The federal government is once again trying to help out homeowners. The Feds are kicking into high gear a zero interest loan program for qualifying homeowners.
Housing and Urban Development wants to give money to homeowners needing help.
It’s called the Emergency Homeowner Loan Program.
Here’s how it works:
If you qualify you can get up to 2 years of mortgage payments, or $50,000. The money can also be used to pay fees interest, taxes and insurance.
You don’t have to pay it back, but if you don’t follow the program guidelines for 5 years, then you may have to reimburse the government for the money you got.
But first, you’ve got to qualify. Here are the requirements:
1) You must own your own home
2) Be at least three months behind on your mortgage
3) Have an annual income less than $75,000
4) And have suffered a significant loss of that income
A drop in income must be least 15 percent and be the result of unemployment must be the result of the bad economy or a medical emergency.
You’ve got to act quickly. The deadline to apply is July 22.
Just follow the link below: