HOWEVER homeowners can finally apply for the new mortgage stimulus programs as a handful of states have begun accepting applications.
If you qualify for assistance, you can receive up to $80,000 per household.
American Rescue Plan Act spend money to stimulate demand for the states to use to help homeowners at risk of losing their homes.
This is called the Homeowner Assistance Fund (HAF), which provides nearly $10 billion to states, the District of Columbia, as well as other US territories.
A minimum of $50 million is awarded per state.
All eligible states and territories have please sponsor – and they are currently in the process of setting up their programs.
This amount can be used to support Mortgage payments, homeowners insurance, utility payments, and more.
Who is eligible for help?
Fund available to people who have experienced financial hardship after the pandemic initially hit the United States.
You may be eligible if you experienced financial hardship after January 21, 2020, as well as hardship that began before this date but continued after.
To qualify, income must be 150% or less of the area median income or 100% of the U.S. median income, whichever is greater.
Additionally, the homeowner’s mortgage balance must be less than $548,250.
Which states are open for applications?
The National Council on State Housing Authority (NCSHA) has established Interactive map to show homeowners what is being offered in each state.
According to the map, the following states as well as Puerto Rico have begun accepting applications statewide.
Meanwhile, even more states are using the funds to set up pilot mortgage assistance programs so they can start helping homeowners sooner.
Here it is, along with the District of Colombia:
- New shirt
The remaining states are said to have preliminary information or more information “coming soon”.
If you live in one of those states, it’s best to contact you directly or wait until more information is available.
How to register
Many states are starting with an initial screening process, where you will be asked a series of questions to see if you meet the basic eligibility requirements.
Some questions include whether the state you are applying for is your primary residence and whether you own your home.
You can also answer whether you will experience financial hardship related to the pandemic after January 21, 2020.
If you’re planning to apply, it’s best to do so sooner rather than later.
That’s because applications are usually processed in the order they were received, and your state may not have enough money to help everyone in need.
If and when your application is approved, the money is usually sent directly to your mortgage lender and other providers.
There’s also another way to get mortgage relief – and that’s through a federally-backed refinancing program.
The host is miss out on savings worth more than $300 per month by not refinancing their mortgage.
Plus, we explain how to reduce mortgage payments when interest rates spike.
https://www.the-sun.com/money/4440248/new-mortgage-stimulus-programs-open-applications/ New mortgage stimulus programs open to applications