Finance
Pennsylvania's Homeowner Emergency Mortgage Assistance Program (HEMAP) is designed to:
AProvide grants to first-time homebuyers for down payments
BOffer loans to help homeowners facing foreclosure catch up on mortgage payments✓ Correct
CInsure mortgages for borrowers with low credit scores
DRefinance mortgages at below-market rates for qualifying homeowners
Explanation
HEMAP (Act 91 of 1983) provides emergency loans to Pennsylvania homeowners who are in default on their mortgages due to circumstances beyond their control (job loss, medical emergency, etc.). Administered by PHFA, HEMAP loans help homeowners catch up on past-due payments to avoid foreclosure. Lenders must notify borrowers of HEMAP before filing for foreclosure.
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