Homeowners in Florida and across the country have the option to modify their loans and take advantage of lower interest rates, but the process has been fraught with paperwork and technical requirements. For those holding relatively high-rate mortgages, the "Streamlined Modification Initiative" is set to simplify the process for owners with 90 days or more of delinquent payments. Some restrictions still apply, and the best source of information on eligibility is the servicer of the loan. The initiative was passed by the Federal Finance Housing Agency (FFHA) and will take effect on the first of July. All loan modifications under it will be handled by the agency's Freddie Mac and Fannie Mae lenders. Documentation is not required, but it may increase eligibility for more savings for those facing financial hardship. Historically, most lenders comply with (FFHA) actions by establishing similar programs, but lenders are not required to participate. A primary restriction on eligibility is that only first mortgages with less than 20 percent delinquency are eligible.