9,750 for a 1-unit single family home, 4,200 for 2 units, ,129,250 for 3 units and ,403,400 for a 4-unit property.
The borrower’s current monthly mortgage expenses, including principal, interest, taxes, insurance and homeowners association fees, must exceed 31% of current monthly gross income.
The borrower has to have had a change in circumstances that causes a financial hardship, or is facing a recent or imminent increase in the payment that is likely to create a financial hardship (payment shock). Basically, if you have an adjustable rate mortgage and your current payment is more than your original payment, you may qualify. However, your monthly payment does not have to be more than your original payment to qualify.
There is no minimum or maximum loan-to-value for eligibility purposes.
The loan must have been originated on or before January 1st, 2009.

Keep in mind, these requirements only apply for consideration in to the “Home Affordable Modification Program.” If you are not eligible under the new program, you may still be eligible for another loan modification or other workout option from your lender.

To learn more about how to go about getting a loan modification from your lender

{ 0 comments... Views All / Send Comment! }

Posting Komentar

Comment here..please do not Junk Comment..Thanks


Related Posts with Thumbnails