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Lower Your Mortgage Payments

Through Making Home Affordable (MHA) modifications, homeowners have been able to lower their mortgage payments more than $500 each month.

In addition to the “most well-known” modification program – HAMP, mortgage help is available from other federal agencies. FHA, VA and USDA all offer programs for struggling homeowners that strive to lower the monthly mortgage payment to 31 percent of verifiable monthly gross (pre-tax) income. These MHA programs are designed to make your mortgage payment more affordable.

If you have additional questions about getting mortgage help, contact a housing advisor at (888) 995-HOPE (4673). These HUD-approved housing counselors will help you understand your options, design a plan to suit your individual situation, and prepare your application. Research shows that homeowners who work with housing counselors like these are more successful and have better long-term outcomes. There is no cost to you for this valuable, around-the-clock service. Help is available in more than 160 languages.

FHA Home Affordable Modification Program (FHA-HAMP)

If you have a loan that is insured or guaranteed by the Federal Housing Administration (FHA), you may be eligible for a program through that government agency.

For more information on FHA and participating servicers, call FHA’s National Servicing Center at (877) 622-8525.

Veteran’s Administration Home Affordable Modification (VA-HAMP)

If you have a loan that is insured or guaranteed by the Department of Veterans Affairs (VA), you may be eligible for a program through that government agency. FHA, VA and USDA all offer programs for struggling homeowners that strive to lower your monthly mortgage payment to 31 percent of your verified monthly gross (pre-tax) income to make your payments more affordable.

For More Information

  • Call the Veterans Affairs Regional Loan Center at (877) 827-3702.
  • Visit HomeLoans.va.gov.

USDA RHS Special Loan Servicing

If you have a loan that is guaranteed by the United States Department of Agriculture’s (USDA) Section 502 Single Family Housing Guaranteed Loan Program, you may be eligible for a program through that government agency. FHA, VA and USDA all offer programs for struggling homeowners that strive to lower your monthly mortgage payment to 31 percent of your verified monthly gross (pre-tax) income to make your payments more affordable.

Contact your servicer for more information.

Home Affordable Modification Program (HAMP)

If you are having a tough time making your mortgage payments for reasons not related to unemployment, you may qualify for HAMP. HAMP lowers your monthly mortgage payment to 31 percent of your verified monthly gross (pre-tax) income to make your payments more affordable. The typical HAMP modification results in a 40 percent drop in a monthly mortgage payment. Eighteen percent of HAMP homeowners reduce their payments by $1,000 or more.

Eligibility*

You may be eligible to apply if you meet all of the following:

  • You occupy the house as your primary residence.
  • You obtained your mortgage on or before January 1, 2009.
  • You have a mortgage payment that is more than 31 percent of your monthly gross (pre-tax) income.
  • You owe up to $729,750 on your home.
  • You have a financial hardship and are either delinquent or in danger of falling behind.
  • You have sufficient, documented income to support the modified payment.
  • You must not have been convicted within the last 10 years of felony larceny, theft, fraud or forgery, money laundering or tax evasion, in connection with a mortgage or real estate transaction.

*Eligibility criteria is for guidance only. Contact your mortgage servicer to see if you qualify for HAMP.