Making Home Affordable Program Modified Guidelines Are Here

Enhancements to the Making Home Affordable Program (MHAP) are in place.

In an effort to continue to stimulate the current recovery efforts and enable more struggling homeowners to take advantage of the Making Home Affordable Program (MHAP), the Obama Administration, Departments of the Treasury and Housing & Urban Development have extended the program and expanded the eligibility criteria for the Home Affordable Modification Program (HAMP) to be able to offer assistance to more homeowners and strengthen hard-hit communities.

Why is the Home Affordable Modification Program being continued?

Although some cities across the country are showing signs of recovery, the broader housing market remains fragile. In considering these changes, we've listened carefully to homeowners, renters, housing counselors, mortgage servicers and others for enhancements that can make a difference in a housing crisis that has continued to evolve. Extending and expanding the program now will allow us to help more struggling homeowners with mortgage assistance.

How was MHAP modified?

Effective June 1, 2012 the government expanded the amount of people that might be eligible for the Home Affordable Modification Program. The expansion of the program means that more homeowners who are struggling to make their mortgage payments may be eligible to modify their loans to a payment that is affordable now and into the future. Under expanded criteria, help may be available for:

• Homeowners who do not meet the 3 1 percent debt-to-income (DTI) requirement for a traditional HAMP modification;
• Homeowners, who currently have tenants and those who do not currently occupy their home, but intend to rent the property.
• Homeowners who didn't successfully complete a HAMP trial period;
• Homeowners who fell out of a permanent HAMP modification due to missed payments.

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