Glenside, PA – October 7, 2010 – (RealEstateRama) — Federal HEMAP is here – almost! HUD has announced their intention to begin taking applications from eligible homeowners for their new Emergency Homeowners Loan Program (EHLP) Program by the end of the year. Pennsylvania is expected to receive $105 million of the $1 billion total allotment.
According to a HUD summary, the program will offer a declining balance, deferred payment “bridge loan” (non-recourse, subordinate loan with zero interest) for up to $50,000 to assist eligible homeowners with payments of arrearages, including delinquent taxes and insurance plus up to 24 months of monthly payments on their mortgage principal, interest, mortgage insurance premiums, taxes, and hazard insurance. The program will assist borrowers in Puerto Rico and the 32 states otherwise not funded by Treasury’s Innovation Fund for Hardest Hit Housing Markets program, based on their relative unemployment measures.