For homeowners on the brink of foreclosure, new federal program might offer help. The Emergency Homeowners Loans Program (EHLP) offers up to $50,000 in loans to homeowners in danger of foreclosure because of unemployment, underemployment or medical issues. The program was developed by HUD, which has set aside more than $50 million to use in Minnesota over the next two years.
- Applications will be accepted through July 22nd
- Random drawing will be held
- 1,405 Minnesota homeowners will be chosen to receive the loans to make overdue mortgage payments and to assist with future payments. You MUST apply.
- Loans are "interest-free, forgivable loans"
For more information check out http://ehlpminnesota.com/ or call 1-866-462-6466
Time is of the essence!!! Apply between July 5th and July 22nd
FHA eases foreclosure rules for unemployed
In an attempt to help out-of-work homeowners stay in their homes, FHA will extend the period for unemployed homeowners to miss up to a full year of mortgage payments before the foreclosure process begins starting August 1st.
Rules on Credit Scores going into effect
Consumers who are denied credit or whose existing loan terms become less favorable soon will be able to get free credit scores under new rules from the Federal Reserve Board and Federal Trade Commission. Effective July 21, 2011 if a credit score is used to set certain credit terms, or to deny or revoke credit or change existing credit terms, then banks and others will be required to disclose the credit scores and other related information to consumers.
VA loan is the best deal in town
100% financing with no mortgage insurance. The VA Funding Fee is waived if the veteran is 10% or more disabled.