FHA Loan Modification Guidelines

In this article,i will give you the complete FHA Loan Modification Guidelines which would help you modify your mortgage without too many hassles.But apart from learning the guidelines,you may not get approved if you do not meet the requirement.This is the truth behind the mortgage modification and this is the reason why there are foreclosures happening every day.

Things to remember about the FHA Loan Modification Guidelines:

  • You need to have a optimum debt to income ratio to get qualified – anything less and anything high than the required ratio is going to make the approval hard.Especially if the lender identified that the borrower has very less ratio but yet need the modification,you will be immediately turned down.But if you have other proper reasons to cite,you can tell the lender.Besides all these things,every borrower must remember that the loan modification is a solution for so many desperate and frustrated home owners – this is not a solution for reducing the principal or reducing the mortgage rate just to save cash for your personal needs.There are so many people in the need of saving their homes.So my suggestions is that you must never ask for a modification unless you are really experiencing the hardships.
  • Contact the lender and have a short discussion – after filling the application form,submit it to the lender along with the hardship letter.This is important in the process of getting a FHA loan modification.
  • Since the approval will take time,you need to remain calm – but it is better to have occasional communications with the representative.Obtaining the status of your application is very vital too.