Home Affordable Modification Program (HAMP)

HAMP® is designed to lower your monthly mortgage payments, making them more affordable and sustainable for the long-term.

Prepare What You'll Need

FEATURES AND BENEFITS

  • HAMP achieves a more affordable payment by adjusting your interest rate, extending your term, and reducing or forbearing your principal.
  • HAMP homeowners typically save about $500 per month.
  • Through HAMP, you can get help with your primary residence or rental property.
  • If you owe significantly more than your home is worth (>115 Loan-To-Value), you’re automatically evaluated for principal reduction.
  • Just for making timely payments, you could earn up to $10,000, which would be used to reduce your principal balance.

ELIGIBILITY

You may be eligible for HAMP if you meet the following basic criteria:

  • You are struggling to make your mortgage payments due to financial hardship.
  • You are delinquent or in danger of falling behind on your mortgage.
  • You obtained your mortgage on or before January 1, 2009.
  • Your property has not been condemned.
  • You owe up to $729,750 on your primary residence or one-to-four unit rental property (loan limits are higher for two- to four-unit properties).

FOR MORE INFORMATION

If you have additional questions or need direct assistance, don’t hesitate to reach out for help by calling 615 213-1468. You will be connected with an expert from a HUD-approved housing counseling agency. These counseling experts can help you understand your options, design a plan to suit your individual situation, prepare your application; and in many cases, they’re able to submit the application for you.