Quantcast

The Department of Veterans Affairs has stated in no uncertain terms that it expects VA loan issuers to provide all reasonable efforts to help veterans avoid foreclosure or at the very least, cut the losses when foreclosure can't be avoided.

FHA Mortgage Loan Rates

February 19, 2019
FHA Rates for February 19, 2019
Offering 30 Year Fixed Mortgages
Offering 15 Year Fixed Mortgages
Use our mortgage calculators
to see what you can afford!
FHA.com is a private company, is not a government agency, and does not make loans.

Prequalify Now!

Compare mortgage rates for your refinance or home purchase loan.

CHOOSE A LOAN TYPE

then
get
your

FREE CREDIT SCORE

Do you know what's on
your credit report?
FHA.com is a private company, is not a government agency, and does not make loans.
FHA Loan Limits
Mortgage Insurance
FHA Credit Issues
FHA Closing Costs
FHA Debt Ratios
Your Loan Checklist
Credit Requirements
Good Credit Benefits
Improve Your Credit
Ability to Borrow
Loan Affordability
Payment Calculator
Streamline Refinance
Cash-out Refinance
Simple Refinance
Rehabilitation Loan
Construction Loans
OTC Buyer Benefits
OTC Builder Benefits
OTC Builders
FHA Fixed Rate
FHA ARM
FHA Reverse Mortgage
Condominium Loans
Jumbo Loans
Credit Qualifications
FHA Requirements
FHA Closing Costs
Fair Housing Act

FHA Loan Articles

News and Updates for Homeowners

Is the Obama Home Affordable Program Open to Those with VA Loans?

March 17, 2010 - Question 44 on the official Home Affordable website FAQ list asks, "Can FHA or VA loans be modified under HAMP? Are all loans eligible? "

Unfortunately, at press time the only answer available at MakingHomeAffordable.gov includes the following: "The Administration is working with FHA and VA on a program that would provide for modifications consistent with the Making Home Affordable Program. Currently, loans insured or guaranteed by these agencies are being modified under other programs."

That's unintentionally misleading-it makes you think there isn't a current plan in place to help veterans with VA loans in the same way as the Obama plan does. Fortunately, there is help, thanks to the Department of Veterans Affairs.

Effective February 1st 2010 and expiring on December 31, 2012, the VA offers its own version of the Home Affordable program. The Department of Veterans Affairs has stated in no uncertain terms that it expects VA loan issuers to provide "all reasonable efforts" to help veterans avoid foreclosure or at the very least, cut the losses when foreclosure can't be avoided.

There are rules covering the VA Home Affordable program, the first being that VA borrowers must try "traditional" methods to avoid foreclosure before resorting to the VA Home Affordable program-that includes ordinary forbearance, loan modifications, and repayment plans. Affordable alternatives are preferable,

but if the borrower can't find a solution, the lender is obligated to consider the VA Home Affordable program as an alternative to foreclosure.

CAN I QUALIFY FOR THE VA HOME AFFORDABLE MODIFICATION PROGRAM?

If you risk foreclosure on a home purchased with a VA mortgage, you are eligible for the VA Home Affordable Program if:

  • You don't qualify for traditional loan modification, forbearance or other options.

  • You're eligible if the property in question is your primary residence.
  • You are eligible if the VA Home Affordable loan modification plan is agreed upon no later than the current expiration date of the VA Home Affordable program (December 31, 2012 at press time).
  • You are not current on your existing VA home loan.
VA mortgage holders who are current--not in default status or about to be foreclosed upon--don't qualify for the VA Home Affordable Loan Modification Program. In some cases, borrowers who contact their lenders to notify them of imminent danger of foreclosure may be considered for the VA Home Affordable Program. Modification of any current VA loan requires approval by the Department of Veterans Affairs.

Browse Questions About Mortgage Topics

Down Payment Requirements FHA Loan Requirements FHA Guidelines Mortgage Loan Terms Loan Approval Process Credit Requirements Getting Pre-Qualified Principal and Interest Debt-to-Income Ratio Finding a Lender Understanding Credit Scores

FREE CREDIT SCORES   From All 3 Bureaus  

Do you know what's on your credit report?

Learn what your score means.


GET STARTED

FHA.com Reviews

FHA.com is a one-stop resource for homebuyers who want to make the best decisions when it comes to their mortgage. With our detailed, mobile-friendly site, individuals can access information about different FHA products, the latest loan limits, and numerous other resources to make their homebuying experience easier. Take a look at some of the reviews from other FHA.com visitors!

First Time Home Buyers

First Time Home Buyers

The FHA Loan is the type of mortgage most commonly used by first time home buyers and there's plenty of good reasons why.

FHA Loan Guide
Learn About FHA Requirements!

FHA.com is a privately-owned website that is not affiliated with the U.S. government. Remember, the FHA does not make home loans. They insure the FHA loans that we can assist you in getting. FHA.com is a private corporation and does not make loans.

A good FICO score is key to getting a good rate on your FHA home loan.
Be smart when it comes to your FHA loan and your financial future.
Refinancing can be an effective way to put your home equity to work.
This program lets buyers get a single loan with just one closing.
--FHA Jumbo Loan--

Important FHA Terms

Important FHA Terms

FHA Loans 101

Download Our Guide for FHA Borrowers

More Links of Interest

Common FHA Questions and Answers

Common FHA Questions

Purchase or refinance your home with an FHA loan. You can get one with a down payment as low as 3.5%. Browse through our frequent homebuyer questions to learn the ins and outs of this government backed loan program.

Go To Questions
Learn About FHA Loans!