HUD Home Affordable Modification Guidelines (HAMP)

Numerous Homeowners have found it difficult to make their monthly mortgage payments on time with issue such as increase in variable interest rates and less income. (HAMP) Home Affordable Modification could provide home owners with more affordable mortgage payments.

Additional information about this program can be found on the HUD site at http://www.hud.gov/offices/hsg/sfh/nsc/lossmit.cfm

The following information is a list of HAMP requirements

HUD Home Affordable Modification Guidelines (HAMP)

1. Your home must be your primary residence

2. The first mortgage amount must be equal to or less than $729,750

3. You must be experiencing a hardship such as reduction in income, increase in loan payment, or increase in other payments like medical bills.

4. Current mortgage must have started before January 1, 2009

5. Mortgage payment (including taxes, insurance, and homeowners association dues) must be more than 31 percent of your gross (pre-tax) monthly income.