Assistance Program for Nevada Unemployed Homeowners
Nevada’s Unemployment Mortgage Assistance (UMA) Program
Introduction
In response to the economic challenges posed by the COVID-19 pandemic, Nevada has introduced the Unemployment Mortgage Assistance (UMA) program. This initiative aims to extend a helping hand to eligible homeowners in the state who are facing financial hardships due to involuntary job loss.
Eligibility Criteria
To qualify for UMA assistance, homeowners must meet several criteria
- Experienced job loss as a direct result of the COVID-19 pandemic on or after January 21, 2020.
- Currently unemployed and receiving Unemployment Insurance Benefits (UIB) or have received UIB at any point since January 21, 2020.
- Household income must not exceed 150% of the area median income or 100% of the median income for the United States, whichever is higher.
- Own and occupy a single-family home (1-4 units), condominium, or manufactured/mobile home as their primary residence.
- Must not have a first-priority mortgage secured by a Home Equity Line of Credit (HELOC).
Scope of Assistance
The UMA program offers temporary financial aid to eligible homeowners, covering various expenses:
- Financial assistance for up to 12 months.
- Support for mortgage reinstatement, non-escrowed taxes, HOA fees, and homeowner’s insurance.
- Maximum assistance of up to $65,000 per household.
- Recipients may receive up to twelve monthly payments, contingent upon continued certification of employment status.
Application Process and Obligations
Applying for UMA assistance involves fulfilling certain obligations and procedures:
- Recertification of employment status is required periodically.
- A 3-year lien will be placed on the property.
- The financial hardship must have occurred after the purchase of the home and within the specified timeframe.
Conclusion
Nevada’s Unemployment Mortgage Assistance (UMA) program serves as a crucial lifeline for homeowners facing economic uncertainty in the wake of the COVID-19 pandemic. By providing temporary financial relief and support, the program aims to help families stay in their homes during times of adversity.
