Homeowners are eligible for up to $30,000 in mortgage stimulus relief – here’s how to apply.

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Homeowners are eligible for up to (dollar)30,000 in mortgage stimulus relief – here’s how to apply.

Since the start of the coronavirus pandemic, Americans have grown accustomed to receiving direct payments – and homeowners may be eligible for one in particular.

This is thanks to President Joe Biden’s American Rescue Act, which included the Homeowner Assistance Fund.

State governments, the District of Columbia, and other US territories receive nearly (dollar)10 billion from the fund.

These funds can be used to help with mortgage payments, homeowner’s insurance, utility bills, and other expenses.

The fund is for those who have suffered “financial hardship” since the pandemic first struck the United States.

To be eligible for the stimulus, incomes must be less than 150 percent of the area median income or 100 percent of the national median income, whichever is greater.

In addition, the homeowner’s mortgage balance cannot exceed (dollar)548,250.

The amount you can get varies by state and other factors, but qualifying Connecticut households can get up to (dollar)20,000.

Those in Illinois, on the other hand, will soon be able to apply for up to (dollar)30,000 per household.

According to the National Council of State Housing Agencies, some states are collaborating with the Treasury Department to launch their own programs.

Those interested in applying for stimulus relief should contact their mortgage lender for more information.

Another option is to refinance your home with the help of the government.

Homeowners could save up to (dollar)3,000 per year by participating in the program.

To be eligible for that program, you must have a federally backed mortgage and earn no more than 80% of your area’s median income.

If you’re having trouble paying your mortgage, the Federal Housing Administration (FHA) recently extended the forbearance option.

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You'll want to check with your lender to see how much you could potentially get

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