As of 2015, eligibility for the Home Affordable Modification Program depends on the applicant's ability to meet six requirements that prove his debt and inability to pay his current mortgage, explains the Departments of the Treasury & Housing and Urban Development. Applicants must also qualify based on income and employment verification.
The HAMP loan modification program is designed to help homeowners who have fallen into economic hardship, by making their mortgage payments more affordable. The HAMP program's eligibility requirements state that the applicant must be struggling to make mortgage payments, and must be delinquent or in danger of becoming delinquent on mortgage payments. He must have obtained the mortgage before Jan. 1, 2009, and the property must not be condemned. The applicant must owe up to $729,750 on primary residence, and cannot have been convicted of a real estate- or mortgage-related crime in the prior 10 years.
To apply for a HAMP loan, an applicant must put together a package consisting of a Request for Mortgage Assistance form, an IRS Form 4506T-EZ, and an Income Verification form. This package can be submitted through a mortgage servicer to initiate the application process. Additionally, an applicant can speak with his existing mortgage servicer to determine eligibility and discuss economic hardship and mortgage options.