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  • The Emergency Homeowners’ Loan Program is still in its infancy and is still not available for homeowners. However, the program promises to provide help to struggling homeowners in exciting and innovative ways. Our previous article provided detailed information on the purpose of the program and how the program will work.

    In a nutshell, the EHLP (acronym for Emergency Homeowners’ Loan Program) will help homeowners who can’t afford to pay their mortgages due to a reduction (due to no fault of their own) of their income. The loan will help pay for the difference between the mortgage payment and 31 percent of the homeowners’ income for up to 24 months. The loan will also cover any late mortgage, tax and insurance payments. The maximum loan amount for any given borrower is $50,000.

    Who Will Qualify For EHLP’s Loan?

    – Income Reduction.

    To qualify your income must have suffered a reduction of at least 15 percent due to unemployment or a reduction of work hours. It is vital the reason for your separation from your employer is lack of work or some other reason where you are not at fault. If you lose your employment due to negligence or voluntarily, you will probably not qualify for the program.

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    Income Maximum

    Only households who had an income of 120 percent (or less) than their Area Median Income before their income was reduces may qualify for a EHLP loan. The area median income is calculated by HUD for each region. By definition 50 percent of all households earn less than the AMI and 50 percent earn more than the AMI.


    You must be at least three months behind in your mortgage payments to be eligible for a EHLP loan. This is one of the most controversial terms of the program because it may encourage homeowners to miss payments even if they have the savings to cover their mortgages in order to qualify for the program.

    Risk of Foreclosure

    Only homeowners who have been warned by the lender of their intention of foreclosing on the mortgage may qualify. In other words, this is a last resort program designed for those who are likely to lose their homes without mortgage assistance.


    You must be living in the property at risk of foreclosure to qualify for a EHLP. This is not a program for rental and vacation homes. You will need to meet this requirement at the time of applying and for the duration of the program.

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