A new federal aid package that totaled over $159 million dollars was just recently approved, and it will be providing help to struggling home owners in the Triangle area and all of North Carolina. North Carolina is among one of five states in the nation that will be receiving money from an almost $600 million dollar aid pool which is intended to help prevent foreclosures on those who are unemployed.
In order to qualify for this federal money the state of North Carolina had to submit a plan to the U.S Department of Treasury indicating how the funds would be used. $115 million will be used to launch a new program that is similar to the existing state funded effort to provide mortgage payment help. The Housing Finance Agency is anticipating that this program will save 7,200 homes in North Carolina from foreclosure over the next three years. With the current plan that was approved, unemployed homeowners who qualify will be able to receive up to 24 months of mortgage payment assistance. However, for those living in higher unemployment counties there can be up to 36 months of mortgage payment assistance.
Many families who have found themselves ineligible for the current state’s mortgage project may now find they are eligible for this new program. The new program is intended to help needy families in North Carolina who have fallen into hard times by no fault of their own. Prior to receiving assistance the borrower’s mortgage history will be analyzed, and it will be determined if the existing mortgage would be affordable if the home owner found employment. This program will be available in October to 17 counties on a pilot launch basis, and expanded statewide in December.
If you are interested in buying a home in the Triangle area, now is the time to contact Marti Hampton and let her and her team at RE/MAX One Realty help you find a perfect home in Raleigh or the surrounding area.