Does anybody have any information on the new HAMP Tier 2 as far as guidelines for qualifying and if FHA loans qualify as well? I think in the previous FHA-HAMP, you could not qualify for a mod if you were behind in more than 12 mortgage payments. Also, I heard that with the new HAMP Tier 2, new modified payments may possibly be allowed to be as low as 25% of gross income.
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Here is the answer: The government loans owned or guaranteed by the government won’t be participating in the new HAMP 2 government program. ... "GSE mortgages, or those insured or guaranteed by the Veterans Administration, and except as specifically noted in the Supplemental Directive, insured or guaranteed by the Department of Agriculture’s Rural Housing Service (RHS) or the Federal Housing Administration (FHA)."
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