Mortgage Stimulus Programs That Can Really Help You Out

Having a mortgage you cannot afford is something a lot of Americans are facing with since the beginning of the pandemic. That is why the government using funds from Congress has created plenty of mortgage stimulus programs that can really help them out. These programs are called Homeowner Assistance Fund programs (HAF) and they are operating in almost all states.

For more information on getting a grant and also learning about refinance programs, take a look at this.

In response to the effects of COVID-19, the federal government established the $9.961 billion Homeowner Assistance Fund (HAF) to assist households that are falling behind on their mortgage payments and other housing-related costs. The states, territories, and tribes are in charge of running the HAF program, which is under the direction of the US Treasury Department.

States like Florida, New York, Texas, California, Illinois, Virginia, Michigan, and others offer a different amount per household, but the applicant’s eligibility requirements are essentially the same. They should be affected by Covid-19 after January 2021, have a household income at or below 150% of their Area Median Income and apply for their primary residence.

If you are a homeowner who is at risk, you should speak with your loan servicer right once to learn about loss mitigation options. Homeowners are more likely to select the optimal loss mitigation approach for their particular circumstances the earlier they seek assistance.

For more information on getting a grant and also learning about refinance programs, take a look at this.