Economists' Outlook

Housing stats and analysis from NAR's research experts.

Emergency Home Loan Program (EHLP)

There is federal money available, to the tune of $1 billion, to help certain distressed homeowners.  Those homeowners who have lost their jobs or who face large medical bills may qualify for a loan to help pay mortgage payments.  This EHLP loan may not need to be paid back under certain conditions.  Here's what you need to know:

  • Under the program, for example, a person’s mortgage payment may be greatly reduced for few years until a new job is found.
  • This funding was approved last year, but is only recently getting disbursed.  The money allocated has to be spent by September and, therefore, appears to be on a first-come first-serve basis.
  • There are naturally heated arguments on the efficacy of the program in terms of who gets helped and who is paying taxes to support the program, particularly in this period of very high budget deficits.  Irrespective of debate, however, this money has already been allocated and will be distributed to those who apply.  If it is not your past client who applies, then it will be another REALTOR®’s past client who will get the funds.
  • Only 32 states will get funds.  Texas, for example, was allocated $134 million; Washington $56 million; Vermont $5 million.
  • More information on the program can be found here http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/hcc/ehlp/how
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