KEEP YOU HOME CALIFORNIA: WHO IS ELIGIBLE

KEEP YOUR HOME CALIFORNIA PROGRAM:  Who Is Eligible

The “Keep Your Home California” program is a $ 1.83 billion-with a B-program designed to help low to moderate income California homeowners to keep their homes.  They have a target of an estimated 100,000 California homeowners.  A key requirement to qualify for the program is that the homeowner must have endured a verifiable loss of income.

Who is Eligible?

• The program is being administered by CalHFA (California Housing Finance Agency). They also back loans to qualified borrowers.  A borrower does NOT have to be a CalHFA borrower to qualify.
• The borrower MUST own and occupy the home as their primary residence
• The borrower must meet the low to moderate income limits.  The limits are set by county.  The limits are fairly liberal.  In El Dorado, Sacramento and Placer counties a family of two may not have a combined income over $ 70,150 per year. $ 78,950 for a three person family.
• The borrower must complete and sign a hardship affidavit and document the reason for their hardship.  Losses of employment, reduction of income, disability or illness are all acceptable for this program.  Supporting documents may NOT be more than 60 days old.
• The borrower must have sufficient income to sustain the modified mortgage payments, according to lender guidelines.
• The borrower must be able to meet the CalHFA guidelines
• The borrower’s mortgage must be delinquent or the servicer must have received documentation from the borrower that substantiates an imminent default that meets the hardship qualifications.
• Borrowers who have recently encountered a financial hardship due to their military service are presumed eligible on the condition that their servicer has received a financial hardship statement provided by the borrower.

General Property Eligibility Requirements

• The mortgage involved must be a first lien.  Second mortgages are not part of the program.
• The total original mortgage can not exceed $ 729,750
• The property must not be abandoned, vacant, condemned or in a serious state of disrepair.
• The property must be owner-occupied, the borrower’s principal residence and located in California.

For more information about the “Keep Your Home California” program go to http://www.KeepYourHomeCalifornia.org .

If you are in need of assistance in avoiding or stopping foreclosure contact Mike West at (916) 337-0658 for a no cost consultation.