The Delaware Mortgage Relief program is now open, and offers up to $40,000 in stimulus help for homeowners.
The program was created to help homeowners who experienced financial hardships caused by COVID-19.
These hardships must have resulted in being behind in mortgages or ending up in forbearance.
Stimulus mortgage relief in Delaware
The program will give up to $40,000 to homeowners in need.
The money can be used for the following
- Property taxes
- Chattel loans
- Land leases
- Water and sewer
- Association fees
- Homeowners insurance
According to the DSHA, you must meet the following requirements
- Delaware resident who owns and occupies their home in Delaware as their primary residence
- Income at or below 150 % AMI or 100% of the Median Income for the United States, whichever is greater (Find your AMI here)
- Financial hardship after January 21, 2020, such as reduced income or increased expenses
- Delinquent by at least 30 days, including any payments during a forbearance
The $50 million being used is from the American Rescue Act and Homeowner Assistance Fund.
People may apply for funding until 2025.