Keep Your Home Program â€“ Available in California
The â€œkeep your home programâ€ received nearly $2 billion in
federal funds to help struggling California families pay their mortgage and
stay in their homes. The California Housing Finance Agency is handling this
The program officially launched this month January 2011.
Depending on the circumstances, you may be eligible for up to $3,000 in
assistance to help pay your mortgage. The term is six months with the
expectation that you will be employed at the end of this time frame.
Eligibility will rely on your lender participating in the
program. So far Wells Fargo, Bank of America, Chase, and GMC are on board. Citi
Mortgage is expected to become part of this program.
The intent of the program is to help homeowners avoid
Some of the requirements for eligibility:
- Â Â Â Â Â Mortgage amount less than $729,750
- Â Â Â Â Â Income cannot be more than 120% of the Median Income for a
family of four in the county where you live
- Hardship â€“ you must be able to document a hardship
- Must be able to receive unemployment benefit
- Mortgage is delinquent or at risk of becoming a default
- The mortgage must have been initiated before January 2009
For more information and to apply contact the California
Housing Finance Agency, Tel: 888-954-5337, or visit their website at http://www.keepyourhomecalifornia.org/