Basic Eligibility Requirements For Federal Loan Modification Program Not So Hard To Meet!

If you're looking into applying for the Federal loan modification program but aren't sure because of the eligibility requirements, then don't be afraid to check them out. There are some basic qualifications to meet, but most of them are not difficult. You have to be an American citizen first of all, so if you aren't then it would be a waste of your time to continue. The second part is that the loan has to have been taken out before January of 2009. This is because the program started at around that same time. The loan also has to be on the primary lived-in residence. They will not accept applicants who are applying for loan modifications on anything but the home that they currently live in. There is also the matter of how much you get on the principle. The rules indicate certain limits allowed depending on how many units the home has. You will need to check the Federal Government's website for the one that pertains to you. So far, the qualifications are not hard to follow. If you wa
nt the complete list, the government has them posted for you.  It will do you a big favor to apply for this program if you meet the eligibility criteria. Not only will your monthly payments be lowered, but the government will pay a percentage of it; the interest rate will be dropped by two percent; and the government will also pay $1000 off of the principle every year. That is a dramatic difference for you both short-term and long-term.

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