New Revision to 2024 Federal Mortgage Aid Program
New Federal Mortgage Relief Program: Extended Assistance for Homeowners
Program Overview:
The Federal Government has revised their Mortgage Relief Program, aiming to offer additional support to eligible homeowners. This initiative, funded by the Homeowner Assistance Fund from the American Rescue Plan Act, has allocated $1 billion to provide financial relief to homeowners facing challenges due to the COVID-19 pandemic.
Financial Assistance Details:
Under this program, qualified homeowners can receive assistance of up to $80,000. The support is designed to address various issues, including missed property taxes, late mortgage payments, reverse mortgages, and partial claims or loan deferrals incurred during the pandemic.
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Ohio mortgage programs may be able to save you hundreds every month. A new 2024 mortgage may be able to give relief to homeowners. Unfortunately, most Americans will not receive their mortgage benefits because they are not aware of some of these programs. You do not need to pay anything to check how much you could get.
Check Ohio Programs Here |
Current Status:
As of the latest update, approximately $776 million of the allocated funds has been distributed. To reach more homeowners in need, the program has consistently extended its eligibility criteria, with a focus on assisting low-income and moderate-income households.
Eligibility Criteria:
The recent extension includes homeowners who have missed at least two mortgage payments or at least one property tax payment by February 1. Eligibility is determined based on specific conditions, such as having missed mortgage payments, property tax payments, or possessing a reverse mortgage. Additionally, applicants must own a qualifying property, experience pandemic-related financial hardship, and meet income requirements.
Qualifications:
To be eligible for assistance, applicants must:
- Own a single-family home, condo, manufactured home, or property with up to four units.
- Reside in the property.
- Have experienced financial hardship after January 21, 2020.
- Meet the household income limit, set at 150% of the county’s Area Median Income.
Application Process:
Eligible homeowners can apply on the program’s official website. The application requires the submission of various documents, including mortgage statements, bank statements, utility bills, and income documentation such as pay stubs, tax returns, or unemployment records.
Reapplication Option:
Those previously denied assistance have the opportunity to reapply if they meet the updated eligibility criteria outlined by the program.
No Repayment Required:
Importantly, the funds provided through the New Federal Mortgage Relief Program do not need to be repaid. The program emphasizes that it is entirely free for qualified homeowners. Get more information about it here.
