BEDFORD, N.H. – February 19, 2010 – (RealEstateRama) — In these tough economic times, home owners may find themselves struggling just to make ends meet. When finances are tight, it is the worst time for a home owner to discover the roof needs to be replaced or the furnace is on its last leg.
When emergency repairs or significant work is needed to maintain the livability of a home, what can a home owner do to quickly raise necessary funds to correct these issues? Possible solutions, such as taking out a home equity line of credit, may not be feasible for some home owners in the current market.
However, home buyers who have an existing mortgage through New Hampshire Housing’s Single Family Mortgage Program may be able to secure an Emergency Home Repair Loan (EHRL). An Emergency Home Repair Loan assists qualified home owners when an emergency or other event occurs in their home that is not covered by insurance, and that affects the livability of the home. The maximum loan is $15,000 at an affordable interest rate for a term of up to 15 years.
“New Hampshire Housing has been offering safe and affordable mortgages to first-time buyers for nearly 30 years,” said Liz Lamoureux, Managing Director of Home Ownership at New Hampshire Housing. “Yet, we also go above and beyond to be sure our borrowers not only succeed in realizing their dreams of home ownership, but have the help they need to maintain their home when a serious and unexpected repair is necessary.”
The program allows New Hampshire Housing to take care of its borrowers when they need a little extra help. Please contact the Home Ownership Division at 1-800-649-0470 or ownershipinfo (at) nhhfa (dot) org for more information.
New Hampshire Housing Finance Authority is a tax exempt, public benefit corporation established by the state legislature. The Authority operates a number of programs designed to assist low- and moderate-income persons to obtain housing. Since its inception, New Hampshire Housing has helped more than 37,000 families purchase their own homes and has been instrumental in financing the creation of more than 14,000 multi-family housing units. More information about its programs can be found on the agency’s Web site at www.nhhfa.org.