Stimulus: Mortgage Assistance Worth Up to $80,000 Available
The American Rescue Plan sets aside money for states to use to develop initiatives to assist people in staying in their homes.
The Homeowner Assistance Fund, which is part of the American Rescue Plan, distributes $10 billion to states and U.S. territories each year as part of the program.
Many states have already begun taking applications, and others will do so as soon as they have the necessary finances.
You can use the money to pay for your mortgage, insurance, and utility bills.
Eligibility for government-sponsored homeownership assistance programs
The funds are intended exclusively for homeowners who have been adversely affected by the pandemic.
If you experienced financial difficulties after January 21, 2020, you may be eligible for assistance.
This is true for those who have endured hardship before this time but have seen it continue past the deadline of January 21, 2020.
Your income must be 150 percent or less of the area median income, or 100 percent of the median income for the United States, in order to qualify.
Your mortgage debt must be less than $548,250 to qualify.
What you get will be determined by your current state.
California is the state with the highest offer, at $80,000.
The state of Arizona is giving up to $25,000 in compensation.
Georgia has donated $50,000 to the cause.
Oklahoma is donating $20,000 to the cause.
Residents of the following states can apply for stimulus funds through HAF initiatives in the following states:
District of Columbia
Parents will be able to receive financial assistance starting in 2022.
It is likely that the monies will be paid straight to your mortgage lender and other servicers if you submit an application through your state and are granted.