Who says there is no FREE money in the U.S.? If you know uncle Sam well, you might get one.
In early October of 2010, HUD started an Emergency Homeowner Loan Program in 32 states. The goal is to hand out up to $50,000 declining balance, deferred payment, nonrecourse, and zeor interest loans to each needy family. Of course, not all families are eligible. As you can expect, there are many restrictions, some of the key ones include:
a. Income eligibility: not higher than 120% of area median income
b. Primary residence
c. Lost of income at least 15%
d. Able to recover lost income in 2 years
e. Expense to income ratio limit
Check out http://www.hud.com/ to find more details. Congratulates if you fit the profile!
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