First the pandemic, and now inflation has homeowners struggling to keep up with payments. Some states are offering a mortgage stimulus.
To help these Americans, the Homeowner Assistance Fund was created.
It also helps with utilities and home energy being shut off.
Housing Market: Rising mortgage rates won’t lower home prices, as housing crisis looms
The program helps those impacted on or after Jan. 21, 2020.
The funding from HAF can be used to pay mortgage payments, insurance, utilities, and other home related expenses.
Those hit the hardest take priority.
Housing Assistance: Applying for Section 8 housing explained
Who can receive help with their mortgage and what sort of help?
Each state was given a minimum of $50 million in funding.
Anyone who can show that they experienced financial hardship after Jan. 21, 2020 or before could be eligible.
You need to be 150% less than the area median income, or 100% of the federal median income.
The balance of the mortgage needs to be below $548,250.
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].