There are a number of programs to assist homeowners who are at risk of foreclosure and otherwise struggling with their monthly mortgage payments. The majority of these programs are administered through the U.S. Treasury Department and HUD. This page provides a summary of these various programs. Please continue reading in order to determine which program can best assist you.

Unemployment Mortgage Assistance benefit payments are usually sent to the servicer on the last Friday of each month. Homeowners may request a copy of their Unemployment Mortgage Assistance Disbursement Schedule. Send a request to umanotice@kyhca.org. Be sure to provide your email address, first/last name, Homeowner ID number, and specify that you are requesting a copy of your Unemployment Mortgage Assistance Disbursement Schedule.
It literally takes a few minutes to pull your credit report and order your credit score. But surprisingly, some future home buyers never review their scores and credit history before submitting a home loan application, assuming that their scores are high enough to qualify. And many never consider the possibility of identity theft. However, a low credit score and credit fraud can stop a mortgage application dead in its tracks.
It’s not uncommon for lenders to pull your credit report a second time to see if anything has changed before your loan closes. Be careful not to do anything that would bring down your credit score while your loan is being processed. So, pay all of your bills on time, don’t apply for any new credit cards, and don’t take out any new car loans until your home loan has closed.
Catholic Charities assist people in need regardless of religion, race and background. The agencies offer emergency financial assistance for people who suffer a crisis, such as a job loss, unexpected medical expenses, car repairs or a death in the family. Although an unpaid mortgage qualifies under the Emergency Assistance Program, some locations have specific programs designed to provide mortgage help. The Housing Counseling Program helps homeowners find a permanent solution to avoid foreclosure.
If you do not shop multiple lenders, you’re doing yourself a disservice. Even if you are sure this is the lender you want to use, getting quotes from other lenders can help you negotiate a better deal. Not every lender will give you the same mortgage rate, or closing costs. This is why shopping multiple lenders is very important. Getting at least 3 or 4 loan offers is recommended.
Short Sale: Your servicers may allow you to sell the home yourself before it forecloses on the property, agreeing to forgive any shortfall between the sale price and the mortgage balance. This approach avoids a damaging foreclosure entry on your credit report. Under the Mortgage Forgiveness Debt Relief Act of 2007, the forgiven debt on your primary residence may be excluded from income when calculating the federal taxes you owe, but it still must be reported on your federal tax return. For more information, contact the IRS, and consider consulting a financial advisor, accountant, or attorney.
A jumbo mortgage is usually for amounts over the conforming loan limit, currently $453,100 for all states except Hawaii and Alaska, where it is higher. Additionally, in certain federally designated high-priced housing markets, such as New York City, Los Angeles and the entire San Jose-San Francisco-Oakland area, the conforming loan limit is $679,650.
Manage your debt carefully after your home purchase. Sometimes your home will need new appliances, landscaping or maybe even a new roof. Planning for these expenses carefully can help you avoid one of the most common causes of missed mortgage payments: carrying too much debt. It's important not to overextend your credit card and other debts so you stay current on your payments.
Coming up with a down payment can be the one of the biggest obstacle when buying a home, especially for first-time home buyers. No matter what type of loan you choose, you will likely have to put some amount of money down. Saving up for a down payment can seem like a daunting task, but with the right planning and budgeting you can reach your savings goals faster than you think. Click here for strategies that can help you save for a down payment.
If you have a credit card with a $20,000 limit, that doesn't necessarily mean that you should spend $20,000 on purchases with the card. The same logic is true when it comes to mortgages -- just because you can qualify for a certain mortgage amount doesn't mean that you have to max out your budget. Be sure that your new mortgage payment not only fits your bank's standards but your budget as well.
A mortgage loan is a long-term loan obtained from a bank, financial institution, or other lending organization, often used to purchase, construct, or improve a home or piece of property. Mortgage loans are usually paid off over 15 to 30 years, with low-interest rates compared to other large loans. A mortgage loan works to provide low-interest rates for long-term repayment, because the lender's risk is insured by a security interest in your real property.
Where to get the best deal. If you qualify for an FHA, VA or USDA loan, you may be able to get a better deal on interest rates and other costs using their programs. Familiarize yourself with their criteria. Whether you choose a government-backed or conventional loan, keep in mind that fees and interest rates can vary widely by lender, even for the same type of loan, so shop around for the best deal. You can start your search by comparing rates with LendingTree.
It’s not uncommon for lenders to pull your credit report a second time to see if anything has changed before your loan closes. Be careful not to do anything that would bring down your credit score while your loan is being processed. So, pay all of your bills on time, don’t apply for any new credit cards, and don’t take out any new car loans until your home loan has closed.
Yes, if a homeowner becomes fully re-employed while they are receiving Unemployment Mortgage Assistance benefits they are required to contact Keep Your Home California in writing. Homeowners should send notice of re-employment to Keep Your Home California Funding Department at Funding@KYHCA.org. Please be sure to include the first date of employment, employer name and monthly gross income amount along with your Homeowner ID number, property address and name. Benefit assistance will end no later than 90 days from the date the homeowner notifies* Keep Your Home California that they have become fully re-employed and are no longer receiving EDD benefits.
Your credit score. Your credit score is one of the most significant factors in getting approved for a mortgage, and it also influences the interest rate you’ll end up with. The better your score, the lower your rate will likely be and the less you’ll pay in interest. You’re entitled to free credit reports each year from the three major credit bureaus, so request them from annualcreditreport.com and dispute any errors that may be dragging your score down.
Homeowners can lower their monthly mortgage payments and get into more stable loans at today's low rates. And for those homeowners for whom homeownership is no longer affordable or desirable, the program can provide a way out which avoids foreclosure. Additionally, in an effort to be responsive to the needs of today's homeowners, there are also options for unemployed homeowners and homeowners who owe more than their homes are worth. Please read the following program summaries to determine which program options may be best suited for your particular circumstances.
Due to limited availability of funds, the New York State Mortgage Assistance Program (NYS-MAP) will no longer be accepting loan applications after February 15, 2019. In addition, we cannot guarantee that we will be able to fund loans for clients who have received conditional approval letters. Please keep this in mind as you work on your application with your housing counseling or legal services provider.
Example – A $200,000 fixed-rate mortgage for 30 years (360 monthly payments) at an annual interest rate of 4.5% will have a monthly payment of approximately $1,013. (Taxes, insurance and escrow are additional and not included in this figure.) The annual interest rate is broken down into a monthly rate as follows: An annual rate of, say, 4.5% divided by 12 equals a monthly interest rate of 0.375%. Every month you’ll pay 0.375% interest on the amount you actually owe on the house.

Maybe your parents had a 30-year fixed-rate loan. Maybe your best friend has an adjustable-rate loan. That doesn’t mean that either of those loans are the right loan for you. Some people might like the predictability of a fixed-rate loan, while others might prefer the lower initial payments of an adjustable-rate loan. Every home buyer has their own unique financial situation and it’s important to understand which type of loan best suits your needs.
Several utility companies are part of this organization and participate in the program. Grants are available for needy families and individuals and they can provide assistance with a wide variety of needs. For example, prescription medications, eyeglasses, artificial limbs, medical care and bills, wheelchairs, ramps or other handicap renovations are examples of the grants awarded each month. However, please note that no utility bills are paid through this program. Call your utility company and ask about Operation Round Up.
With this in mind, it’s important to do research before choosing a mortgage lender. You not only want to compare the rates but also the level of service each lender provides. When comparing rates, be sure to get the estimates on the same day as rates can change daily. When reviewing level of service, ask how quickly they can process your loan. Is the lender available to personally help you choose the right product and rate, or are you waiting on hold for “the next available representative”?  Do they make you jump through hoops just to get a rate quote?
Mortgage Payment Assistance (MPA) offers up to 24 months of assistance for eligible applicants who have had an unemployment or underemployment hardship in the last 36 months and need help paying mortgage monthly. Of the 24 months, up to 12 months may be used to reinstate first and some second mortgages. Mortgage payment assistance ends when the homeowner is able to sustain the mortgage payment, when reserved funds are exhausted, or when 24 monthly payments have been provided, whichever comes first. Under MPA, you may be required to make partial payments toward your mortgage during your participation in the program. If you are now employed and are able to make your currently monthly payments but are behind on your mortgage, MPA offers a onetime payment to your lender for up to 12 months of mortgage help to bring your mortgage current.
Mortgages will require mortgage insurance if you have less than a 20% down payment. PMI is between 0.35% – 1.0% annually depending on the type of mortgage program you choose. FHA loans PMI is 0.85% of the loan amount, and is required for the life of the loan. Conventional mortgage PMI is 0.51% and is required until the loan balances reaches 78% LTV.
John and Anne are a retired couple, aged 72 and 68, who want to stay in their home, but need to boost their monthly income to pay living expenses. They would like to remodel their kitchen. They have heard about reverse mortgage loans, but didn’t know the details. They decide to contact a reverse mortgage loan advisor to discuss their current needs and future goals.
Mortgage principal reductions are becoming more common. The latest data shows that banks and lenders are forgiven, deferring or reducing the principal balance on about 15% of home mortgages, and they are writing off billions of dollars in principal. Studies show that reducing the balance on a mortgage may be the most effective solution to a housing crisis. Locate a list of mortgage loan principal reduction programs from banks.
Yes, if a homeowner becomes fully re-employed while they are receiving Unemployment Mortgage Assistance benefits they are required to contact Keep Your Home California in writing. Homeowners should send notice of re-employment to Keep Your Home California Funding Department at Funding@KYHCA.org. Please be sure to include the first date of employment, employer name and monthly gross income amount along with your Homeowner ID number, property address and name. Benefit assistance will end no later than 90 days from the date the homeowner notifies* Keep Your Home California that they have become fully re-employed and are no longer receiving EDD benefits.

Short Sale: Your servicers may allow you to sell the home yourself before it forecloses on the property, agreeing to forgive any shortfall between the sale price and the mortgage balance. This approach avoids a damaging foreclosure entry on your credit report. Under the Mortgage Forgiveness Debt Relief Act of 2007, the forgiven debt on your primary residence may be excluded from income when calculating the federal taxes you owe, but it still must be reported on your federal tax return. For more information, contact the IRS, and consider consulting a financial advisor, accountant, or attorney.
Amortization is what you are actually paying per year against your loan. You can get a mortgage with a term of 10, 15 or 30 years. You pay each month and the principal decreases until it’s paid off. The payments don’t change but at the beginning of the term, most of the payment is going toward interest. By the end of the term, that’s flipped and you’ll be paying down the mortgage principal.
Following the financial crash of 2008 and the subsequent collapse of the housing bubble, many (but not all) real estate markets eventually recovered. Entered into in a prudent way, home ownership remains something you should consider in your long-term financial planning. Understanding how mortgages and their interest rates work is the best way to ensure that you're building that asset in the most financially beneficial way. 
The Hardest Hit Fund was created to provide additional options to residents of those states that have the highest unemployment rates, most significant job losses, and that have been hit hardest by the nation’s housing crisis. This program is only available in certain parts of the country. Borrowers can qualify for zero interest rate loans that do not need to be repaid, so these can be thought of as grants. Click here to read more on Hardest Hit mortgage fund.
“Now is the time to start the process. More than 75 percent of credit reports are said to have some incorrect data. Often a difference of two points in your credit score can make a drastic difference in your interest rate and/or loan fees. Making sure you are prepared from a credit standpoint is the most important part of the process. Secondly, make sure you are staying current on all your liabilities. And lastly, when you sit down with us, you will know you are with an industry leader in Movement Mortgage. We love and value people here at Movement.  It shows in how we take care of you while guiding you through the process.”–Bodie Shepherd, Market Leader, Chico, CA
A 30-year fixed-rate mortgage is also called a conventional rate mortgage. The rate that you see when mortgage rates are advertised is typically a 30-year fixed rate. The loan lasts for 30 years and the interest rate is the same—or fixed—for the life of the loan.  The longer timeframe also results in a lower monthly payment compared to mortgages with 10- or 15-year terms.
Interest – This is what you are paying to borrow the money for your home. It is calculated based on the interest rate, how much principal is outstanding and the time period during which you are paying it back. At the beginning of the loan repayment period, most of your payment actually is going toward interest, with a small portion going against paying down the principal. Over time this will reverse and more of your payment will go toward reducing the loan balance.
Keep Your Home California uses the Note date as the start date for the Keep Your Home California lien. The Note date is the date of final Keep Your Home California approval. This will always pre-date the servicer’s application of Keep Your Home California funds to your loan. If you wish to know your Note date, you may contact Keep Your Home California at (888) 953-3722, Monday-Friday from 8 a.m. to 5 p.m.

How much you can afford. Lenders will be happy to tell you how much they’re willing to lend you, but that’s not actually a good indication of how much house you can afford. Check out our affordability calculator to get an idea of where you stand before you start looking for houses. Remember that your monthly payment will be more than just principal and interest. It will also include homeowner’s insurance, property taxes and, potentially, mortgage insurance (depending on your loan program and down payment). You’ll also need to factor in utilities and maintenance.
Mortgages will require mortgage insurance if you have less than a 20% down payment. PMI is between 0.35% – 1.0% annually depending on the type of mortgage program you choose. FHA loans PMI is 0.85% of the loan amount, and is required for the life of the loan. Conventional mortgage PMI is 0.51% and is required until the loan balances reaches 78% LTV.
Save the Dream Tour: The NACA also has a venue to facilitate mortgage modifications, and it operates from dozens of major cities. The Save the Dream Tour has tens of thousands of homeowners participating at each event, and thousands of people who attend are able to have their mortgage restructured the same day. Attendees can meet directly with representatives from many banks and lenders. They can have their interest rates lowered to as low as 2%, or their principal reduced, or receive other forms of aid.
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