Many homeowners in the United States are getting assistance from the federal government’s Homeowner Assistance Fund. However, several others are back on their feet after struggling through the worst days of the COVID-19 pandemic.
Most of the pandemic-era forbearance options for struggling homeowners are pretty much over. However, a lot of money administered by Congress is still available for those who need help.
In case you’re unaware, the Homeowner Assistance Fund is overseen by the U.S. Department of the Treasury. It also has a nearly $10 billion pot of money. Lucky for owners, they’re able to apply to the program for relief. It is a federal program created to assist families who fall behind on their housing-related expenses. These expense issues are due to the financial fallout of a public health fallout.
“Data indicate some homeowners are still experiencing financial and economic stress, particularly those with low incomes and homeowners of color,” Stockton Williams said. Williams is the executive director of the National Council of State Housing Agencies.
According to experts, many homeowners may not know that there’s help available to them. There are government interventions, expanded unemployment benefits, and rental assistance available. Let’s take a look into whose eligible to receive these Homeowner Assistance Fund benefits.
A United States resident must’ve experienced struggles related to COVID-19. They also must have a household income lower than 150% of their area’s average income. However, the program is being managed by the states. Not all qualifications are the same.
Williams is also claiming that are not making delinquency a requirement for Homeowner Assistance Fund eligibility.
“In fact, in many cases, borrowers do not have to have any outstanding mortgage debt to qualify for assistance or other housing expenses, such as utilities or property taxes,” he said.
How Do You Apply for Homeowner Assistance Fund?
Struggling homeowners can receive between $15,000 and $80,000 from the Homeowner Assistance Funds. But how do United States residents apply for these benefits?
The National Council of State Housing Agencies provides a map for people to find out where to apply in their state. However, several states continue working on opening their programs.
According to the Consumer Financial Protection Bureau, eligible expenses often include mortgage payments, property taxes, homeowner’s insurance, utilities, association fees, and specific home repairs. The National Council of State Housing Agencies claims that states decide the maximum relief a homeowner can get. However, the amount ranges between $15,000 and $80,000.
If someone is waiting to know whether or not they’re able to receive these benefits, they can contact their mortgage services. It becomes more urgent if they’re facing foreclosure.
It’s important for struggling homeowners to look for help from a housing counselor approved by the U.S. Department of Housing and Urban Development. Remember, the Homeowner Assistance Fund could help you prevent mortgage and defaults, foreclosures, and loss of utilities or home energy services.