Do You Qualify for $35,000 in Mortgage Assistance?
If you are facing financial difficulties as a result of Covid-19, then Team Kentucky Homeowner Assistance Fund can help you! This program, funded by the American Rescue plan of 2021 and run by the Kentucky Housing Corporation, helps Kentucky homeowners avoid foreclosure by providing financial assistance of up to $35,000.00. These funds can cover a mortgage for up to 6 months, past-due property tax bills, insurance bills, homeowner’s association/condominium dues/liens, and past-due utilities (electric, water, sewer, and gas). The funds are paid directly to mortgage servicers, tax administers, or other agencies owed. Kentucky residents are facing 180% more foreclosure filings compared to last year, so this program can help those in need.
There are certain requirements that must be met by both the homeowner and the property to receive these funds. The financial hardship must be a result of Covid-19 after January 21, 2020. The applicant’s income also plays an important role when qualifying. It cannot surpass 150% of the Area Median Income (AMI). The home must be the applicant’s primary residence and be located within the State of Kentucky. Eligible properties include a single-family house, condominium, townhome, and manufactured home. Each applicant will be assigned to a housing counselor who will assist the homeowner in completing the application process, which includes obtaining and signing paperwork as well as responding to questions.
The entire application process can be done online. For more information on the eligibility requirements and applying, visit the Team Kentucky Homeowner Assistance Fund program’s official site. The entire application process can take up to 45 days. Keep in mind, that the funds will be available until September 30, 2025, or until they are fully exhausted, whichever happens first.