Important Details

FHA Affordable Programs

FHA Home Affordable Modification Programs

On August 15, 2009 FHA introduced a Home Affordable Modification Program (HAMP) of its own. It’s designed to assist home owners having trouble making their monthly payment. FHA HAMP lowers the borrower’s monthly mortgage payment to 31% of their gross monthly income.

FHA HAMP Eligibility

To be eligible for FHA HAMP:

  • Your FHA insured loan must have been in default for no more than 12 months
  • The home must be owner-occupied and not previously modified under FHA HAMP
  • You must not have intentionally defaulted
  • You must sign a hardship affidavit attesting to and describing the hardship

These are general guidelines. Contact your servicer to see if you qualify.

FHA Second Lien Program (FHA 2LP)

In August 2010, FHA introduced the FHA Second Lien Program (FHA 2LP) to help homeowners in a negative equity position. If the mortgage lender of your first mortgage agrees to modify your first mortgage through the FHA Home Affordable Modification Program (FHA HAMP), you may qualify to have your second lien reduced or removed through the FHA 2LP. The total amount of your mortgage debt after the refinance can’t exceed 115% of your home's current value.

Contact your servicer to see if you qualify.

Important Details




Zions Bank sponsors the Homeowners Café® as a service to the community; therefore, all information provided should be considered as educational in nature and not as professional services. By utilizing the services of, and the information provided by, the Homeowners Café, you acknowledge and agree this does not constitute any legal commitment to become a customer of any bank, including Zions Bank and its affiliates nor does it constitute an offer of any extension or modification of any credit to you by Zions Bank or its affiliates.

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Homeowner’s Café®
This page was last modified on Thu Sep 21 20:15:00 MDT 2017