CalHFA definition of “low and moderate income homeowners”:
Q: How do I know if I will be eligible for one of the Keep Your Home California programs?
A: You may be eligible for a Keep Your Home California program if you meet the following criteria:
* Own and occupy a one to four-unit home located in California.
* Your original loan amount is equal to or less than:
o $729,750 – one unit
o $934,200 – two units
o $1,129,250 – three units
o $1,403,400 – four units
* Have a first lien mortgage that was originated on or before January 1, 2009.
* Have a monthly mortgage payment (including taxes, insurance and homeowners association dues) greater than 31% of your monthly gross (pre-tax) income.
* Have a mortgage payment that is not affordable due to a financial hardship that can be documented and meets hardship qualifications such as loss of job, disability, illness, or divorce.
If you answered YES to all of these questions, you may be eligible for a Keep Your Home California program in California.
There is a maximum benefit cap of $50,000 per qualifying household, although with matching lender funds, the maximum per household would result in $100,000 in assistance.
Thank you America, our struggling banks, struggling wall street, and strugging flippers appreciate your generosity.
