About Help With Your House Payment

To Campbell County Residents:

The Tennessee Housing Development Agency (THDA) has recently announced a new program called The Keep My Tennessee Home - Tennessee's Hardest Hit Fund.  This program provides loans to unemployed or substantially underemployed homeowners who, through no fault of their own, are financially unable to make their mortgage payments and are in danger of losing their homes to foreclosures.  If the applicant qualifies, the program will make homeowners' payments on their mortgage and mortgage-related expenses such as property taxes, homeowner insurance, homeowner association dues, and/or past-due mortgage payments that accumulated during a period of unemployment.  Homeowners may receive up to 18 months of monthly mortgage payments and/or funds to pay past due mortgage payments to bring the mortgage current; these funds are paid directly to the loan service/lender.

Eligibility Requirements:

• Be unemployed or underemployed (a 50% reduction of income) through no fault of their own (not terminated for cause).  The event or incident which results in unemployment or substantial underemployment must have occurred after Jan. 1, 2008.
• Have a mortgage for a single-family home or condominium (attached or detached) in Tennessee that they occupy as their primary residence.  This includes manufactured homes on foundations permanently affixed to real estate they own.
• Have a history of timely mortgage payments prior to the job loss/reduction, or no more than two 30-day late payments in the 12 months prior to the job loss/reduction of income.
• The combined amount of your mortgage principal, interest, taxes and insurance must be greater than 31% of your household income after the job loss/reduction of income.
• Not have more than six months' reserves of liquid assets, that is, liquid assets equal to six months of their mortgage principal, interest, taxes, and insurance.
• Have a household income less than $74,980.
• Have a total unpaid principal balance not exceeding $226,100.

This is a 0% interest, forgiveable, deferred-payment loan.  If you have experienced financial difficulty that meets the criteria above, you are encouraged to apply.

To apply, contact Gary Cooley at Knox Housing Partnership (865-637-1679, x 224/ gcooley@khp.org) or Jackie Mayo (865-637-1679, x 226/ jmay@khp.org).

If you have questions, please contact the County Mayor's Office at 562-2526.

Best Regards,

Billie Russell

Campbell County Grants & Industry Coordinator

County Mayor's Office

billie@campbellcountygov.com