Unemployment Bridge Program
Get FREE HELP Making Your Mortgage Payment! The Kentucky Unemployment Bridge Program (UBP) is a new forgivable loan option for eligible homeowners to assist them in making their mortgage payments. To be eligible, the homeowner must have experienced a job loss or reduction in income due to changing economic conditions, through no fault of their own, and demonstrate a need for assistance.
The job-related event must have occurred since January 1, 2009. The maximum amount of assistance is $20,000 or 12 months, whichever occurs first. Of the $20,000, the maximum amount that may be used for reinstatement–all related fees and payments to bring your loan(s) current–is $7,500.
Participants must meet the following guidelines:
- Maximum amount of liens on the property cannot exceed $275,000.
- Maximum of two liens permitted on the property.
- Borrower’s principal, interest, taxes, and insurance (PITI) must exceed 31 percent of the gross monthly income.
- Borrower must experience a 15 percent reduction in income.
- Maximum liquid reserves is six months PITI (excluding retirement funds).
- Borrowers must sign a hardship affidavit acknowledging the reduction in income due to no fault of their own.
To take advantage of this program or for more information, click here.