Emergency Homeowners Loan Program
HUD has reopened the application intake for the Emergency Homeowners' Loan Program (EHLP), a program that provides mortgage payment assistance to eligible homeowners experiencing a drop in income of at least 15 percent, directly resulting from involuntary unemployment or underemployment due to the economy and/or a medical condition. The mortgage assistance covers past-due mortgage payments, as well as a portion of the homeowner's mortgage payment for up to 24 months (up to $50,000). The program is offered in 27 states and Puerto Rico. The deadline to apply is September 15, 2011. Since EHLP funds are provided to qualified homeowners on a first-come, first-served basis, it is critical that homeowners provide all required documents in a timely manner or risk losing the opportunity to apply for assistance under the program. For more information, please visit: http://findehlp.com/or call the toll-free hotline at: 855- 346-3345.
New PowerSaver Pilot Program
Vice President Joe Biden & HUD Secretary Shaun Donovan announced on 11/09/10 a new pilot program that will offer credit-worthy borrowers low-cost loans to make energy-saving improvements to their homes. Learn more...
Emergency Homeowners Loan Program
The Dodd-Frank Wall Street Reform & Consumer Protection Act, signed into law by President Obama in July, authorizes HUD to administer a $1 billion Emergency Homeowners Loan Program (EHLP), to provide assistance for up to 24 months to homeowners who have experienced a substantial reduction in income due to involuntary unemployment, underemployment, or a medical condition & are at-risk of foreclosure. Learn more...
HUD announces new reverse mortgage option: FHA announced on 11/22/10 a new HECM product called HECM Saver. This new option can lower upfront loan closing costs, for homeowners who want to borrow a smaller amount than what would be available with a HECM Standard loan. This option will be available for all HECM case numbers assigned on or after October 4, 2010. Read the press release...
FHA Issues Recertification for Condos: New guidance has been issued to recertify condominiums.
From the Desk of the FHA Commissioner: Stay up to date with the latest news from the Desk of the FHA Commissioner.
FHA "First Look" Sales Method for Eligible NSP Purchasers:HUD announced on 7/12/10 a new initiative that gives governments & nonprofits participating in the NSP program preference to acquire HudHomes.
Announcing the HopeLoan Port: The HOPE NOW Alliance recently announced the launch of a new web portal, HOPE LoanPort?, that HUD believes has the potential to significantly improve the execution of HAMP & non-HAMP modifications.
Making Home Affordable (MHA): Find out how MHA can help homeowners facing foreclosure find help with their mortgage. Visit: www.makinghomeaffordable.gov
