California Housing Finance Agency (CalHFA) is participating in a program aimed to help California homeowners keep their home.

According to the website, "The Obama Administration has directed CalHFA to submit program proposals to assist California homeowners who are struggling with their mortgage payments."

Funded with nearly $700 million through the U.S. Treasury’s Housing Finance Agency Innovation Fund, the proposed programs are not yet available to California homeowners. The proposed programs have been submitted to the U.S. Treasury, and CalHFA is awaiting approval. It is anticipated to take between six to eight weeks from the submission date of April 16, 2010.

California homeowners should check the official CalHFA website here: Keep Your Home California

Program eligibility is spelled out on the website, explaining that "The eligibility criteria are designed to assist those who have been most seriously impacted by the current housing crisis."

In addition to borrower eligibility, you can read about property eligibility requirements on the website, including general exclusions.