The area median income (AMI) is a statistic generated by the U.S. Department of Housing and Urban Development (HUD) for purposes of determining the eligibility of applicants for certain federal housing programs. HUD determines AMI on an annual basis for each metropolitan area and non-metropolitan county, making adjustments for household size and other factors. Different housing programs use different percentages of AMI â€“ such as 30 percent of AMI or 80 percent of AMI â€“ as maximum income limits for admission. Many state and localities have adopted HUDâ€™s income limits for their own programs, or use a variation on the HUD limits â€“ for example, 120 percent of AMI.
Click on the link below for more details from HUD.... more
Call your lender, ask to speak with someone in their "work out" department, and ask to renegotiate the following terms: 1) a lower principal, 2) a lower interest rate, and 3) a longer amortization period (especially if they won't go for lowering the principal).... more