Mortgage Stimulus: Is There Financial Aid For Homeowners?
Inflation continues to be a problem for American families. Homeowners are severely affected by the Covid pandemic.
Those who were hoping for better financial times after the COVID-19 pandemic saw their wallets get lighter as their mortgage payments kept piling up.
The Homeowner Assistance Fund (HAF) prevents mortgage delinquencies, defaults, foreclosures, loss of utilities, and displacement after January 21, 2020.
Since many Americans are getting multiple stimulus checks and funds during the pandemic, many are wondering if Congress will also help homeowners.
Is there any mortgage finantial aid available?
But they have because of President Biden's American Rescue Act. It gave the states and the District of Columbia close to $10 billion through the HAF
The states have set up a number of systems and programs to give out the money. Usually, a person must make less than 100% of the median income for the whole country to be eligible.
In order for the homeowner to qualify, the remaining balance on their mortgage must be $548,250 or less.
Some homeowners could save more than $300 a month if they refinanced their mortgage.
The National Council of State Housing Agencies says the programs will start soon, and they invite everyone to check their website for updates.