PHFA: Federal Emergency Homeowners’ Loan Program

From the PA State Treasurer: “For too many Pennsylvania families, the threat of losing their home in these tough times is an all-too-real possibility. Families facing foreclosure should know that help is available, but the deadline to apply is approaching quickly.

The Pennsylvania Housing Finance Agency (PHFA) administers the federal Emergency Homeowners’ Loan Program, created specifically to assist homeowners facing the loss of their homes.  Homeowners seeking a loan must apply through a PHFA-approved counseling agency as soon as possible.  Agencies must deliver qualifying applications to PHFA no later than September 16, 2011.

If approved, the program provides loans of as much as $50,000, or 24 months of continuing assistance, to qualified homeowners who are delinquent on their mortgage payments – much needed help to those facing foreclosures. Last year, lenders delivered nearly 150,000 mortgage delinquency notifications to homeowners in Pennsylvania. About 5,000 new foreclosures are filed each month in the state, as well.”

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About homesourcemortgage
Loan Officer

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