A statewide Mortgage Relief Program has been announced in Virginia.
Governor Northam's office released the news on Thursday and said the program is to help people stay in their homes and to ease mortgage delinquencies, defaults and foreclosures due to the COVID-19 pandemic.
The Mortgage Relief Program is similar to the Virginia Rent Relief Program.
The Commonwealth has implemented rent and mortgage relief programs through state and federal resources. Combined, these programs have provided more than $519.5 million in 106,621 rent relief payments for more than 76,500 households across Virginia so far.
The Commonwealth of Virginia received more than $258 million through the U.S. Department of the Treasury’s Homeowners Assistance Fund to support homeowners facing housing instability resulting from the COVID-19 pandemic.
In order to be eligible for this program, the release from Northam's office said homeowners must have experienced a reduction of income or increase in living expenses after January 21, 2020 and must currently own and occupy the property as their primary residence. There are also maximum income limits and othe requirements in place for eligible residents. More information on eligibility requirements from the U.S. Department of the Treasury can be found by clicking here.
Northam's office said, "Funds from the Virginia Mortgage Relief Program will be distributed directly to mortgage lenders and servicers, contracts for deed holders, county treasurers or local taxing authorities, property insurance companies, and homeowner and condominium associations."
Utility assistance is not an eligible expense under this program but is available under other state, local, or private sector programs.
“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.”
Residents can start to apply on Monday, January 3. To apply or learn more about VMRP, click here or call 833-687-8677 (833-OUR-VMRP).
