Idaho Unemployed Homeowners Urged to Apply for Emergency Loan Program

September 5, 2011

by Idaho RealEstateRama

BOISE, ID – September 5, 2011 – (RealEstateRama) — The deadline for submitting an application to the Emergency Homeowners’ Loan Program (EHLP) in Idaho is fast approaching.

Unemployed homeowners who are at risk of foreclosure can submit applications until Sept. 19 for the zero-interest, forgivable loans, which will help those who qualify make their mortgage payments for up to 24 months.

Idaho Housing and Finance Association (IHFA) has aggressively promoted the emergency mortgage assistance program since it started in April. Out of the $13 million the U.S. Department of Housing and Urban Development (HUD) awarded Idaho, IHFA already has allocated $5,700,000 in EHLP funding to 150 homeowners across Idaho. Another 150 households are in the process of approval for approximately $5.2 million.

The loans will be granted based on need on a first-come, first-serve basis through an application process and IHFA officials are urging distressed homeowners to submit their applications before it’s too late.

“Anyone who thinks they qualify should apply; it would be a shame if eligible homeowners did not apply because they were not aware of the funds available or thought they didn’t qualify,” said Susan Semba, vice president of Homeownership Lending. “If after reviewing the application we find someone does not qualify for the emergency loan, our staff will provide counseling about any other options available to them. If you need help, please reach out to us.”

Applicants must meet certain program requirements to qualify. Along with being unemployed, underemployed, or having a major medical condition (resulting in at least 15% loss in wages), homeowners must meet the following criteria:

Gross income must be less than 120% of area median income (AMI) for the county in which they live,
Homeowner must be in imminent danger of facing foreclosure,
Homeowner must reasonably expect to resume mortgage payments upon successful re-employment.

Homeowners who are interested in applying for the EHLP can contact IHFA’s housing counseling department at 877-888-3135 for more information. Applications can be downloaded through the IHFA website www.ihfa.org, and mailed back to IHFA for consideration. Or, applicants can call IHFA and have an application packet sent in the mail. Applications will be reviewed in order of receipt.

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Idaho Housing and Finance Association, a financial services and housing business organization, improves lives and strengthens Idaho communities by expanding housing opportunities, building self sufficiency, and fostering economic development.

Contact:
Maria Ortega mariao (at) ihfa (dot) org
Public and Media Relations Officer
208-331-4858
Katrina Thompson katrinat (at) ihfa (dot) org
Marketing and Communications Manager
208-331-4738