FHA Guidelines

fha mortgage modification owner occupied

See if you qualify for DU Refi Plus or Freddie Mac Relief Refinance. Both of these programs were set up to help borrowers who are fully qualified except for the fact that their property lost value in the last two years. In order to qualify, however, you need to have an existing loan with Fannie Mae or Freddie Mac (go to either web site and there is a look-up tool to see if your loan is owned by either agency). If you do qualify, both agencies will now let you refinance up to 125% of the current value of your home.Look at refinancing with the FHA refinance program. The FHA refinance program allows maximum LTV ratios of up to 95% for rate and term refinances and 85% for cash out refinances for owner occupied two, three and four unit properties.

The investor who owns your loan or mortgage note must be a HAMP participant (meaning they received TARP funding).   The investor could be a banking institution which is different from the bank who is servicing your loan.  If your loan was part of a syndication that was sold to multiple investors and one or more of those investors do no participate in HAMP, you may not qualify for this loan modification program.
Eligibility information for the Home Affordable Modification Program (other eligibility conditions apply)

#. Loan originated on or before January 1,2009
#. First-lien loans with an unpaid balance of up to $729,750 for single-unit properties; this balance may be higher for properties with up to 4 units
#.Owner-occupied properties only (property owner occupancy status will be verified through use of credit report or other documentation, no investor owned, vacant, or condemned properties)
#. Program is open until December 31, 2012. Loan can only be modified once under this program.
#. Three-month trial period before loan can be modified, and the borrower must be current under the trial at the end of the 3-month period.
#. Incentives available to borrowers who make payments on time (Up to $1,000 to reduce principal each year for up to five years)

If you do not meet the eligibility for the Home Affordable Modification Program, AHMSI has other solutions that we may be able to offer you.

If you stay current and pay as agreed, they should finalize your agreement and make your loan modification permanent after your trial period.  However, you might’ve heard on the news that some banks are not honoring the loan modification agreements after the trial period.  If this happens to you and you’ve done everything you were supposed to do during the trial period, you may want to retain an attorney to help enforce the permanent terms of your loan modification agreement with your bank.  Many homeowners have done this successfully.

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