Homeowners with a mortgage to pay were hit especially hard during the pandemic, so the U.S. created mortgage stimulus programs to help them catch up.
Many Americans got used to federal stimulus checks, which have since ended.
Now, the mortgage stimulus programs will help to pay off people’s late mortgage payments and other related expenses.
Mortgage stimulus programs
While there isn’t one official federal mortgage stimulus program, there are funds from Congress designated to helping homeowners.
The funds are available through the Homeowner Assistance Fund, or HAF.
Money came from the American Rescue Act to fund the programs.
Around $10 billion dollars was sent to each state and U.S. territory to go toward a HAF program.
Colorado residents will soon see $400 stimulus payments
The money may be used to pay off behind mortgage payments, insurance, utilities, and other home-related expenses.
The funds are federal, but states are the ones who distribute the money and create the programs.
Those who suffered financial hardship caused by the pandemic could qualify.
Income must be 150% or less of the AMI or 100% of the U.S. median income, whichever is bigger.
Mortgage balances must be below $548,250.
What you get varies by state, with Connecticut offering up to $20,000 and Illinois offering up to $30,000.
States are still working to set up programs, with many already creating pilot programs to help residents faster.
Samantha edits our personal finance and consumer news section. Have a question or lead? Send it to [email protected].