(WFXR) — A new program will help keep people in their homes and ease mortgage delinquencies, defaults, foreclosures due to the pandemic.
Gov. Ralph Northam announced the Mortgage Relief Program that was launched statewide.
“Virginia is taking aggressive steps to help people stay in their homes,” said Northam. “Owning a home is the American dream, and this new program will help keep that dream alive.”
This program is similar to the Virginia Rent Relief Program, which has received national recognition for its success. These programs have provided more than $519.5 million in 106,621 rent relief payments for more than 76,500 households across the Commonwealth.
“Providing housing stability and supporting Virginia homeowners is of the utmost importance right now as we continue to advance our recovery efforts from the pandemic,” said Virginia Housing Chief Executive Officer Susan F. Dewey. “This program will protect homeowners at risk of losing their homes thereby strengthening our communities and our economy and improving the lives of many Virginians across the Commonwealth. Our mission is to help Virginians attain quality, affordable housing and foster successful homeownership, and this program directly aligns with our goals by providing vital financial support to homeowners during a time of great need.”
To be eligible, you must have experienced a reduction of income or an increase in living expenses after Jan. 21. You also must currently own or occupy the property as the primary resident. There are also maximum income limits and other requirements. You can see the full list of requirements on the U.S. Department of Treasury’s website.
The funds from the program will be distributed to mortgage lenders and servicers, contracts for deed holders, country treasurers or local taxing authorities, property insurance companies, and homeowner and condominium associations. Under the Virginia Mortgage Relief Program, utility assistance will not be an eligible expense.
Applications are open on Monday, Jan. 3, 2022. You can apply on the Virginia Mortgage Relief website. or call 833-687-8677.