The following participants for FHFA include:
- Fannie Mae
- Freddie Mac
- Federal Home Loan Banks
- Wells Fargo
- Department of the Treasury
- Federal Housing Administration (FHA)
- Federal Housing Finance Agency
- HOPE Now lenders
Eligibility Requirements for the Federal Government (FHFA) Loan Modifications
The plan is to streamline loan modifications, which will lower mortgage payments for financially strapped home owners and help to sustain long-term home ownership.
- Borrowers must be delinquent by three or more payments.
- Property must be owner occupied as a primary residence.
- Borrowers who have filed for bankruptcy are ineligible.
- Borrowers must be able to afford a 38% PITI debt-ratio payment.
