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Ask Law Educator, Esq. Your Own Question
Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 111450
Experience:  Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.
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Question Hamp Loan Mod Specialist I have a question

Customer Question

Question for FHA Hamp Loan Mod Specialist I have a question for an FHA HAMP loan mod specialist. If a borrower is applying for a conventional HAMP modification, the guidelines are that the lender gives a 2% loan amortization with a 40 year loan. However,
I can't seem to get a straight answer with an FHA Hamp. What are the basic guidelines, if any? Does FHA have a standard hamp apr? Say 3.5% at a 30 year amortization? Is it different for every FHA loan?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  WiseOwl58 replied 1 year ago.
Under applicable federal and Utah law, no the FHA does not mandate a standard APR, since the financing is provided by a private lending institution so the bank/lender can determine the market rate of the financing, as long as it is justified as a fair market rate by the bank.
Please rate the answer 4 or 5 and close out the question. I wish you all the best.
Customer: replied 1 year ago.
Well...what is the fair market FHA Hamp rate as of today? If someone applied for a loan mod right this instant for FHA Hamp what would be a good guess for the APR?
Expert:  WiseOwl58 replied 1 year ago.
It would have to be quoted by the bank, but as you know, interest rates are very low.
Customer: replied 1 year ago.
I get that, but HAMP rates on conventional are 2%. Is there any website I could search that could say a rough rate today for FHA HAMP is 3.5%?
Customer: replied 1 year ago.
to the Moderator: Is this question not going to be answered?
Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your question. I am a different contributor and look forward to working with you to provide you the information you are seeking for educational purposes only.
The site http://www.bankrate.com generally has the information on the average interest rates on FHA and conventional loans. Here is the FHA letter on how HAMP mortgages under FHA are to be calculated as well: https://portal.hud.gov/hudportal/documents/huddoc?id=15-11ml.pdf