Obama Loan Modification Plan

Details released by the Obama administration last week about its loan modification initiative, the Home Affordable program, contains FHA loan guidelines for incentive payments in FHA’s HOPE for Homeowners refinance program, but the payments won’t be possible without further legislation.

The Home Affordable loan modification program maintains a specific criteria so it is imperative to understand if you qualify for refinancing or loan workouts. Borrowers must currently have a mortgage serviced by Fannie Mae or Freddie Mac.

Leave a Reply