What are the minimum eligibility criteria for a Home Affordable Modification?
To be eligible for a Home Affordable Modification, a borrower must: • be an owner-occupant in a one to four unit property, and have • an unpaid principal balance that is equal to or less than $729,750 (for one unit properties and higher for two to four unit properties, consult the Guidance for limits), • a loan that was originated before January 1, 2009, • a mortgage payment (including taxes, insurance, and homeowners association dues) that is more than 31% of the borrowers’ gross monthly income, and • have experienced a significant change in income or expenses, to the point that the current mortgage payment is no longer affordable.