FHA loan are very popular among first time home buyers which do not provide any direct refinancing on mortgages. This is the best modification program available to homeowners who are in financial hardship and should follow FHA loan modification guidelines for the help.
This has undertaken a demonstration in the area of automated underwriting before beginning to design its own automated underwriting tool as it saves time and ensures more of consistent treatment to all the applicants. To get an FHA home loan modification program approved you are required to meet certain guidelines, rules and regulations. It plays a critical role in financing for needy people who have a troubled bad credit history and do not have money to purchase a home. You must fill your form properly to meet the requirements of the bank and follow the tips with guidelines to make your chances of approval.
Here are some tips to apply and qualify for FHA Home Loan Modification Program:
· Firstly, you are required to be aware of all the FHA loan modification guidelines made by the agency. This will make your chances to get approved for program.
· Prepare a hardship letter to convince the lender. This must include all the circumstances and situation that you have gone through. Include all necessary steps that you have taken to improve your financial hardships and make sure with the lender that you will make the future payments on time while following proper guidelines.
· You are required to prepare a financial statement that includes all your current position. This would make easier for the lender to modify your loan quickly by the help of FHA modification program.
· Make a file of documents according to the FHA loan modification guidelines which must include your employment history, credit history, etc. And submit it with the bank to qualify for home mortgage easily.
· Make sure that the information you are providing to the lender should not be incomplete for FHA home loan modification program. An incomplete letter may reject your application and you cannot make to the next stage of it.
· As there are thousand of applications for modification program with lender, you need to call to the concerned person to check the status of your application. Don’t think that you are disturbing them as it is your right to ask and their duty to perform.
President Obama has offered $1000 incentive for home owners that opt for Loan Modification instead of Short Sale Or Foreclosure.