The California Mortgage Relief Program is expanding again to help homeowners struggling with their mortgage payments due to the impact of the COVID-19 pandemic.
$28,00 One-Time Payment in California To Help Eligible Homeowners (PHOTO: GOBankingRates)
Mortgage Assistance
The California Mortgage Relief program is reaching out to more homeowners to offer financial assistance again. Officials announced Tuesday that three new groups will be eligible for financial assistance dedicated to homeowners whose mortgages had a “partial claim” or deferral, those who missed a second mortgage payment after June 2022, and those with a primary residence that adds up to four units.
Homeowners who had previously received financial help from the state will be able to acquire more. Moreover, around 10,500 families have gotten an average of $28,137 each through the program totaling just under $300 million. The expansion is funded by the American Rescue Plan from last year with a nearly $1 billion budget for homeowner assistance in California.
How To Be Eligible
Applicants seeking property tax relief must meet all of the following criteria to be eligible for the California Mortgage Relief program:
- Households should earn up to 150 percent of the median income and suffer from pandemic-related financial hardship due to COVID-19.
- The maximum income cap for an individual is $125,100 and for a family of four is $178,650.
- Skipped one property tax payment before June 13, 2022.
- Own and occupy only one property in California as their primary residence.
- Own a single-family home, condominium, or permanently affixed manufactured house.
However, If you’ve already settled your mortgage or tax debt, you won’t be able to qualify for state assistance. Additionally, you will not be eligible if your mortgage is a “jumbo” loan that exceeds the limits set by Fannie Mae and Freddie Mac. Additionally, you can’t qualify for the cash if you have more than enough cash and assets to cover the payments yourself, excluding retirement savings.
Here’s How Much You Can Claim
Furthermore, a maximum of $80,000 can be claimed for past-due mortgage payments and $20,000 for missed property tax payments per household. Therefore, prior eligible homeowners who previously claimed assistance worth $20,000 can only get $60,000.
There is no strict deadline for application, but homeowners are advised to apply as soon as possible.
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