Business

Mortgage incentives for homeowners explained in each state

HOMEOWNERS struggling to pay their mortgage and other bills can get help thanks to federal funding.

The American Rescue Plan Act provides stimulus money for states to help people at risk of losing their homes.

Troubled homeowners can get up to $80,000 in assistance from their states

1

Troubled homeowners can get up to $80,000 in assistance from their statesCredit: Alamy

This is known as the Homeowner Assistance Fund (HAF), which provides nearly $10 billion to states and other US territories.

All states and eligible territories have applied for funding – and 25 have now established their programs and are accepting applications.

Eleven others have set up pilot programs so far, while the rest are still in the process of doing so, according to National Council of State Housing Services (NCSHA).

If accepted, the funds can be used for mortgage payments, homeowners insurance, utility payments, and more.

Who is entitled to help?

The fund is available to those experiencing financial difficulties following the initial pandemic in the US.

You may be eligible if you encountered financial difficulties after January 21, 2020 or encountered emergencies that began before that date but continue thereafter.

To qualify, income must be 150% or less of region median income or 100% of US median income, whichever is greater.

Also, the homeowner’s mortgage balance must be less than $548,250.

How much you can get varies from state to state, but California currently offers the highest maximum at $80,000 per household.

In comparison, Arizona offers up to $25,000, Georgia up to $50,000 and Oklahoma up to $20,000.

HAF programs in every state and territory

To apply, follow the link above to your state’s website and follow the instructions.

If your application is approved, funds are usually sent directly to your mortgage lender and other providers.

We explain how you can get mortgage relief through a government-backed refinance program.

Homeowners are missing out on more than $300 a month in savings by not refinancing their mortgage.

We’ll also show you how to lower mortgage payments when interest rates are skyrocketing.

We pay for your stories!

Do you have a story for The US Sun team?

https://www.the-sun.com/money/4709337/mortgage-stimulus-home-each-state/ Mortgage incentives for homeowners explained in each state

Caroline Bleakley

USTimeToday is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – admin@ustimetoday.com. The content will be deleted within 24 hours.

Related Articles

Back to top button