Mortgage Payment Assistant Program

There will be a new program in place by the end of the year to help current homeowners with their mortgage payments if they are 3 or more months behind.  Following are the guidelines that have been released:

• No-interest government loan for up to $50,000 to pay your mortgage and cover your arrears.

• The loan can offer assistance for up to two years, which will be forgiven if the homeowner stays in the house for five years.

• Must be at least 3 months behind on mortgage payments

• Had a 15% drop in income but previously able to afford mortgage

• Must be principle residence.

• Cannot own a 2^nd home

This program is limited however, with a budget of $1 billion to spend, allowing it to help at least 20,000 people

 Janus Real Estate Group    *    Heather Anderson     *    972-765-3773