Do You Qualify for the Home Affordable Modification Program (HAMP)?

The Making Home Affordable Program (HAMP) was established to assist homeowners at risk of foreclosure with modifying their mortgage. The program provides financial incentives for first lien holders to modify existing loans. To qualify for the HAMP program you must meet the following requirements:

  • The mortgage you wish to have modified must be for your primary residence.
  • The unpaid principal balance must be less that $729,750 for a single family residence.
  • The first lien mortgage must have been originated prior to January 1, 2009. 
  • Your monthly mortgage payment and associated fees total to more than 31 percent of every borrower's gross income. 
  • You must have a documented financial hardship, making your monthly mortgage payments unaffordable.

Only your loan servicer can inform you if you qualify once it is determined you meet all of these requirements. Your HAMP application must include proof of income, along with the MHA Request for Modification and Affidavit Form (RMA) and IRS Form 4506T-EZ. If it is determined that you do qualify for the HAMP program, you will enter into a 3 month trial period to see if you are able to afford the new monthly payment. After making all your trial payments on time your loan modification will become permanent.

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