underwater mortgage help
Underwater Georgia Mortgage Assistance Program
OWE MORE ON YOUR MORTGAGE THAN YOUR HOME IS WORTH?
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.