A new wave of financial assistance is offered to homeowners and eligible families who are struggling with their house payments. Eligibility requirements and application process for these programs vary with each state. A few tips are also available on finding relief money for families who are not eligible for stimulus checks.
Lawmakers and congressional leaders are still heavily debating about a fourth stimulus check, and there is no guarantee that this proposal could ever win approval. Fortunately, the Biden Administration still has a lot of support to offer for American citizens. Biden's COVID-19 rescue package from March openly submits $10 billion of their budget to the homeowner assistance fund, with a minimum of $50 million for each state.
Here are the different ways you could get financial assistance:
Homeowners' Stimulus Checks 2021
Despite the national implementation of ultra-low mortgages, families and homeowners struggle to make their house payments due to lack of income. At worse, families could be evicted from their own house on the subject of delinquency or even foreclosure.
Fortunately, the government offers money to help with these kinds of payments.
An online tool is now available for you to quickly check on your state's conditions, eligibility requirements and request emergency rental assistance. To use the online tool:
- Head to the National Council of State Housing Agencies (NCSHA) online website
- Pick your specific state
- Comply with the specific requirements
- Request for Financial Assistance or Monetary Assistance
Generally, to get the mortgage relief, you need to provide evidence that you are under financial stress. You are eligible if you earn no more than 150 percent your area's average median income, and if your pre-existing loan balance does not exceed $548,250. Note that each state is responsible for its own monetary relief program. Each state will have its own list of:
- Eligibility requirements
- Application Process
- Maximum monetary aid provision
- Financial aid program
If you have the time, it would be best to visit your local government office and request details for the Homeowner's Stimulus Check directly.
Renters' Stimulus Checks
Financial support is also provided for tenants who are struggling to pay for their rent. The Congress released a total of $46.6 billion monetary aid for eligible individuals.
Earlier reports pointed out that the government support could pay up to 13 months of the rental fee! The money could be paid to pre-existing debts in the past year or as financial support of advance payment in the months to come. Eligible renters can receive somewhere between $4,600 a month to $25,000 lump sum.
Tips to Find Relief Money
Unfortunately, some families might find themselves not eligible for the financial support listed above. Yahoo! Finance made some suggestions where you can find and save some money instead.
- If you have multiple credit card balances, sweep them up into a single debt consolidation loan. This will automatically lower the interest rate.
- As a homeowner, you should refinance your mortgage in this past year. You could save a lot from the previous financial support programs provided.
- Be conscious when paying insurances. You could save a lot of money by lowering or abstaining from product insurances.
- Check for other financial support programs. The Biden Administration offers a lot of programs for different living conditions. You might be eligible in some of them.