NH gets $12 million for mortgage bridge loans

October 06, 2010

CONCORD, N.H.-New Hampshire is getting more than $12 million to help families who are in danger of losing their homes.

U.S. Senator Jeanne Shaheen says the money, which is part of the Emergency Homeowners Loan Program, will be used to offer zero-interest bridge loans to help people who have fallen behind on their mortgage payments because of unemployment, income cuts or medical emergency.

The maximum loan under the program is $50,000. To be eligible, a borrower must meet several conditions, including having suffered at least a 15 percent reduction in income and having been able to afford their mortgage payments prior to the event that triggered the loss of income.

Source: Associated Press