The Keep Your Home California Program was created by the California Housing Finance Agency (CALHFA). The program helps homeowners with financial hardship stay in their home, lower their monthly mortgage payment, and avoid foreclosure.
Unemployment Mortgage Assistance Program
Available to borrowers that are currently unemployed.
Up to $3,000 in monthly assistance for homeowners that are currently receiving or are approved to receive unemployment pay from California’s Employment Development Department (EDD).
Loan Principal Reduction Program
Available to borrowers with a mortgage payment that is unaffordable or have had a financial hardship.
Borrowers can receive money to pay down the existing mortgage and lower the monthly mortgage payment.
Mortgage Transition Assistance Program
Available to homeowners who are going through a short sale.
Assistance to transition into more affordable housing
Mortgage Reinstatement Assistance Program
Available to borrowers who have fallen behind on their loan payments.
Homeowners can receive up to $54,000 to catch up o their mortgage.
Reverse Mortgage Assistance
For senior citizens who have fallen behind on property expenses after receiving a reverse mortgage. Senior citizens can receive up to $25,000 to help pay property-related costs such as insurance and HOA dues.
Click to learn more.
Refinance Programs for borrowers without a late payment
There are other programs available if you have not yet fallen behind on your mortgage payments. If you have a USDA, FHA, or VA loan you can lower your monthly payment and mortgage rate with a streamline refinance. The HARP program is available to until October for borrowers with a mortgage owned by Fannie Mae or Freddie Mac. This Government program helps reduce your mortgage payments by lowering your interest rate. Both of these refinance programs are available with bad credit.
Keep Your Home California Eligibility:
- Low-to-median income families with a household income below the county limit. (See the Keep your Home California income limit table at the bottom of this post)
- Must have a financial hardship that can be proven with related documents. Medical issues, unemployment, or death in the family to name a few.
- Be able to afford the new mortgage payment by servicing mortgage lender.
Eligible Property Guidelines
- Unpaid principal balance of $729,750 or less
- You must be late on your mortgage payments to qualify
- The property is still occupied
- The home must be a 1-4 unit property or single-family home
- The property must be located in California
- You reside in the home as your primary residence
Keep Your Home California Program Income Limits by County
|County||Household Income Limit|
|San Luis Obispo||$108,703|