Colorado homeowners struggling to make mortgage payments have until July 22 to apply for $41 million in federal funds for help with their home loans.
Emergency Homeowners Loan Program are distributed by the U.S. Department of Housing and Urban Development, according to information from the Colorado Department of Housing.
Under the program, about 1,000 people in Colorado will get a home loan of up to $50,000 for two years, interest free. To qualify, applicants have to show their income dropped at least 15 percent due to serious illness or job loss. They also have to be at least three months behind on mortgage payments with a household income in 2009 under $93,840.
HUD is dividing $1 billion among 27 states and Puerto Rico for the program. Colorado’s share is $41 million. The program will expire once all of the money has been claimed.
The program is designed to help people who are at risk of losing their homes. Colorado was included in the program because it has the 10th highest foreclosure rate in the country, according to a release from the division of housing.
The deadline to apply is July 22.
For more information, visit www.FindEHLP.org or call toll free at 855-FIND-EHLP (346-3345).