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.

While there is an FHA-HAMP program, your mortgage is 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.

As your loan is on a rental/investment property you would be ineligible. To see the details and particulars for FHA-HAMP you can follow this link (which opens into a Word document) for more information:

Ask the expert
Keith Gumbinger
Keith Gumbinger
Mortgage Expert
Vice President,
About Keith: Mortgage market observer and analyst with 35 years experience... (more)
Submitting your question...

Question received! Check back later to see if your
question gets published.

Q: Can I get forbearance for my mortgage?
MAY 19, 2020

The answer is "possibly." It depends on the situation.

Read More
Q: Is mortgage insurance tax deductible?
DEC 22, 2020

Tax deductibility for PMI premiums or MI premiums for FHA loans has been an on-again, off-again kind of thing. For 2020, it's on.

Read More
Q: How many times can I use my VA home loan?
OCT 31, 2019

There are three ways you can restore your VA eligibility so that you can take advantage of it more than once.

Read More
Add to Homescreen?
Install this web app on your phone :tap and then Add to homescreen