Increased FHA funding aims to help jobless homeowners

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Increased FHA funding aims to help jobless homeowners

March 29, 2010 - Unemployed homeowners may soon be able to receive additional assistance through the government's Home Affordable Modification Program (HAMP), as the Federal Housing Administration (FHA) has committed to help these individuals.

The Detroit Free Press reports that an additional $14 million has been allotted to HAMP to benefit struggling homeowners who owe more on their mortgages than their homes are worth. Under the program, qualified individuals will be able to apply for new home loans, which will be backed by the FHA.

Borrowers with credit scores as low as 500 points may be eligible for these benefits, which are expected to become available next fall. Industry analysts expect that this initiative could help between 1 and 1.5 million homeowners avoid foreclosure, according to the news source.

Government officials have released additional funding in an attempt to save HAMP, which has come under fire for moving too slowly to have a significant impact. To date, the program has allowed approximately 170,000 homeowners make modifications to their loans.

Individuals who wish to participate in this program must have a principal balance of no more than $729,750, according to the HAMP website.

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