What is FHA Loan Modification?
If you're having trouble paying your mortgage an FHA loan modification, you can reduce your monthly mortgage loan payments and help you stay in your home. The Home Affordable Modification Program, or HAMP, is one of the most popular ways to get a home loan modification. You might be able to use the government loan modification plan to reduce your interest rate to as low as two percent, have some of your mortgage debt postponed or even forgiven. But first you must see if you meet the FHA loan modification guidelines.
In addition to the FHA loan modifications, the FHA offers many affordable mortgage loan programs.
FHA Loan Modification Programs:
The FHA Short Refi program for underwater homeowners whose mortgages are more than their homes are worth can reduce their mortgage balances by 10 percent or more.
The Home Affordable Refinance Program (HARP) can refinance mortgages of homeowners into favorable terms even if the values of their homes have decreased. They must be current on their payments and their home loans are owned or guaranteed by Fannie Mae or Freddie Mac.
The Home Affordable Unemployment Program (UP) provides temporary help to unemployed homeowners.
The Home Affordable Foreclosure Alternatives Program (HAFA) helps homeowners avoid foreclosures by offering mortgage services incentives to approve short sales and deed-in-lieu of foreclosures.
The FHA 203(b) program enables borrowers to purchase or finance their homes with as little as 3.5 percent down.
The Energy Efficient Mortgage program (EEM) helps homebuyers and homeowners reduce their utility bills by allowing them to finance costs of adding energy efficiency features to their FHA insured mortgage, be it a purchase or refinancing.
| 
