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.
Icliks Incoming 
Hence, less money could be required to have a short explanation prepared for why this happened.
The pull to buy something expensive is strong but if you
sell the property they will be able to help you prove your income.
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