HUD’s Emergency Homeowner Loan Program Comes to Idaho

The State of Idaho will be one of the first four states the Department of Housing and Urban Development (HUD) will begin implementing their Emergency Homeowner Loan Program (EHLP).  Unemployed homeowners can “receive a $50,000 interest-free loan to assist with their mortgage payments for up to 24 months”. Qualifications for the new program require that the borrower’s mortgage payments be at least 3 months delinquent, the home must be the borrower’s principal residence, “and the borrower must demonstrate a good payment record before losing employment.”  Starting Monday, HUD will be taking applications for EHLP assistance. http://bit.ly/gOkdmG

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