Idaho Housing and Finance Association is working directly with HUD on a new program called the Emergency Homeowners’ Loan Program (EHLP). This program will offer a forgivable, deferred payment “bridge loan” (zero percent interest, non-recourse, subordinate loan) to assist eligible borrowers with their mortgage arrearages and payments on their mortgage principal, interest, mortgage insurance premiums, taxes and hazard insurance for up to 24 months.
I would have named it the Homeowner's Emergency Loan Program (HELP) so it wouldn't look like I was dislexic when referencing the EHLP program, but it is still a great program!
EHLP is designed to provide mortgage payment relief to eligible homeowners who are at risk of foreclosure and who meet certain requirements of the program. If you have experienced a drop in income of at least 15% resulting from involuntary unemployment, underemployment, or medical reasons, please follow these steps to see if you may qualify:
Step 1: Contact Idaho Housing and Finance Association (IHFA), 1-877-888-3135, or send an email to housingcounseling@ihfa.org with EHLP in the subject line. Please include your name, mailing address, and a phone number. A packet will be sent to you.
Step 2: Complete an application packet and return it, within seven days, with the required documentation. The EHLP Program is on a first-come first-serve basis and we will review your information, for the program, in order of receipt.
Step 3: IHFA staff will be in contact with you.
Who may qualify for EHLP?
Homeowner(s) must meet one or more of the following event criteria:
- Loss of employment resulting in unemployment
- Underemployment – Loss of at least 15% income
- Homeowner(s) has/have been faced with a major medical event resulting in loss of at least 15% of their income
Homeowner(s) must also meet the following eligibility criteria:
- Income Thresholds – Homeowner(s) must have a pre-event income equal to, or less than, 120% of the area median income. Income includes, but is not limited to, wage, salary, self-employed earnings, and other adjusted gross income
- Substantial Income Reduction – Combined income for all homeowners & co-homeowners must be at least 15% lower than the pre-Event monthly income
- Delinquency & Likelihood of Foreclosure – The homeowner(s) must be delinquent on their mortgage which makes it probable that they are facing foreclosure
- Ability to Resume Payment – The homeowner(s) must have a reasonable likelihood of being able to resume repayment of the mortgage and meet other housing expenses and debt obligations when the homeowner(s) regain full employment
- Principal Residence – The homeowner(s) must occupy the property and it must be a 1-to 4-unit structure, condominium, cooperative or manufactured home
If you have any other real estate related questions or are thinking of buying and selling a home in the Boise, Idaho area, feel free to contact Jim Paulson - the owner/broker of Progressive Realty Corporation at 208-573-0471.
Comments (5)Subscribe to CommentsComment