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The CHFA EMAP Program for Homeowners in Difficult Situations
The Connecticut Housing Finance Authority (CHFA) has established a number of programs to assist citizens in danger of losing their home during these tough economic times. Mortgage assistance loans, free counseling services and innovative refinance opportunities are offered. If you are in danger of losing your home, look into one or more of these programs to see if they are right for you.
Foreclosure Prevention Counseling-This type of counseling is available for those possibly facing foreclosure. A counselor works with the homeowner and lender to find a solution both parties can agree on.
Connecticut Fair Alternative Mortgage Lending Initiative and Education Programs-Many families qualify for a lower-interest, fixed-rate loan under this refinancing program. Families facing a financial hardship that was unexpected may qualify.
The Emergency Mortgage Assistance Program-This program offers temporary monthly mortgage payment assistance for those homeowners facing foreclosure as a result of a financial hardship. These payments are made for up to five years and the EMAP loan is secured using a subordinate, fixed-rate mortgage on the property. These loans must be repaid and there are limited funds to assist homeowners so the repayment of the EMAP mortgage begins when the homeowner’s financial situation improves sufficiently.
To learn more about these programs, contact the Connecticut Housing Finance Authority directly. Important changes have recently been made to the chfa emap program to allow more homeowners to benefit. Homeowners with a mortgage insured by the FHA can now apply for these loans and those who are in danger of foreclosure due to delinquent condominium fees, taxes or assessments may apply. Pension and retirement funds must also be disclosed and certain portions may be retained while still allowing the borrower to apply for the loan.
Who May Apply?
Homeowners facing foreclosure, those who anticipate becoming 60 days delinquent on their mortgage, those who are currently 60 days behind and those who have received a notice of intent to foreclose may apply for chfa emap programs. Certain requirements must be met. The home owners may only have one home and must demonstrate a generally favorable credit history before the financial hardship occurred. In addition, the borrower must be in a situation where he or she can’t meet the current mortgage obligation while showing that he or she can make the repayments when they come due.
Mortgages and Types of Property Eligible for These Programs
First and/or second liens may be refinanced using these programs as long as they are on the primary residence. The property must be a single-family, two to four-family home (borrower must be owner-occupant on one unit), condominium or planned unit development. The property may not be used for commercial purposes nor can it be a vacation home, an investment or a rental property.
Restrictions the Homeowner Must Be Aware Of
Eligibility for the EMAP program must be recertified every year and no other loans may be taken out on the property while the homeowner is receiving this assistance. If a pre-existing mortgage is paid off while the assistance is taking place, the homeowner may be required to take the monthly payment which was going toward the now paid off mortgage and apply it to the monthly mortgage amount with is being assisted. If you have previously received assistance under this program, you may reapply if your financial situation changes and you find you need assistance again. Certain conditions must be met.
Those who wish to have more information may contact the Connecticut Housing Finance Authority directly. Here one can learn more about the chfa emap income limit, program eligibility and more. Before taking this step, it is best to contact the lender directly to see if a program is available though the lender as CHFA funds are limited. The lender may be able to assist you through this difficult time and help you to keep your home while doing so.
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