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Mortgage and Borrower Eligibility Requirements

The following mortgages are eligible for a modification under the Home Affordable Modification program (HAMP):

• First-lien mortgages owned, guaranteed, or securitized by Freddie Mac that are single-family 1- to 4- unit primary residences, including condos, cooperatives, Single-Family Seller/Servicer Guide (Guide) – eligible manufactured homes, and our negotiated conforming jumbo mortgages.
• FHA, VA, and RHS guaranteed mortgages are eligible, subject to the relevant agency guidelines.
• Mortgages for properties that are abandoned, vacant, or condemned are not eligible.
• Mortgages may be previously modified, but can only be modified once under HAMP.

Borrowers may be eligible for this program if they meet the following requirements:

• Borrowers who are 31 days or more delinquent and borrowers who are either current or less than 31 days delinquent and in imminent default.
• A borrower may be considered in imminent default if the borrower is current or less than 31 days delinquent on their mortgage payments, and have a hardship that is stated in the Hardship Affidavit document. Beginning with new evaluations on March 1, 2010, borrowers may be considered for a HAMP Trial Period if they are current or less than 60 days delinquent and determined to be in imminent default, or 60 days or more delinquent.
• Borrowers who may be in foreclosure, in pending litigation involving the mortgage, or who are in active bankruptcy.
• Borrowers currently performing under another workout arrangement will be considered for a Home Affordable Modification if they request it.
• Borrowers must currently have a monthly housing expense-to-income ratio greater than 31 percent of their verified gross monthly income.

Other mortgage and borrower eligibility requirements apply as noted in our Guide Chapter C65.