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Residents in a county in Texas are eligible to receive federal funding that will offer mortgage assistance if they find themselves behind on payments.
The funds aim to help those who fell behind on payments related to their mortgage and home from the pandemic.
The funding comes from the American Rescue Act in 2021.
More people are taking out a mortgage but interest rates are at a new high
The funding is given in the form of grants worth up to $40,000 per household for mortgages.
Another $25,000 is available for property taxes, insurance and HOA fees.
15,000 families are expected to qualify.
Eligibility for mortgage assistance
In order to qualify you must live in Bexar County and own a home in Texas as a primary residents.
You need to show you experienced hardship caused by the pandemic after Jan. 21, 2020.
Your household income cannot exceed 100% of the AMI or 100% for the U.S., whichever ends up being greater.
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You need to show you’ve fallen behind on one of the following
- mortgage
- property taxes
- insurance
- HOA or condo association fees
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