Home Affordable Modification Program – HAMP


Home Affordable Modification Program – HAMPHome Affordable Modification Program was designed to help homeowners that are struggling to make mortgage payments and have little to no equity in their property.  Although statistics have proven that this program has not helped the vast majority, there are still homeowners that will benefit from this program.  The qualifications are listed below:


To Qualify for the Home Affordable Modification Program – HAMP

  • You must occupy the house as your primary residence.
  • You must have documented and adequate income to support the mortgage payments.
  • Your current mortgage payment must be more than 31% of your gross monthly income (gmi).
  • Your loan was incurred prior to January 1, 2009.
  • Your outstandling loan balance must not be more than $729,750.
  • You are currently experiencing a financial hardship that has resulted in delinquent payments or are in danger of falling behind in your mortgage payments.
  • You must not have any felony, larceny, theft, fraud, forgery, money laundering or tax evasion convictions in relation to a mortgage or real estate transaction.

If the mortgage is owned by Fannie Mae (FNMA), the maximum LTV for 1st and 2nd liens are as follows:

  • 15-30 year term fixed rate mortgage will have no maximum LTV
  • Greater than 30 year term fixed rate or adjustable rate mortgages(ARM) greater than 5-1 ARM will have a maximum LTV of 105%

 (Click here to see if FNMA owns your loan.)

Home Affordable Modification Program – HAMP

If the mortgage is owned by Freddie Mac (FHLMC), loan approval can be obtained for 1st  and 2nd liens with a loan to value less than 105% of the current market value.

 (Click here to see if FHLMC owns your loan.)

You must provide a written financial hardship letter that discusses the nature of your financial hardship for delinquent payments or future financial hardship.

You must be able to document sufficient income to support the new modified payment

The unpaid principal loan balance must be equal to or less than $625,500 for one unit.  (Ref . the link here for High Cost Area (HCA) loan limits for 1-4 units).     


  1. Tim Gavitt
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