Hamp Update: Investment Property Eligible & Other Good News
HAMP (Home Affordable Mortgage Program) has made some very exciting changes lately.
- Incentives to Lenders to do write-downs (reduce the principal on a loan) have been increased up to 3 times the previous amount. That mean lenders can receive anywhere from 18 to 63 cents on the dollar for each dollar reduced on the mortgage.
- The program is now open to Fannie Mae & Freddie Mac.
- It’s been expanded to include investment property as long as it is tenant occupied.
These changes are all focused on making mortgages more affordable and spreading out the loss and getting inflated debt off the backs of Homeowners.