Are you consecutively low of mortgage loan? You have not been able to pay for the monthly mortgage loan and for which your credit score is going down. In order to lower your current mortgage interest rate and increase the credit score, you have the option to avail concession under the Obama home loan modification. You will be in a better position if you check your eligibility criterion and get the hang of whether you qualify for loan or not. And for those borrowers, whose home loan modification application has not been approved, it is suggested that they consult an experienced HAMP professional and get the proposal basic idea of the points contained in the program. There are several important things that one needs to take care of, before he/she qualifies for program. The very first approval condition under the HAMP is that homeowner should have his/her primary residence. You will not be eligible under the HAMP on your investment property. Therefore, make sure you keep thins point very clear in your mind.Next condition for approval under the federal loan modification should either be equal or below US$ 7, 30,000.In case you owe more than this amount of money on your current mortgage, you will not be eligible to become the part of the mortgage modification process. The homeowner who is finding extremely difficult to pay for the mortgage either due to income loss or loss of medical bills, also have the possibilities to become eligible under the program.

Get ready to apply under the Obama hamploan modification and have an affordable home. There are been many hopeless homeowners who have not been able to make for the loan and this is the reason why sense of insecurity prevails in the minds of many homeowners whether they will qualify under the program or not. Mortgage loan modification program has been designed to meet the requirements of homeowners who have fallen behind in the mortgage loans running on their homes. The modification program has also benefit lenders as it provides incentives to them, and many lenders are already availing good incentives too.