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- Government-assisted mortgage programs are designed to help homeowners obtain and maintain their primary residences.home by the ocean image by Joann Cooper from Fotolia.com
In the United States, there are several government-assisted mortgage programs designed to aid in the financial responsibilities that accompany being a homeowner. While the qualification parameters for these programs vary, they generally require that you meet some stated criterion like geographic location, income limitations or are facing foreclosure. - The Home Affordable Modification Program (HAMP) is a government-assisted mortgage program designed to assist homeowners who are struggling to maintain mortgage payments due to a loss income out of their control. The program provides mortgage lenders with government funding so that they are better equipped to work with homeowners who can demonstrate serious financial hardship. According to the U.S. Department of the Treasury, in order to participate in HAMP, a homeowner must reside in the home the mortgage applies to, owe less than $729,750 on the mortgage and have monthly mortgage payments greater than 31 percent of their income.
- Federal Housing Authority refinance options are government-assisted mortgage programs designed to offer finance restructuring to homeowners who owe more on their mortgage than the house is currently worth. A homeowner must be current on mortgage payments to be considered for eligibility.
- According to MakingHomeAffordable.gov, homeowners who live in states where home values have fallen more than 20 percent from their highest point may be eligible for a government-assisted mortgage program called the "HFA Hardest-Hit Fund." This program provides government funding to mortgage lenders to allow for the most flexible options in reaching a mutually beneficial solution to homeowners in states such as Nevada, California, Florida, Arizona and Michigan.
Home Affordable Modification Program (HAMP)
FHA Refinance Progams
HFA Hardest-Hit Fund
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