A California program funded with $2 billion in federal stimulus money is designed to help 100,000 struggling homeowners, but since the program launched in February, only 7,000 home owners have received assistance.
California Housing Finance Agency’s (CalHFA) Keep Your Home California is getting new attention thanks to the recent “We Can’t Wait” executive order by President Obama to pump up the federal Home Affordable Refinance Program (HARP) to reach more struggling homeowners.
Among other improved provisions, the executive order allows HARP to remove the current 125 percent LTV ceiling on qualifying refinanced Fannie Mae or Freddie Mac mortgages held by homeowners who owe more than their home is worth.
Click each image to learn more about each program’s requirements
UMA provides mortgage payment assistance to eligible homeowners who have experienced an involuntary job loss and are receiving California unemployment benefits. Benefit assistance through UMA can be up to $3,000 per month and can last up to six months. The maximum assistance per household is $18,000.
MRAP provides assistance to eligible homeowners who, because of a financial hardship, have fallen behind on their payments and need help to reinstate their past due first mortgage loan. Benefit assistance through MRAP can be a one time payment of up to $15,000 to cover principal, interest, taxes and insurance, as well as any homeowner’s association dues.
PRP provides assistance to eligible homeowners who have experienced an economic hardship coupled with a severe decline in the home’s value. Homeowners who qualify for the PRP could be eligible for up to $50,000 in assistance from Keep Your Home California. The PRP requires a dollar-for-dollar match from the participating servicer, so the total amount of reduced principal could be up to $100,000.
TAP provides one-time funds to help eligible homeowners relocate into a new housing situation after executing a short sale or deed-in-lieu of foreclosure program. The TAP can provide up to $5,000 in transition assistance per household.