The Keep Your Home California Transition Assistance Program provides one-time funds to help eligible homeowners relocate into a new housing situation after executing a short sale or deed-in-lieu of foreclosure program.
The TAP can provide up to $5,000 in transition assistance per household.
Borrower Eligibility Criteria:
- Homeowner must qualify as a low-to-moderate income household. (Income Limits for Santa Clara County is $126,000 as of 8/1/2012)
- Mortgage loan is delinquent or at risk of imminent default as substantiated by homeowner’s hardship documentation.
- General program eligibility is determined by CalHFA MAC, the housing counselor or servicer based on information received from the homeowner.
Property and Loan Criteria:
- Current unpaid principal balance of the first lien mortgage loan is not greater than $729,750.
- The property securing the mortgage loan must not be abandoned, vacant or condemned.
- The applicant must own and occupy the single family, 1-4 unit home (an attached or detached house or a condominium unit) in California and it must be their primary residence.