What is the Home Rescue Program?
The Home Rescue Program helps unemployed and underemployed Oregon homeowners avoid foreclosure by providing up to 12 monthly mortgage payments or $20,000, whichever is used first. The program also brings delinquent mortgages current if homeowners are no more than $10,000 behind on their payments.
The program helps wage earner, self-employed and unemployed homeowners by sending full monthly mortgage payments directly to loan servicers. View a complete list of eligibility criteria here.
Because the loan is forgiven 20% each year for five years, you may have to repay the loan if you sell or refinance your home before the five-year forgiveness period ends and you have sufficient equity after you pay off your first mortgage.
Who’s eligible for the Home Rescue Program?
To be eligible for the Home Rescue Program, homeowners must:
What are FHA limits and how do they apply to me when applying for the Home Rescue Program?
The Oregon Homeownership Stabilization Initiative uses loan limits set by the Federal Housing Administration when reviewing applications. Each county in Oregon has its own FHA loan limit. A homeowner’s first-lien unpaid principal balance must be less than their county’s FHA loan limit unless the homeowner qualifies for an exception. Exceptions are based on (1) the size of the property; (2) whether the property is used for business purposes; and (3) whether the home’s current value is less than the FHA loan limit.
Does OHSI provide assistance for second mortgages?
No, OHSI does not provide assistance for second mortgages or other junior mortgages. OHSI provides assistance only for first mortgages.
Can I apply for the Home Rescue Program if I have received help through another OHSI program?
It depends. If you previously received any form of monthly payment assistance from OHSI, you are ineligible for the Home Rescue Program. Any other form of assistance from OHSI does not affect your eligibility for the Home Rescue Program.
Can I apply for the Home Rescue Program if my servicer is not enrolled?
No, OHSI is able to provide assistance only to homeowners with a participating servicer. A full list of participating servicers can be found on the Servicers page.
If your servicer is not enrolled, you can ask OHSI to contact your servicer about participating.
Can I apply for the Home Rescue Program if I am currently in a HAMP modification?
Homeowners in a HAMP trial period cannot receive Home Rescue Program assistance until the HAMP trial period is complete. Homeowners can apply for the Home Rescue Program but will need to choose between completing the HAMP trial period and the Home Rescue Program, if approved.
Homeowners with a permanent HAMP modification can receive Home Rescue Program assistance, if approved.
If you have applied for HAMP, or are in a HAMP trial period, contact your servicer for more information.
When can I apply for the Home Rescue Program?
Openings for the Home Rescue Program are available on a two-week cycle. Slots fill up quickly so apply early in the cycle for the best chance to secure a slot. If all slots are gone, you must wait for the next cycle to open.
Openings are based on available funds and could close at any time. Click here for more information about the application process and timelines.
Where do I apply for the Home Rescue Program?
Apply for the Home Rescue Program online at Home Rescue Program page.
I tried to apply for the Home Rescue Program but can’t get past the first page of the application. Why?
If you’re unable to get past the first page of the Home Rescue Program application, it may be for one or more of the following reasons:
How long does it take to fill out the Home Rescue Program application?
Completing the Home Rescue Program application and gathering all of the required supporting documents can take an hour or more. The time it takes depends on your unique situation.
It is a good idea to begin gathering supporting documents before beginning your application. Please review the Submission Checklist to learn more about what supporting documents you will need to apply.
I sent in an application for the Home Rescue Program. What happens next?
It can take up to 120 days to process your application for the Home Rescue Program. To avoid delays, be sure to provide all required information when sending in your application. You may be contacted if you fail to provide information or if more information is needed to review your application. Respond to requests as quickly as you can.
The process works as follows:
My application was incomplete or I missed the deadline. What do I do now?
Homeowners who submit incomplete applications or miss the deadline will lose their slot and have to start from the beginning in the next application cycle.
Incomplete applications commonly occur when the applicant does not supply all the supporting documentation with their application.
How will I be notified if I am accepted into the Home Rescue Program?
Applicants will be notified by their intake agency if they have been accepted into the Home Rescue Program.
Once notified, you will need to sign program loan documents within 14 days.
After signing program loan documents, when will program payments begin?
Applicants are responsible for paying their own mortgage payments due the month they sign program loan documents and the month following. Program payments will then begin.
John signs program loan documents in September. He is responsible for making his mortgage payment for September and October. OHSI would make John’s November mortgage payment.
How are program payments made?
Under the Home Rescue Program, OHSI will provide no more than 12 full monthly mortgage payments and no more than $20,000 in total assistance. Payments are sent directly to your loan servicer. If you have received 12 payments, but not the full $20,000 in possible assistance, no further payments will be made.
Following acceptance into the Home Rescue Program, OHSI will check with your servicer to see if you have arrearages that meet eligibility requirements. If eligible, OHSI will make a one-time payment up to $10,000 to bring your mortgage current.
Do I have to repay the program loan?
Because the loan is forgiven 20% each year for five years, you may have to repay the Home Rescue Program loan if you sell or refinance your home before the five-year forgiveness period ends and you have sufficient equity after you pay off your first mortgage. If you have questions, please contact firstname.lastname@example.org.
Does refinancing my mortgage after I have applied for the Home Rescue Program, or while I am receiving assistance, affect my eligibility?
If you refinance your mortgage after submitting your application or while receiving assistance, you will be disqualified for assistance. Your eligibility for the program is tied to the specific mortgage you identify on your application. By refinancing you are obtaining a new mortgage and your previous mortgage is closed. You will not be able to update your mortgage information with OHSI or reapply for further assistance from the Home Rescue Program.
What is the Homeowner Education Program?
The Homeowner Education Program is a series of online videos that helps OHSI program participants maximize their assistance. All enrolled participants must complete the series. Videos review budgeting tips, credit repair, debt repayment strategies, savings planning, and other financial education topics.
What do Home Rescue Program participants have to do each calendar quarter?
Participants are required to provide a verification of their continuing eligibility for the program in the months of January, April, July, and October.