Obama's Federal Loan Modification Plan - The 4 Steps to Qualify

Learn how you can pre-qualify yourself for the Obama federal loan modification plan, called Home Affordable Modification. The good news for homeowners is that all lenders use the same standard formula for determining if a borrower qualifies for this government plan. That means if you know the formula, you will be able to re-qualify yourself and be able to submit your own acceptable loan workout proposal that will get results quickly.

The Treasury Department is subsidizing the plan with $75 billion dollars of stimulus money. This is our tax dollars at work, so don't hesitate to use this opportunity to get the lower mortgage payment that you need. Lenders have agreed to follow a standard method of determining the eligibility of an applicant, and a standard method of modifying those loans what qualify.

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Here are the four steps for Obama's federal loan modification plan, learn how to use these and you will greatly increase your chances of success:Determine whether borrowers monthly mortgage payment ratio exceeds 31%-take gross monthly income divided by current mortgage payment (including principal, interest, property taxes, homeowners insurance and any homeowners dues-NOT MI or second loan payments) Calculate new TARGET payment- multiply gross monthly income by 31%-subtract monthly property taxes, homeowners insurance and homeowners association dues) this equals the Target P&I payment Achieve the target monthly mortgage P & I payment by using the standard methods of modification-reduce interest rate by .125% increments down to as low as 2%, extend loan term to 40 years, defer principal no lower than 100% of current value Confirm that target payment can be achieved by program guidelines-if so, offer HAMP trial period.

These are the exact steps that your lender will do to determine if you qualify, in addition to a couple of more final calculations and verifications. You can obtain the forms you need ahead of time, practice your calculations and fine tune your proposal so that you fit right into these guidelines. When you do this, you have really given yourself the edge you need to get approved quickly and you can get back on the road to secure home ownership.

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