Hardest Hit Evaluation
• The loan must be eligible for recast; if the mortgage is a FHA, VA or
USDA‐RD mortgage, the borrower will need to refinance to receive
the pro rata forgiveness provisions;
• Borrowers who are in the HAMP incentive period’s loans will not be
recast, but the program will allow for principal curtailment; and
• Borrower must be current on payments for the first mortgage for
the past 24 months.
Mortgage Requirements
• First mortgage is with a regulated financial institution, Habitat, or USDA
• The outstanding principal balance of the first mortgage is $400,000 or less at the time of
application
• Homeowner cannot have a current pending litigation on the property or mortgage
Other Evaluation Criteria
• Homeowners who have unencumbered assets or cash reserves (not including items such as
retirement or qualified education plans, household goods or motor vehicles necessary for
transportation) that are equal to or more than three times the total monthly mortgage payment
(including tax and insurance payments), or that total $5,000 (whichever is greater), must first use
those assets toward mortgage payments or other existing debt before being eligible for UMAP/MLRP
funds.
• The borrower and/or co-borrower, through no fault of their own, must have experienced a financial
hardship. The areas of financial hardship that must be reviewed include job loss (unemployed),
reduction in income or hours worked (underemployed), reduction of income for a self-employed
homeowner, death of a borrower or co-borrower, divorce, or disability. The financial hardship must
be as the result of at least a 10 percent reduction in income.
Priority Appraisal and Mortgage Services Inc. is a residential appraisal firm experience in all areas of residential appraising in the Tampa Bay area. Focused in the Pasco, Pinellas and Hillsborough counties for the past 14 years. At Priority Appraisal and Mortgage Services, Inc. our customers are our priority. We provide fast accurate appraisals in a timely manner. We go above and beyond to fulfill your needs with any and all additional market information to serve your requirements. For more appraisal info visit: http://PriorityAppraisalandMortgageServicesInc.appraiserxsites.com or call Shari Peterman directly at 727-505-6706. I look forward to hearing from you.