Homeowners Can Claim Up To $ 30,000 In Stimulus Relief On Their Mortgages, Here’s How

Americans have been grateful to receive funds to help them overcome the hardships in the wake of the pandemic, but there may be another way for homeowners.

The Homeowner Assistance Fund was established under the American Rescue Act by President Joe Biden.

States can get close to $ 10 billion from the fund.

Related: Refinance Your Mortgage To Cash Out $ 300 Per Month

The financing can be used for things like mortgage payment assistance, home insurance, utilities, and other home related finances.

To be eligible, individuals must have experienced financial hardship caused by the pandemic. They must also have incomes equal to or less than 150% of the region’s median income. They may also have income equal to or less than 100% of the median income of the United States, whichever is greater.

The mortgage balance must be less than $ 548,250.

Related: This is When You Shouldn’t Refinance a Mortgage

The amount you can get varies by state.

Connecticut offers $ 20,000 for qualifying households while Illinois offers up to $ 30,000.

The best way to get information to see if you qualify is to contact your mortgage lender.

There is also a federally backed refinance program that can save homeowners up to $ 3,000 per year.

To qualify, you must have a federally backed mortgage and bring in less than 80% of your local median income.

Related: Use Your Property Taxes to Save Thousands of Dollars


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