How Homeowners Are Getting Mortgage Help In Utah
Whether the overall economy is good or bad, owning a home just keeps getting more expensive. And since there is no mention of the cost of owning a home going down any time soon, many people in Utah are left looking for mortgage help. The good thing is you can find help with your mortgage payments right here in Utah. Here’s how Utah homeowners are getting the help they need.
Get Mortgage Help From These Places
Community Development Corporation Of Utah’s Mortgage Assistance Program
Households continuing to be impacted by the COVID-19 pandemic or experiencing a range of financial difficulties can apply for mortgage help through the Community Development Corporation Of Utah (CDCU), a counseling agency approved by the U.S. Department of Housing and Urban Development.
Grants are available for Salt Lake City residents who have households under 60% of the area median income, while loans may be available for those households with an AMI over 60%. Residents of South Jordan, Sandy, and Taylorsville may also apply for assistance if they are at or below 80% AMI.
They must also have experienced financial difficulty such as loss of income that is related to the pandemic. Households may receive help with between one to three mortgage payments up to a total of $5,000. The CDCU also offers counseling for homeowners in Utah centered on foreclosure prevention.
Statewide Homeownership Assistance
There are numerous statewide programs in Utah designed to provide mortgage help and other forms of homeownership assistance. In addition to the CDCU, the Federal Home Loan Bank offers homebuyer help with various programs, and the U.S. Department of Agriculture Rural Housing offers a range of housing programs for those living in rural Utah communities.
Individual cities in Utah are home to nonprofits and charities that offer mortgage help as well, such as Habitat for Humanity in Logan, Brigham City, and Cedar City; NeighborWorks Provo and the Provo City Redevelopment Agency; and the Salt Lake County Economic Development and Community Services department.
Among the programs available to get you the mortgage help you need, NeighborWorks has spread to other Utah towns and is an increasingly popular option. Homeowners who quality receive an average of about $1,800 a month for up to three months to cover mortgage costs.
The Federal Homeowner Assistance Fund
The Homeowner Assistance Fund (HAF) is a federal program that offers mortgage help as well as assistance with other housing costs and utility bills. It’s a $9.961 billion program that’s overseen by the Treasury Department but administered by individual states. Over 40 states have launched such programs.
The Utah Homeowner Assistance Fund is still under development, but the state has received nearly $60 million in federal funds designed to provide mortgage help for homeowners who qualify. The good news is Utah residents will soon be able to apply for assistance through the program.
Mortgage Help From The Utah Housing Corporation
The Utah Housing Corporation (UHC) has heard from numerous homeowners with financial hardships. By calling the UHC, homeowners can request forbearance and the UHC will work to create a forbearance plan and send letters to confirm such requests. Homeowners then get in touch with the UHC monthly to discuss their forbearance situation and adjust the plan as needed.
Hope For Homeowners
Another federal assistance program run through the U.S. Department of Housing and Urban Development, Hope for Homeowners is designed for those needing drastic mortgage help to avoid losing their home because of foreclosure or defaulting on their mortgage.
Hope For Homeowners facilitates refinancing to a more affordable mortgage payment for homeowners to handle. Eligibility requirements include proving that mortgages can only be paid with help and that there have been a minimal number of previous mortgage payments made.
Get More Financial Help With A Title Loan In Utah
Mortgage help may be needed because a financial emergency is impacting a homeowner’s ability to pay on time. Emergencies such as an unexpected trip to the hospital, emergency travel costs, or much-needed car or home repairs can put a significant strain on finances. A title loan in Utah may help.
Title loans are designed specifically to help those experiencing financial emergencies and use a vehicle’s title as collateral for a lump sum of cash. At Utah Title Loans, Inc., you may qualify for a title loan of up to $15,000 in as little as 30 minutes. It’s easy to get started. Head to the Utah Title Loans, Inc. homepage and fill out the short online title loan form.
One of our loan representatives from the nearest Utah title loan location will give you a quick call to walk you through the rest of the process. If you qualify and finish the simple title loan in Utah paperwork, you can receive the cash you need the same day or the very next bank business day.
Get The Mortgage Help You Need Right Now
Utah homeowners who need mortgage help have many different resources at their disposal. If you’re experiencing a financial emergency and need help getting back on your feet quickly, check out one of the above options. And if you need quick emergency cash right now, consider a title loan in Utah. Fill out the online form to get started on the title loan in Utah process.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.