The American Dream is still as elusive as it was back then. Today, most people believe that the American dream is dead, given how difficult it has become to own a home. However with the Obama administration, the Making Home Affordable program was launched to help the crisis that had hit the home market, as well as enable most people buy and keep their homes. You may wonder if you are eligible for the MHA program, or if it is the right thing for you.
Making Home Affordable is a program that helps people who already own homes, avoid going through a foreclosure. It does this through incentives given to the lender or loan servicer so that they can modify the mortgage loans to terms that the home buyer can easily afford paying. Thus, in a way, it can be said that it is getting a loan modification, though help from the government.
Do I Qualify For a MHA?
This question will give us the answer to whether the Making Home Affordable program is available for you. So, for you to qualify for a MHA, you must meet the following criteria:
- You must have signed for your mortgage loan prior to January 2 2009.
- You must currently be the owner of the mortgage and live in the mortgaged property. This home is limited to only four units.
- Your monthly loan repayment must be more than 31% of your gross (pre-tax) monthly pay.
- You should be in a position where you are unable to make your loan repayments due to some considerable financial crisis.
- If you have a one unit home, you should owe $729,750 or less for that unit.
If you fulfill all of the above, then you may be considered eligible for enrollment to the MHA program. You can also talk to a loan modification specialist, who will help you get an affordable home, if you fail to meet the above criteria.