RICHMOND, Va. (WRIC) — Gov. Ralph Northam announced Virginia is launching a statewide Mortgage Relief Program to help people with delinquencies, defaults, foreclosures due to the pandemic.
Northam’s office said the state received more than $258 million through the U.S. Department of the Treasury’s Homeowners Assistance Fund to help homeowners facing housing instability because of the COVID-19 pandemic.
“Virginia is taking aggressive steps to help people stay in their homes,” Northam said in a statement. “Owning a home is the American dream, and this new program will help keep that dream alive.”
The announcement said this will be similar to the state’s Rent Relief Program, which distributed more than $519.5 million in 106,621 rent relief payments to more than 76,500 households across the commonwealth.
“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.”
In order to be eligible for mortgage relief, homeowners must have experienced a reduction of income or increase in living expenses after January 21, 2020, as well as currently own and occupy the property as their primary residence. There are also maximum income limits and other exclusions.
Applications will open on Monday, Jan. 3. You can find more information and apply online here or call 833-687-8677.