After a two month delay, Central Valley homeowners can now take advantage of a new $2 billion federal emergency mortgage assistance program.

The "Keep Your Home" program administered by the California Housing Finance Agency, helps low- and moderate-income families save their homes from foreclosure.

The program can provide homeowners with a temporary mortgage payment subsidy up to $3,000 a month, up to $15,000 in assistance for those late on their mortgage payments or a principal reduction on a home mortgage for homeowners who owe more on their homes than it is worth.

Homeowners who can't save their homes from foreclosure could qualify for relocation assistance through the program.

But there is a catch. The program is on a first-come, first-serve basis.

Congressman Dennis Cardoza encouraged Central Valley homeowners to act soon and apply for the program. To apply, homeowners can call 888-954-KEEP or visit www.keepyourhomecalifornia.org.

"The Central Valley has been hit especially hard by the housing crisis, and our homeowners need to take quick action to make sure they get the emergency assistance they need to stay in their homes," Cardoza said.