WAMU 88.5 : News

Filed Under:

Va.'s Emergency Loan Program Deadline Is July 22

Play associated audio

Through a federal lottery, a portion of a homeowner's monthly bill can be paid for up to two years or $50,000 -- whichever comes first.

"The mortgage assistance is offered to individuals that are three months behind with their mortgage, they have to be unemployed or underemployed due to the economy or medical condition," says Kelly Gill-Gordon, who works with the Virginia Housing Development Authority.

Additional criteria must also be met, and not all who qualify will receive assistance. Those that do receive it will still have to contribute to mortgage payments.

"Homeowners would contribute 31 percent of their current monthly income or $150, whichever is greater," adds Gill-Gordon.

The selection process will be quick. Applications are due July 22, and housing officials will hope to have appointments scheduled by the middle of September.

"When the lottery information comes back, housing counseling agencies will immediately be setting up appointments, probably through the 15th of September," she says.

Recipients must stay current with their normal mortgage payments once the loan expires, and the loan is forgivable for those who do so for five years after the program begins.

NPR

Beyond 'Sesame Street': A New Sesame Studios Channel On YouTube

Sesame Workshop, the company behind Sesame Street, unveils a new initiative to reach kids in a digital and mobile age. NPR gets a sneak peek.
NPR

Why This Seattle Chef Is Embracing A Higher Minimum Wage For Employees

Small businesses in Seattle have to pay a minimum of $15 an hour starting in 2021. But chef Renee Erickson has adopted higher pay for employees of her restaurant group ahead of schedule.
WAMU 88.5

The Politics Hour - May 6, 2016

Metro announces its maintenance plan--and the service disruptions it will cause. Election watchdogs question Baltimore primary results. And Republicans in our region are put on the spot about supporting GOP presidential candidate Donald Trump.

NPR

Beyond 'Sesame Street': A New Sesame Studios Channel On YouTube

Sesame Workshop, the company behind Sesame Street, unveils a new initiative to reach kids in a digital and mobile age. NPR gets a sneak peek.

Leave a Comment

Help keep the conversation civil. Please refer to our Terms of Use and Code of Conduct before posting your comments.