Modification Programs

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VA Loan

A VA loan is a government-backed mortgage option available to Veterans, service members and surviving spouses. VA loans are made by private lenders, like mortgage companies and banks, and not the Department of Veterans Affairs. VA home loans offer competitive interest rates and terms and can be used to purchase a single-family home, condominium, multi-unit property, manufactured house or new construction.


FHA Loan

Created under the direction of the Federal Housing Finance Agency (FHA), FHA Loan Modification is designed to assist homeowners who are to make their monthly mortgage payments. The program is designed to change the terms of your current home loan to make the monthly mortgage payments more affordable. In essence, a loan modification reduces your monthly principal and interest payments by extending the loan term and reducing the principal balance or interest rate.


Conventional Loan Modification

A conventional loan is a mortgage loan that’s not backed by a government agency. These loans come in all shapes and sizes, and while they don’t provide some of the benefits as FHA, VA and USDA loans, conventional loans remain the most common type of mortgage loan. While some government-backed loans provide unique benefits to homebuyers, conventional loans remain far and away the most common type of mortgage. According to the National Association of Home Builders, conventional loans accounted for 78.5% of new home sales in the first quarter of 2022.


Flex Modification

The Flex Modification program allows lenders to help eligible borrowers modify the terms of their mortgage. When a mortgage is modified, it means the terms of the original loan are changed in some way. For example, a loan modification may change the repayment term, reduce the interest rate or lower the monthly payment. The Flex Modification program was created to replace existing mortgage modification programs, including the Home Affordable Modification Program (HAMP) and the Standard Modification program.

Programs that best suite your current mortgage status

The goal of these programs is to make it easier for homeowners to keep track of their mortgage and make informed decisions about their financial future. Depending on your specific mortgage status, there may be different programs available that can provide tailored solutions to meet your needs.

Loss mitigation refers to the steps mortgage servicers take to work with a
mortgage borrower to avoid foreclosure.
Loss mitigation refers to a servicer’s responsibility to reduce or “mitigate” the
loss to the investor that can come from a foreclosure. Certain loss-mitigation
options may help you stay in your home. Other options may help you leave
your home without going through foreclosure. Loss mitigation options may

  1. Deed-in-lieu of foreclosure
  2. Forbearance
  3. Repayment plan
  4. Short sale
  5. Loan modification

If you are having trouble making your mortgage payments, or if you have
been offered and are considering various loss mitigation options, reach out to
a Department of Housing and Urban Development (HUD)-approved housing
counseling agency.
You can use the CFPB’s “Find a Counselor” tool to get a list of housing
counseling agencies in your area that are approved by HUD. You can also call
the HOPE™ Hotline, open 24 hours a day, seven days a week, at (888)
995-HOPE (4673).

Mortgage refinance is when you take out a new loan to pay off and replace
your old loan.
Common reasons to refinance are to lower the monthly interest rate, lower
the mortgage payment, or to borrow additional money. When you refinance,
you usually have to pay closing costs and fees. If you refinance and get a
lower monthly payment, make sure you understand how much of the
reduction is from a lower interest rate and how much is because your loan
term is longer.

  1. Should I refinance?
  2. A Consumer’s Guide to mortgage refinancings
  3. Your Home Loan Toolkit
  4. Consumer Handbook on Adjustable-Rate Mortgages

Repayment plan

A repayment plan is a structured way to make up your missed mortgage loan
payments over a certain period of time.

This is a type of loss mitigation. If you have trouble making your mortgage
payments, your lender or servicer may allow you to enter into a repayment
plan. Before entering into a repayment plan, make sure you understand the
requirements of the plan and whether you will be able to make the new


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