Home  >  Home Mortgage Loans  >  HAMP - Mortgage Refinance Program

HAMP Loans

Home Affordable Modification Program For Struggling Homeowners

Homeowners facing financial difficulty can use the government's Home Affordable Modification Program, or HAMP, to modify their current mortgages into more affordable terms.

With HAMP loans, homeowners can lower their total housing costs - including mortgage principal and interest, home insurance, real estate taxes, and homeowner association fees -- down to 31 percent of their gross monthly income.

What is HAMP Loan - Home Affordable Modification Program

The HAMP is a government program built to help homeowners struggling to meet their mortgage payments by modifying, or changing, their mortgage terms. Unlike a refinance that replaces their home loan with a new mortgage, a HAMP mortgage keeps their current mortgage and modifies the payment terms.

How Can a HAMP Loan Help You?

If you qualify for a HAMP loan, your lender can lower your mortgage interest rate to 4.5 percent or even as low as 2 percent in order to reduce your mortgage payment to the 31 percent ratio. The lender can also extend to mortgage term to up to 40 years and even reduce your principal. As a bonus, the Home Affordable Modification program may pay up to $5,000 to pay down your mortgage if you pay the HAMP loan on time.


Do you qualify for a mortgage modification?

Here are certain requirements to qualify for HAMP loan program:

  • Your mortgaged property must be your primary residence. Investment properties and vacation homes are not eligible.
  • Your current mortgage must be under $729,750 for a single-family home. Higher amounts apply for two, three and four unit properties.
  • Your current mortgage must have been made before Jan. 1 2009.
  • You must not have any 30-day late mortgage payments within the last 30 days.
  • Properties in foreclosure are eligible for HAMP loans.

If you don't qualify for the government mortgage modification, you may be eligible for other programs that can lower your payments and prevent foreclosure. To learn about your mortgage options, complete the form on the right to be contacted by one of our mortgage professionals, or call Total Mortgage at 877-868-2503 to speak to a licensed loan officer now. A mortgage expert can help you find our lowest mortgage rate and best possible mortgage loan.

Lock Your Lowest Rate

Call 877-868-2503 or fill out
this form now!