There Is A $10 Billion Stimulus Package For Homeowners – Here’s Who Qualifies

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stimulus for homeowners

There have been three stimulus checks since March of 2020. But did you know there is a $10 billion stimulus set aside just for homeowners?

It’s true, dubbed the Homeowners Assistance Fund, the $10 billion stimulus packages for homeowners is a part of the $1.9 trillion American Rescue Plan, which was passed by Democrats in March. With more than 3 million home owners behind their mortgage payments, this is welcome news for a lot of Americans.

Related: This Single Mom Turned Her $1,200 Stimulus Check Into A $1M Business

According to Fox News, “The Treasury Department, which is disbursing the funds, is sending the money to states to distribute it through housing programs. Each state will receive at least $50 million from the federal government. States must spend the money by Sept. 30, 2025.”

If you’re struggling to pay your mortgage, you might qualify for extra assistance on top of your normal stimulus checks.

Do You Quality For The Stimulus Package For Homeowners?

To qualify for additional stimulus funds, you need to meet the criteria below.

  • You must have a mortgage balance that is less than $548,250 as of 2021.
  • You must be able to prove that you suffered a job loss or some other financial hardship after Jan. 21, 2020

Even if you meet that criteria, you may not get this stimulus for homeowners as 60% of this $10 billion aid needs to go to owners with an income that’s lower than the national median income. That number is roughly less than $36,000 per year.

Author
C. James

C. James is the managing editor at Wealth Gang. He has a degree in finance and a passion for creating passive income streams and wealth management.