Falling behind on your mortgage payment? The state can help – GV Wire
Fresno County officials are drawing attention to $1 billion in mortgage relief for California homeowners behind on their payments due to pandemic-inflicted hardship.
While rental relief programs have been run by the county, mortgage relief assistance is offered through the California Mortgage Relief program.
The application is free and no funds will ever have to be refunded, county officials said.
Additionally, Fresno County Auditor-Comptroller Oscar J. Garcia said the state’s mortgage relief program will soon also provide property tax relief.
Who is eligible for mortgage assistance?
Owners seeking assistance must meet these criteria:
- The household income of all members over the age of 18 must be equal to or less than 150% of the area median income.
- The owner must own and occupy the property as their principal residence.
- The owner can only own and occupy one dwelling.
- The owner must certify that he experienced financial hardship after January 21, 2020.
- For mortgage relief, the homeowner must be at least two payments past due by June 30, 2022. For property tax relief, the homeowner must be at least one payment past due by May 31, 2022.
- For mortgage relief, the outstanding amount must be $80,000 or less at the time of application.
- Approved applicants will receive a one-time grant. Once a household/property is funded, it is no longer eligible for further assistance from the program.
- The original outstanding principal balance of the Homeowner’s Primary Mortgage, at origination, cannot exceed the “Conforming Loan Limit”. To find data on conforming loan limits, click here.
- Owners cannot have $20,000 in cash or assets on hand, excluding savings in a retirement account. (For example, homeowners who need $30,000 to pay off their mortgage will not qualify if they have $50,000 or more in assets).
- For mortgage relief, the homeowner’s mortgage agent must participate in the California Mortgage Relief Program. A list of participating mortgage agents can be viewed here.
For more information on how to apply, visit the state’s website here.
You can also find a breakdown of the eligibility and application process here and the official application to apply here.