Phoenix, AZ -- (SBWIRE) -- 04/05/2013 -- ualifying for HAMP wasn’t as easy as the Obama Administration had hoped it would be early on. HAMP Tier 1is its first incarnation. It was developed in 2008 and included specific eligibility criteria. Some of these requirements are having an unpaid principal of $729,750 on a single-unit property and proving that it is not condemned. The mortgage loan on the primary residence has to be delinquent, and the property cannot be a rental asset. Also, the mortgage cannot have been modified by HAMP previously.

Credit-yogi.com has a great deal of information on this subject and would like to share it, including:

- HAMP Tier 1 Qualifications
- HAMP Tier 2 Eligibility Requirements
- Ways HAMP Helps
- Accessing HAMP

Tier 1 Requirements

HAMP T2 Qualifications

When the Obama administration realized that HAMP was not helping many homeowners, it made some changes in the program. To qualify for HAMP Tier 2, all of the original rules pertain, but some of them have been expanded. For example, a rental property can now have its mortgage modified. Whereas in Tier 1 of HAMP the mortgage payment had to be 31% of a homeowner’s income, in Tier 2, it can be as low as 25%. Also, as part of Tier 2, even if a person had HAMP modification before and defaulted on it within the 3-month trial period, they could be given another chance with a second modification.

How HAMP Helps

To modify something means to change it so it’s more effective. This is what HAMP does to a mortgage. Once a person learns how to qualify for HAMP loan modification, he must understand how HAMP helps him get a more affordable monthly payment. One way in which this happens is that the interest rate on the mortgage loan is lowered. Another method is a reduction in principal, and a third way to lower a person’s mortgage payment is by allowing more time to repay the entire loan.

Click Here to Get Approved for New HAMP Loan Modification with Low Interest Rates!!

Applying for HAMP

Now that one’s knowledge of HAMP is more extensive, it’s a good idea to know where to apply for this assistance. The federal government offers attractive incentives to banks, credit unions, and other finance institutions to participate in HAMP. So, after one has figured out how to qualify for HAMP, all he has to do is locate a participating lender and apply.

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