The 2022 Mortgage Stimulus Programs

2022 Mortgage Stimulus Programs

Keeping up with mortgage payments can be hard if you’ve had a temporary job loss or reduction in income. That is why you should do your research on 2022 Mortgage Stimulus Programs. The simple solution that can help your current situation is to refinance into a lower interest rate and cheaper mortgage payment. Refinancing your mortgage means taking out a new home loan. In the process, you will pay off your existing loan, and then start payments on a new one. 

Find out if you qualify for these programs here. 

However, multiple benchmark mortgage refi rates climbed today (January 7th) compared to a week ago, according to data compiled by Bankrate.

  • 30-year fixed refinance rate: 3.44%, +0.19 vs. a week ago;
  • 15-year fixed refinance rate: 2.66%, +0.15 vs. a week ago;
  • 10-year fixed refinance rate: 2.69%, +0.17 vs. a week ago.

According to Freddie Mac: “Mortgage rates increased during the first week of 2022 to the highest level since May 2020 and are more than half a percent higher than January 2021. With higher inflation, promising economic growth, and a tight labor market, we expect rates will continue to rise. The impact of higher rates on purchase demand remains modest so far given the current first-time homebuyer growth.”

California Mortgage Relief Program – The 2022 Mortgage Stimulus Programs

States, like California, offer $1 billion in mortgage relief funds to homeowners who have fallen behind on their housing payments during the COVID-19 Pandemic. This program will pay up to $80,000.00 worth of mortgage, property tax, and insurance bills for qualified applicants. The California Mortgage Relief Program is funded by the 2021 American Rescue Plan Act’s Homeowners Assistance Fund. Eligible applicants must be at or below 100% of their county’s Area Median Income, own a single-family home, condo, or permanently affixed manufactured home, and have faced a pandemic-related financial hardship after January 21, 2020. Homeowners must be at least two payments past due by December 27, 2021.

Find out if you qualify for these programs here. 

New York Relief Fund for Homeowners

And, on January 3rd, the State of New York launched a new Relief Fund for Homeowners struggling to pay mortgage and bills. This funding is coming from the Homeowner Assistance Fund, a federal program whose purpose is to help homeowners experiencing financial hardship after January 21, 2020. All New York homeowners who are facing financial difficulties in making house payments due to the COVID-19 pandemic can apply. Applications will be approved on a first-come, first-served basis. The goal is “to help as many New Yorkers as possible stay in their homes,” according to New York State.

Renters living in a property financed by Fannie Mae or Freddie Mac are covered by a temporary eviction moratorium. Keep in mind, that several states have stopped accepting applications for federal pandemic rental assistance. Start, by using the lookup tool to check where the mortgage belongs:

Fannie Mae Mortgage Loan Look-up Tool

Freddie Mac Loan Look-up Tool

So whether you need mortgage relief or reassurance about health matters, be sure to choose trustworthy sources, research well the 2022 Mortgage Stimulus Programs, and ask for help as soon as you think you’re going to need it.

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