The Department of Treasury approved a $700 million funding request from the California Housing Finance Agency aimed at helping struggling homeowners, the agency announced Wednesday.

CalHFA's Keep Your Home Program plans to use federal money from the Troubled Asset Relief Program to develop four assistance initiatives, all of which should be open Nov. 1, said Evan Gerberding, an agency spokeswoman.

-- Help for homeowners who are unemployed and in danger of defaulting on their loans. Lenders must match federal funds;

-- Help for borrowers who are behind on their mortgages but could catch up with a little help. Lenders must match funds;

-- Reductions in principal for borrowers who need it to prevent foreclosure. Lenders must match funds.

-- Transition assistance for families who simply cannot afford to keep their home. There is no matching requirement.

Members of the military on active service may be able to participate in these programs without getting matching funds from their lenders.

Homeowners looking for more information on the program should visit keepyourhomecalifornia.com.

"We also recommend that if homeowners are currently having financial difficulties, they do not wait for these programs to be offered," said Evan Gerberding, a spokeswoman for the agency. "They should contact lenders and see a HUD (Department of Housing and Urban Development) approved counselor."

Gerberding had no additional advice for homeowners who have already seen counselors or attempted home loan modifications and need assistance before the programs start.

Call staff writer Eric Wolff at 760-740-5412.