There is stimulus support for homeowners in difficulty with an owner assistance fund

Many homeowners have been struggling since the pandemic began to negatively impact the economy.

Americans have also grown accustomed to receiving stimulus checks from the government after getting three.

Many are wondering what to do now that those checks have stopped, but they still have bills like mortgages to pay.

Related: Get $ 17,500 in Cash to Become a Homeowner

What Can Americans Do to Help Pay Their Mortgages?

There is no specific program created by Congress for mortgages and stimulus aid. However, assistance has been made available to those who own their homes.

The Homeowner Assistance Fund is a program created under the American Rescue Act of President Joe Biden.

The fund gave $ 10 billion to states and Washington DC to help residents pay for the costs of owning a home.

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

This includes mortgage payments, utility bills and home insurance.

The money is federal funding, but it goes to the states for distribution.

How do Americans get the financing to pay their mortgage and other homeownership bills?

The fund is designed to help those who have experienced hardship directly related to the pandemic.

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

The eligibility requirements are that income is 150% or less of the median income for the region, or 100% of the median income for the United States.

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

State requirements vary, with Connecticut giving up to $ 20,000 and Illinois residents up to $ 30,000.

States are working diligently to complete their HAF programs under the direction of the National Council of State Housing Agencies.


Get the latest headlines delivered to your inbox every morning? Sign up for our morning edition to start your day. FL1 on the go! Download the free FingerLakes1.com app to Android (all Android devices) Where iOS (iPhone, iPad).



Source link

Comments are closed.