We research, you save.
Got Questions On Rates? (855) 610-2972

New: Our latest update of the income you'll need to buy a home -- and see our 2019 update of State Homebuyer Assistance Programs

Can I use HAMP to modify the mortgage on my FHA rental property?

Q: I have an FHA loan on a home that is currently being used as a rental property.  I have received conflicting information about whether I can modify the loan under HAMP.

A: HAMP is only available for loans owned or backed by Fannie Mae or Freddie Mac, so your FHA-backed loan isn't eligible for HAMP per se.

There is an FHA-HAMP program: http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/nsc/faqlm. However, you are likely ineligible, since the guidelines state:

Property Eligibility: The property securing the FHA-insured property must be the mortgagor’s primary and only residence; and only single family (1 to 4 unit) properties are eligible.

Since your loan is on a rental/investment property you would be ineligible. You can follow this link (which opens into a Word document) for more information: http://portal.hud.gov/huddoc/09-23ml.doc.

More help from HSH.com

No Comments

Leave a Comment
Mortgage Rates from 0.00%