BOISE, ID – July 29, 2011 – (RealEstateRama) — Do you need help with your mortgage payments? Emergency Homeowners’ Loan Program (EHLP) funds are available through the Idaho Housing and Finance Association (IHFA) to assist qualified unemployed or underemployed families make their mortgage payments for up to 24 months by providing zero-interest, forgivable loans.
Already $3,116,000 in EHLP funding has been allocated to 76 homeowners across Idaho thanks to the program. Funding is still available to help qualified Idaho families who are at risk of losing their home.
The U.S. Department of Housing and Urban Development (HUD) announced the $13 million home saving program for Idaho on April 1. The loans will be granted based on need on a first-come, first-serve basis through an application process. While other states in the country have a July 27 deadline, Idaho’s program is not under similar guidelines and IHFA continues to accept applications.
“This emergency loan program can help up to 400 Idaho families; it will be a shame if eligible homeowners did not apply because they were not aware of the funds available,” said Susan Semba, vice president of Homeownership Lending. “We are encouraging people to apply – to pick-up the phone or go online and ask for an application today.”
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.
Maria Ortega mariao (at) ihfa (dot) org
Public and Media Relations Officer
Katrina Thompson katrinat (at) ihfa (dot) org
Marketing and Communications Manager