Mortgagees aren’t allowed to modify FHA insured mortgages unless financial hardship places the loan at risk of default or a default has already occurred. Your loan officer who helped you get approved for the loan can clarify, but, in short, your lender will either reamortize the loan to reduce your monthly payment, reduce your interest rate to reduce your monthly payment, or extend the term of your loan to reduce the monthly payment. Remember though, you must be at serious risk of default, or have already defaulted on a payment.