Do you qualify for help?
Home Affordable Mortgage Program requires that:
- the mortgage must be a Fannie Mae or Freddie Mac loan. Check yours here: Fannie Mae Loan Look Up Freddie Mac Loan Look Up
- the mortgage must be at least 31% of gross income. If that means a 5 year avg from tax returns, mine is very close to 31%.
- You must sign an affidavit of “financial hardship.”
- Loans can be modified until December 31, 2012; loans can be modified only once under the program.
- Even if you are current on all payments, entering a modification program most likely will negatively affect your credit score.
Homeowners can call the Homeowner’s HOPE™ Hotline at 1-888-995-HOPE (4673)
HUD.org is another free website where you can find a local counselor in your region. HUD.gov
MakingHomeAffordable.gov allows you to compute estimated payments and etc. Making Home Affordable
the article above has more…
Section 523 or 524 Site Development Loans: to acquire and develop sites for any low- or moderate-income family. Low income is defined as between 50 and 80 percent of the area median income (AMI); the upper limit for moderate income is $5,500 above the low-income limit. Jackson metro area moderate income limit for a family of three would be Low Income of 41,300 + 5,500, or $46,800.