Wednesday, September 24, 2008

Lifeline

Who qualifies: Owners with adjustable-rate loans facing rising payments that they cannot afford. The borrower must not be late on the mortgage and must have a credit score of at least 600.

The offer: The homeowner is refinanced into a 30- or 40-year fixed-rate loan.

HomeSaver

Who qualifies: Owners who are no more than 60 days behind on their mortgage and have a credit score of at least 580. The borrower must attend a homeownership class.

The offer: The homeowner is refinanced into a 30- or 40-year fixed-rate loan.

Bridge to Hope

Who qualifies: Owners who are delinquent on their mortgage or about to be delinquent because of a temporary setback, such as a job loss or illness.

The offer: The borrower is eligible for a loan of up to $15,000 over two years to help make the mortgage payment. The no-interest loan would have to be repaid upon sale or refinancing.

SOURCE: Department of Housing and Community Development