HUD's Mortgage Assistance Program is must to be known by the borrowers before applying for that. It is available for more than 34,000 lee county homeowners. A new program has been suggested by President Barack Obama to keep the homeowners in their home and get their loan modified by lowering monthly mortgage payments.
The goal of HUD's center is to help FHA homeowners that are not able to pay their monthly payments on time. They will work with the lenders to find the best option that borrowers can avail to avoid foreclosure.
House and urban development mortgage assistance would like to change the guidelines to exclude the down payment assistance and not allow the mortgages in which the buyer has not made a payment using his funds. Borrower must have enough income to make payments for new modified mortgage debt.
How to Qualify for HUD Mortgage Assistance?
· Firstly, a homeowner needs to be atleast 62 years of age or older to get qualified for HUD Mortgage Assistance
· He can also appoint a personal counselor to get the assistance. The borrower must go in a counseling session with HUD approved counselor that provides enough information to the consumer that will help the applicant to get the loan easily.
· You are required to be a single family to live in a home which will benefit borrower to pay less of principal amount than what he was paying, as townhouses or mobile homes are eligible for them to live in.
· It is not necessary that borrower's home can only be purchased by FHA loan. Homes that are purchased without these loans can also be qualified for mortgage assistance and should be done under all the guidelines made by the lender to be followed properly.
To know more about HUD Mortgage Assistance and to check if you qualify for the same
Click Here --> Federal Loan Modification
President Obama has offered $1000 incentive for home owners that opt for Loan Modification instead of Short Sale Or Foreclosure