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Homeowners who need financial assistance with their mortgages and other housing-related expenses can apply for help via the Homeowner Assistance Fund (HAF), a federal program designed to help households who have fallen behind due to COVID-19.
See: Stimulus Update: COVID Relief on Mortgages Ends Soon — What Are Your Options?
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Although the HAF is a federal program, it will be run at the state level. Seven states, along with Puerto Rico, already have the program up and running and are accepting applications, according to the National Council of State Housing Agencies. Those states are California, Louisiana, Maryland, New York, Oklahoma, Rhode Island and Tennessee.
If you live in one of those states — or Puerto Rico — and are interested in applying for assistance, here’s a look at the relevant agencies in each state, websites to visit to begin the application process, and what you need to know in terms of eligibility:
Agency: California Housing Finance Agency
California Program Website
The California Mortgage Relief Program uses federal HAF funds to help homeowners get caught up on their housing payments. The program is free and the funds do not need to be repaid. It is open to all eligible Californians who are currently experiencing pandemic-related hardships and have fallen behind on their housing payments.
Eligible applicants must: be at or below 100% of their county’s Area Median Income; own a single-family home, condo or permanently affixed manufactured home; and have faced a pandemic-related financial hardship after Jan. 21, 2020.
Eligible homeowners must also meet the following criteria:
- At least two mortgage payments past due by Dec. 27, 2021.
- Currently own and occupy the property in California as their primary residence.
- Only own and occupy one property.
- Attest that they experienced a Qualified Financial Hardship after Jan. 21, 2020.
- The original, unpaid principal balance of the homeowner’s primary mortgage loan, at the time of origination, cannot be greater than the “conforming loan limit” (as determined under the provisions of the Housing and Economic Recovery Act of 2008) in effect at time of origination.
- Homeowners cannot have cash or assets on hand (excluding savings in a retirement account) that is equal to or greater than the relief funds needed plus $20,000. (For example, homeowners needing $30,000 to get caught up on their mortgage will be ineligible if they have $50,000 or more in assets).
Related: Stimulus Update: What COVID-Era Programs Will Continue in 2022?
Agency: Louisiana Office …….