A. Homeowners must meet all criteria within each category to qualify. However, homeowners who meet all eligibility criteria are not guaranteed approval for UBP assistance; homeowners can still be denied eligibility by their mortgage servicer.
- Must be a Kentucky resident;
- Must occupy property as primary residence;
- Maximum amount of liens on the property cannot exceed $275,000.
- Maximum of two mortgage liens permitted on the property.
- Must experience a loss of income due to unemployment or a reduction in income due to substantial underemployment within the previous three-year window or a qualifying disability since the mortgage originated.
- Must demonstrate a need for assistance.*
- Maximum amount of liquid reserves is six (6) months PITI**. (excluding retirement funds)
- The servicer of the loan must be enrolled as a participating servicer. A borrower cannot receive UBP assistance if their servicer has not enrolled as a participating servicer.
* Unemployed homeowners are receiving or eligible to receive unemployment income. Underemployed homeowners are working but have experienced a reduction in their employment income compared to their pre-event income. Qualified Disabled homeowners have lost employment income due to an event that left them unable to continue working or has a dependent, disabled child whose disability left them unable to continue employment. All applicants demonstrate a need for assistance by having at least a 15 percent reduction in current income (unemployment, employment, or disability benefits) when compared to previous employment income.
** Homeowners who have unencumbered assets or cash reserves (not including retirement or qualified education plans) that are equal to or more than six times the total monthly mortgage payment (including tax and insurance payments), must first use those assets toward mortgage payments or other existing debt before being eligible for UBP funds.
Homeowner cannot have:
- A seller-financed mortgage;
- An active bankruptcy; and
- A conviction within the last ten years on a mortgage‐related felony.
NOTE: Homeowners will be required to sign a certification stating s/he has not been convicted of a mortgage-related felony in the last ten years; this includes larceny, theft, fraud, forgery, money laundering, and/or tax evasion.