NEW YORK (CNNMoney.com) -- The Obama administration is making $3 billion in additional funds available to help troubled homeowners avoid foreclosure.
One part of the plan, announced Wednesday, includes a new $1 billion program that will offer loans to unemployed borrowers at risk of losing their homes. The loans, which will be dispersed through nonprofit and housing agencies, will carry 0% interest and be good for a maximum of $50,000 for up to two years.
The government's department of Housing and Urban Development said it will announce details about the program, coined the Emergency Homeowner Loan Program, in the coming weeks.
Hardest Hit Fund: The administration also added $2 billion in support for its program that helps struggling homeowners in the states with highest unemployment rates.
The government previously announced $2.1 billion for 10 of the hardest hit states. States were required to put together proposals on how they would use the money, and the Treasury finished approving those plans earlier this month
The additional $2 billion announced Wednesday will expand the program to a total of 17 states, and the nation's capital, all of which have suffered unemployment rates higher than the national average for a year.
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||3.69%||3.76%|
|15 yr fixed||2.80%||2.82%|
|30 yr refi||3.69%||3.76%|
|15 yr refi||2.83%||2.83%|
Today's featured rates:
Anheuser-Busch has been the exclusive beer advertiser featured during the Super Bowl since 1975, and it's spent more on Super Bowl advertising than any other company for the last five years in a row. More
The economy is better than it was, but not even President Obama is ready to declare it's booming. More
Laurie Segall sits down with Foursquare's new CEO Jeff Glueck to discuss the company's latest round of funding at a lower valuation, and their hybrid consumer/enterprise business model. More
Nonprofit JumpStart has launched a new $10M fund that will only invest in women and minority-led startups. The catch: You have to move to Ohio. More
Portland, Oregon, is often described as the last affordable cool city on the West Coast. But as more people move to the city, it's becoming increasingly unaffordable. More