Foreclosure prevention funding application deadline is Sept. 16
There’s still time for homeowners facing foreclosure to apply for the Emergency Homeowners’ Loan Program (EHLP) through the PA Housing Finance Agency (PHFA). The deadline to apply for EHLP assistance is September 16.
Pennsylvania received $105 million to aid homeowners facing foreclosure through the U.S. Department of Housing and Urban Development (HUD). This foreclosure prevention program is intended to help families in danger of losing their homes due to involuntary unemployment, under-employment or for medical reasons.
To date, PHFA has approved $32 million in EHLP loans. It has received nearly 1,700 applications and 854 of those have met the requirements of the program and have been approved. After September 16, Pennsylvania loses access to any EHLP funding not committed to homeowners approved for the program.
“PHFA is committed to getting this foreclosure assistance to as many homeowners throughout the state as possible,” said Realtor® Ronald Croushore, a member of the PHFA board. “If Realtors® are aware of homeowners facing foreclosure, they should encourage them to apply for this program as quickly as possible.”
To qualify for an EHLP loan, homeowners need to meet certain HUD requirements, including:
- Their current gross income must be at least 15 percent lower than their pre-event income
- They must be at least three payments delinquent on their mortgage
- The property must be owner-occupied and be the homeowner’s principal residence
- The property must be a single-family residence – either a one-to-four unit structure or condominium.
Pennsylvania residents should call PHFA at 800-342-2397 for details. Operators are available Monday through Friday during normal business hours.
Kim Shindle is the Manager of Media Relations at the Pennsylvania Association of Realtors®. Follow Kim on Twitter.