Americans have been grateful to receive funding to help with hardships following the pandemic, but there may be yet another way for homeowners.
The Homeowner Assistance Fund was created under the American Rescue Act by President Joe Biden.
States can get almost $10 billion dollars from the fund.
Related: Refinance your mortgage to collect $300 per month
The funding may be used for things like assisting with mortgage payments, homeowner’s insurance, utilities, and other home related finances.
To qualify, individuals must have experienced financial hardship caused by the pandemic. They must also have incomes at or below 150% of the area median income. They may also have income at or below 100% of the median income for the U.S., whichever is greater.
The mortgage balance must be under $548,250.
Related: This is when you should not refinance a mortgage
How much you can get varies by state.
Connecticut offers $20,000 for qualifying households while Illinois offers up to $30,000.
The best way to get information to see if you qualify is to contact your mortgage lender.
There is also a federally backed refinance program that can save homeowners as much as $3,000 per year.
In order to qualify, you must have a federally supported mortgage and bring in under 80% of your local median income.
Related: Appeal your property taxes to save yourself thousands
FingerLakes1.com is the region’s leading all-digital news publication. The company was founded in 1998 and has been keeping residents informed for more than two decades. Have a lead? Send it to [email protected]