Mortgage Help for Long Is. Military Members

HAUPPAUGE, N.Y. -- A Long Island-based affordable-housing group announced Monday that it will help active military personnel who fall behind on their mortgage payments to hold on to their homes, Newsday reported.

The Hauppauge, N.Y.-based Long Island Housing Partnership, which introduced the Homeowners Emergency Mortgage Assistance Program Loan last April, said it will use the program to provide soldiers' families with loans up to $20,000 at an interest rate at 3 percent, as a means of staving off foreclosure. The military personnel will have five years to repay the loan.

To qualify, the personnel must live in Nassau or Suffolk counties. There are no income limits.

The program provides eligible homeowners with a loan of up to $10,000 at an interest rate of about 6 percent, providing they can show the ability to repay it. To qualify, applicants must show that their mortgage delinquency was due to job layoffs, high medical bills or other unexpected causes.

Click here for more information on military related assistance.

-- NYSSCPA.org News Staff

Posted on 04/01/03

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