Emergency homeowner loans still available for Idahoans

DO YOU QUALIFY?

Homeowners must:

• Be at least 90 days behind in mortgage payments.

• Have a total household gross income less than 120 percent of the median income for their county.

In Ada and Canyon counties, that amounts to $74,280.

• Have a reasonable expectation they will be able to resume making their mortgage payments when successfully re-employed.

HOW TO APPLY

Homeowners interested in applying can contact The Idaho Housing and Finance Association’s counseling department at (877) 888-3135 and ask for a packet to be sent in the mail. More information and applications can be found at the IHFA website at www.ihfa.org.

The completed application should be mailed to IHFA, Attention: Jay, P.O. Box 7899, Boise, ID 83707-1899.

Applications will be reviewed in order of receipt.

The Idaho Housing and Finance Association said Monday it has received just 363 applications since announcing it had $13 million in federal emergency funding from the U.S. Department of Housing and Urban Development.

The money is intended to provide zero-interest bridge loans of up to $50,000 to Idahoans in danger of losing their homes to foreclosure because of job loss, underemployment or a medical condition.

Heather Bowman, director of IHFA homebuyer/education and housing counseling administration, speculated that many Idaho homeowners in financial trouble didn’t apply because they thought the money would be gone quickly.

Just 25 applications have been approved since the program was unveiled in April — committing just $993,185 of the $13 million.

IHFA spokeswoman Katrina Thompson said about 300 applications are still being reviewed. She said most the 38 applications that have been rejected were because of incomplete documentation.

If a homeowner qualifies, the program lends them enough money to get their mortgage current.

If the amount is less than the $50,000 cap, the balance can be used to help pay the mortgage for up to 24 months.

Thompson stressed that HUD will forgive 20 percent of the loan per year if homeowners remain current on their mortgage for the next five years.

The size of the loan is based on a needs assessment conducted by IHFA.

Bowman said homeowners that are rejected for the program can still receive IHFA counseling on what other options exist for staying out of foreclosure.

Idaho is awash in homeowners in need of assistance. The state has ranked among the top 10 states in per-capita foreclosures for 27 consecutive months, dating to January 2009, according to RealtyTrac, a research group that tracks foreclosures nationwide.

Joe Estrella: 377-6465