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FHFA Loan Modification Program
Avoid foreclosure with the fhfa mortgage loan modification program
The FHFA (Federal Housing Finance Agency) Loan Modification model is similar to that of the Federal Deposit Insurance Corporation’s (FDIC’s) loan modification standards. The goal of this government program is to provide a “Streamlined Modification Plan” for homeowners that are 90 days or more delinquent on their mortgages and have the ability to make more affordable mortgage payments.
The program will help homeowners that have their mortgages held by Fannie Mae or Freddie Mac avoid preventable foreclosures by restructuring the terms of their mortgages. New mortgage terms will include but not limited to extending the length of the mortgage up to 40 years, deferring part of the principal, lowering the interest rate, and forbearing past due interest. Under the FHFA plan, mortgage servicers will work with borrowers to reduce monthly mortgage payments to 31% of their gross income. This is the standard threshold of affordability established by the FDIC program. The 31% threshold includes all of the housing costs including taxes, insurance, and HOA fees.
Am I Eligible?
What are the FHFA loan modification qualifications?
To find out if you may be eligible for the FHFA loan modification plan, answer 5 questions with a yes or no answer. Click below.
What are the other home loan modification programs available to avoid reno foreclosures?
For information on additional mortgage modification programs see Home Affordability and Stability plan and FDIC loan modification plan