BOISE, ID – May 16, 2011 – (RealEstateRama) –There is still hope for hundreds of homeowners who are struggling to avoid foreclosure. Idaho Housing and Finance Association is still accepting applications for the Emergency Homeowners’ Loan Program (EHLP). The U.S. Department of Housing and Urban Development (HUD) announced the $13 million home saving program on April 1st. Since the announcement, IHFA has sent out more than 700 applications, and only 287 have been returned for review.
The EHLP is a federal program designed to help unemployed or underemployed families make their mortgage payments for up to 24 months by providing zero-interest, forgivable loans of up to $50,000. The loans will provide emergency assistance to homeowners facing foreclosure caused by job loss, underemployment, or a medical condition.
“This emergency loan program is supposed to help 500 to 600 Idaho families,” Susan Semba, Vice President of Homeownership Lending, said. “Now that we have seen the initial wave of applicants, we are encouraging people who maybe thought it was too late to apply – to pick-up the phone and ask for an application today. Our goal is to help as many people as we possibly can with this program.”
Idaho is one of five states sharing in the government’s $1 billion foreclosure prevention program. Based on need, the loans will be granted on a first-come, first-serve basis through an application process. Applicants must meet certain program requirements to qualify. Along with being unemployed, underemployed, or having a major medical condition (resulting in at least 15% income loss), 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.
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.
Katrina Thompson katrinat (at) ihfa (dot) org
Public Affairs Manager