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The California Housing Finance Agency, through its Keep Your Home California program, has just broadened the eligibility requirements for mortgage assistance to homeowners who are having trouble making their home loan payments. More families will qualify for assistance, and therefore more will be able to stay in their homes.

The program, funded by $2 billion of federal stimulus money, offers one-time mortgage assistance to those who have fallen behind on their payments due to financial difficulty.

Among the changes included in the policy are:

• The extension of the benefit to out-of-work homeowners by three months, from six to nine. Homeowners who have lost their jobs will be eligible to receive up to $3000 per month to help cover their mortgage payments.
• Homeowners who have refinanced their homes are eligible for mortgage assistance through the program, and the “cash out” restriction has been removed.
• People who own additional properties may now qualify for assistance. This opens up the benefit to homeowners who have cosigned on a home for someone else, such as a family member.
• The maximum funding to reinstate past-due mortgages was increased from $15,000 to $20,000, allowing homeowners to catch up on their payments.

These are just some of the benefits available through Keep Your Home California. Find out if you qualify for mortgage assistance and learn more about the program,

Federal money has been set aside for states to fund their own homeowner assistance programs. Check with your state to see what may be available for your situation.

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