Fannie Mae Hamp Program Guidelines
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 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. • A borrower must have an affirmation of financial hardship. • Borrowers who may be in foreclosure, in pending litigation involving the mortgage, or who are in active bankruptcy.
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• 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 9205. Evette Schaeffer Serial Numbers Saxophone Player.