Unemployed? Taken a Pay Cut? Don’t lose your home to foreclosure!
Take advantage of the Kentucky Unemployment Bridge Loan Program (UBP). This program is not credit score driven – so NO MINIMUM CREDIT SCORE. The Maximum assistance is $25,000 or 12 months, whichever occurs first. This money can be used to catch up your payments and/or make your payments. You do not have to be in arrears to qualify.
Participants must meet these guidelines:
· The unemployment or income reduction related event must have occurred within the last 3 years prior to the date of application
· Maximum amount of liens on the property cannot exceed $275,000
· Borrower’s principal, interest, taxes and insurance (PITI) must exceed 31% of the gross monthly income, or
· Borrower must experience 15% reduction in employment income.
· A maximum liquid reserve is six months of PITI (EXCLUDING retirement funds)
· Borrowers must sign a hardship affidavit acknowledging the reduction in income due to no fault of their own.
· The servicer of the loan must be enrolled as a participating servicer. A borrower cannot receive UBP assistance if their servicer has not enrolled as a participating servicer. Click Here for List of Participating lenders and servicers.
· This money is forgiven over 5 years. If you sell your home prior to the end of 5 years, the amount is pro-rated.
· Death of an income earner, divorce, or incarceration are not “qualifying events” for the program.
Call me for more info, or click here to go the website.
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