Bridge loans funding to assist homeowners
Homeowners at risk of foreclosure in Iowa could receive assistance through a federal bridge loan program. On Tuesday Sen. Tom Harkin announced that that Iowa will receive nearly $17.4 million from the Emergency Homeowners Loan Program, which offers zero-interest loans of up to $50,000. The loans are meant to assist eligible homeowners with payments of arrearages, including delinquent taxes and insurance plus up to 24 months of monthly payments on their mortgage principal, interest, mortgage insurance premiums, taxes and hazard insurance. The funds are administered by the Department of Housing and Urban Development.