Underwater Georgia Mortgage Assistance Program – Lumpkin County Government, underwater mortgage help.#Underwater #mortgage #help

underwater mortgage help

Underwater mortgage help

Underwater Georgia Mortgage Assistance Program


A new, limited-time, federally funded initiative may be able to help.

Underwater Georgia is a new federally funded state program for Georgia homeowners who owe more money on their mortgage than their home is worth. For eligible applicants, the program may be able to provide a one-time payment of up to $50,000 to the mortgage lender to reduce the principal balance on the home. To qualify, a homeowner must file a pre-application by October 18, 2016. For more information, call 1-877-519-4443 24 hours per day, seven days a week from September 28 to October 18 or email [email protected] or visit underwatergeorgia.org .

*The property must be your primary residence (and only home) and purchased prior to January 1, 2012.

*The total amount owed on all mortgages on the home must be $250,000 or less and mortgage payments have to be less than 90 days past due.

*Total gross household income must not exceed 140 percent of the Area Median Income (AMI).

*The property must have a total loan to value (LTV) ratio of at least 110 percent.

*You cannot have received assistance previously through HomeSafe Georgia.

*Visit underwatergeorgia.org. There, you can review full program requirements and complete a prequalification

quiz, which will help you determine whether you are likely to qualify.

*Submit a pre-application by October 18, which asks for your contact information and details including when you purchased your home, its value and mortgage balance and more.

*A random selection process via a third party will be conducted among pre-applications

submitted. Representatives from the Georgia Department of Community Affairs will contact homeowners selected and work with them directly to complete a full application, which also includes submitting supporting documentation.

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