Hope For Homeowners: Unemployment Mortgage Assistance Program

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As part of his information campaign “Hope for Homeowners”, Real Estate specialist Nate Strager alerts the public to various programs that can help unemployed homeowners.

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UMA will provide temporary financial assistance to eligible Nevada homeowners who wish to remain in their homes but have suffered a loss of income due to unemployment or underemployment.

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• Experienced involuntary job loss due to the COVID-19 pandemic that occurred on or after January 21, 2020.
• At least one homeowner must currently be unemployed and receiving Unemployment Insurance Benefits (UIB) or have received UIB any time on or after January 21, 2020; or supplementing part-time/temporary work with UIB.
• Benefit/Assistance – Up to $3,000 per month for up to 12 months.
• Includes insurance, taxes, and HOA fees.
• Will include reinstatement of a delinquent first mortgage loan, non-escrowed taxes, HOA fees, and homeowner’s insurance.
• Up to $54,000 per household.
• Household income must be equal to or less than 150% of the area median income or 100% of the median income for the United States, whichever is greater.
• Homeowners must own and occupy a single-family Nevada home (1-4 units), and it must be their primary residence.
• A 3-year lien will be required.
• Eligible financial hardship must have occurred after the purchase of the home and within the timeframe specified above.
• The Homeowner cannot be in an active bankruptcy.
• Properties with 1st priority mortgage secured by a Home Equity Line of Credit (HELOC) are not eligible.

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Award Winning Realtor Nate Strager has operated in the real estate market (buying and selling commercial, industrial and residential) for over 18 years and counting. For more information on buying or selling property and how to protect your transactions visit www.nathanstrager.com

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This article is published in Nevada Business.

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