The Idaho Housing and Finance Association has received approval from HUD to begin administering the 13 million dollar Emergency Home Loan program.
ELHP is designed to help Idaho homeowners who are currently unemployed or are under employed (loss of at least 15% of income) and are at risk of foreclosure cover mortgage payments while working to resolve their current financial hardship.
This program provides troubled Idaho homeowners with a forgivable, deferred payment “bridge loan” to assist with them with catching up on the mortgages and making principle and interest payments, taxes, and insurance for up to 24 months or $50,000 dollars.
Idaho Housing and Finance Association hopes to help up 500-600 homeowners with the ELHP program and currently have an estimated 174 applicants already. The program is on a first come first serve basis for Idaho homeowners.
According to the Idaho Housing and Finance Association’s website, Homeowner(s) must be experiencing at least one of the following events to qualify:
- Loss of employment resulting in unemployment
- Underemployment – Loss of at least 15% income
- Homeowner(s) has/have been faced with a major medical event resulting in loss of at least 15% of their income
And they are subject to the following eligibility requirements:
- Income Thresholds – Homeowner(s) must have a pre-event income equal to, or less than, 120% of the area median income. Income includes, but is not limited to, wage, salary, self-employed earnings, and other adjusted gross income
- Substantial Income Reduction – Combined income for all homeowners & co-homeowners must be at least 15% lower than the pre-Event monthly income
- Delinquency & Likelihood of Foreclosure – The homeowner(s) must be delinquent on their mortgage which makes it probable that they are facing foreclosure
- Ability to Resume Payment – The homeowner(s) must have a reasonable likelihood of being able to resume repayment of the mortgage and meet other housing expenses and debt obligations when the homeowner(s) regain full employment
- Principal Residence – The homeowner(s) must occupy the property and it must be a 1-to 4-unit structure, condominium, cooperative or manufactured home
