March 4 (Reuters) - The Obama administration on Wednesday gave lenders a green light to begin modifying home mortgages under a new $75 billion program aimed primarily at people facing imminent financial hardship.

The $75 billion mortgage modification plan is part of a larger Obama administration effort announced on Feb. 18 to support the U.S. housing market and distressed homeowners. For details see [ID:nN04447661], and for a factbox on overall plan see [ID:N041831].

Eligibility requirements for the mortgage modification program include the following:

MODIFICATION ELIGIBILTY

* Borrowers must represent that they do not have sufficient liquid assets to make their monthly mortgage payments. These assets will not include retirement accounts.

* Every borrower who seeks a modification must be screened for financial hardship. Borrowers must demonstrate a change in circumstances that causes hardship, such as a drop in income or an imminent payment increase.

* Delinquency is not a requirement, and households that are at imminent risk of default are eligible.

* Borrowers with high total debt may qualify but only after they enter government-certified debt counseling.

* The mortgage to be modified must have been originated on or before Jan. 1, 2009, and homes must be owner-occupied, 1-4 unit family dwellings that are primary residences.