If you currently have a home loan which you can no longer pay, there is good news waiting for you. The current administration have recently launched the HAMP or the Home Affordable Modification Program. This is a bailout or modification plan which will help borrowers save their home from getting foreclosed. In order to get accepted for this program, you need to be eligible.

Eligibility for such program requires the loan to have been financed on or before January 1, 2009. Aside from this, the mortgaged home should be the principle address of the homeowner. This means that real estate inventors who only rent the property are not qualified.

Your debt to income ratio or DTI also plays a significant part in determining your eligibility. The factor to be qualified is 38%. This can be computed by taking all of your monthly loan debts which include the monthly property tax, mortgage payment, homeowner’s fees, and property tax and insurance fees. That number should then be divided with your monthly household gross income. Once your DTI equals 38% or even below that ratio, then you can qualify for the HAMP. To add, if your DTI is 31%, you can have an extension of up to 40 years in your loan term as well as a lowered interest rate. In some very unusual situations however, the principal balance can also be reduced.

Additionally, the first mortgage is only qualified for such program. If there are any other liens, they will not be eligible. You also must have some proof that you are currently undergoing some financial crisis. This can be supplied by your financial documents such as your statement balance, pay slip, or transaction statement. Another requirement is to submit a hardship letter which determines your current monetary status and the reasons behind it.

Lastly, the maximum principle balance should only be $729,750 so that the first lien will be eligible. Once the above stated criteria fit your current status, you should apply for the HAMP so that your home can be saved.

Even if the criteria for the Home Affordable Modification Program are easy to understand and meet, there are still a lot of banks which refuse the approval of the loan modification. Other banks sign up for another program known as the Obama bailout program while others will stall, lose your documents and even provide terrible customer service so that you will give up. When this happens, you need to be frank and maintain a log of every communication which takes place. This log can be directed to the concern of the manager and even send complaints that have been signed to the higher authorities.

For detailed facts and essential tips about how you can be approved for the Home Affordable Modification Program, visit this simple, easy to understand loan modification guide and resource:http://HomeLoanModifications101.com

Article Source:http://www.articlesbase.com/mortgage-articles/eligibility-for-the-home-affordable-modification-program-1401382.html

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Florida FHA Loans Under 620 Credit Score

The main advantage to a FHA mortgage loan for Florida homebuyers is that the credit criteria for a Florida mortgage applicants is based upon a common sense approach to lending rather than a credit score drive approach. For Florida mortgage applicants  who have stable predicable income and timely payment history  for the past 12 months will most likely qualify for a FHA home loan.

Purchases (Min 530 score)

• 12 months cancelled checks or Management VOR (verification of rent)
• Must have 3 open and active trade lines for last 12 months
• Payment shock limited to 1.5 times current rent.
• 35/45 Max DTI
• No late payments or collections in last 12 months
• NO late’s after Bankruptcy.

 No Score Borrowers

• 3 Alternate  trade lines, electric, car insurance, cell phone with  0×30 for 12 months
• Management VOR (verification of rent) or 12 months cancelled checks to prove timely payment history.
• Max debt to income ratio 31/43 = 31% of gross income towards housing and 43% includes housing expense plus all other monthly payment reflected on applicants credit report.
• NO collection other than medical

http://www.fhamortgageprograms.com/ is approved by HUD to originate FHA loans across Florida.  

The FHA  program guarantees eligible Florida mortgage  applicants the ability to obtain mortgages with little or no money down. Florida FHA loans are  fully assumable. Florida FHA Loan limits vary depending upon the area, some of the higher lending limits up to 423,750 apploy in Broward, Palm Beach, Miami Dade counties. But all FHA loan limits vary  depending upon where the Florida property is located.

FHA loans feature low down payments and flexible guidelines to make it easier to own a Florida home qualify! FHA mortgage loans are popular for Florida first time home buyers but they can be equally attractive to Florida moving up buyers and Florida homeowners in need of renovations. With an FHA loan you can borrow up to 96.5% of the purchase price of the Florida home without a perfect credit rating. Florida homebuyers need to keep in mind that the  FHA home loan will be based on the purchase price of the Florida home or the appraised value, the lesser amount.

The Federal Housing Administration more commonly known as FHA was created in 1934 to help Florida homebuyers realize the dream of Homeownership. FHA was absorbed into HUD in the 1940s and is now known as FHA.   

The advantages of a FHA mortgage loan provide more advantages than any other Florida home loan or Florida mortgage program. An Florida home loan applicant may apply for an FHA insured mortgage and purchase a home, Townhome, Condominium, Manufactured with only 3.5% down payment! The FHA mortgage insurance permits Florida FHA approved mortgage lenders to take bigger risks and lend the Florida mortgage applicants with less than perfect credit.

With an FHA home loan mortgage there are no income minimums or maximums required to qualify. Infact there are no credit score requirements. FHA loans are based on a common sense approach to Florida mortgage lending. This is why so most anyone with stable predicable income with on time payment history can qualify for FHA financing as long as they  can afford the monthly mortgage payments. You can also combine FHA mortgage programs with many Florida first time homebuyer grants or Florida down payment assistance. FHA will even allow you to receive a gift from a Family member or friend for the down payment.

http://www.fhamortgageprograms.com/florida/
http://www.fhamortgageprograms.com/florida/Palm-Beach-County/
http://www.fhamortgageprograms.com/florida/Broward-County/
http://www.fhamortgageprograms.com/florida/Dade-County/
http://www.fhamortgagefhaloan.com/
http://www.trulia.com/blog/phil_myers/2009/05/florida_fha_loan_florida
http://www.trulia.com/blog/mike_brasco/2009/05/florida_fha_loan_florida
http://www.trulia.com/blog/FLoridaFHAmortgage/2009/09/fha_mortgage_florida_fha_loan_florida_fha_home_loan_florida_fha_mortgage_loan_florida

Article Source:http://www.articlesbase.com/mortgage-articles/florida-fha-loans-down-to-a-530-fico-score-1347978.html