Examining the Reality of Mortgage Stimulus for Homeowners in Washington, DC
The COVID-19 pandemic has put a significant strain on American households, particularly for homeowners. With increased mortgage payments, many are finding it difficult to keep up with their bills. However, the American Rescue Act, recently signed into law, includes a significant $10 billion for the Homeowner Assistance Fund (HAF) to be distributed to states and the District of Columbia. This fund aims to provide financial relief for homeowners who have been impacted by the pandemic and are struggling to make their mortgage payments.
To qualify for this assistance, homeowners must meet certain eligibility criteria. They must have an income below 100% of the median income for the United States, a mortgage balance of $548,250 or less, and have been impacted by the COVID-19 pandemic. Once eligibility is determined, homeowners can potentially save over $300 per month by refinancing their mortgage through the program, which can add up to a significant savings of $3,600 a year. The programs are expected to become available soon, and homeowners are encouraged to check the website of their state housing agency for updates.
The government is working to provide multiple ways for homeowners to get relief from the financial strain caused by the pandemic and inflation. The Homeowner Assistance Fund is just one of the many ways that the government is trying to help homeowners who are struggling to keep up with their mortgage payments. If you are a homeowner and have been impacted by the pandemic, it’s worth checking out the program to see if you qualify for the assistance. The program is expected to provide assistance to about 3.5 million households.