Help with mortgage costs
Mortgage grants consist of money that never has to be repaid.
The loss of a job or some other factor that decreases your income can quickly lead to trouble in paying your mortgage. Unfortunately, after only a few months of missed mortgage payments most lenders will initiate the foreclosure process. You can stop a mortgage's foreclosure by catching up all missed payments and paying associated lender fees, but the cost can be high. Fortunately, many state and local governments along with other organizations offer grants and loans to help homeowners pay delinquent mortgages.
Locating Mortgage Grants
Unlike a mortgage payment-assistance loan, a grant is an award of money that never needs to be repaid. Though the federal government rarely directly gives grant money to help make mortgage payments, it gives it to distributing organizations. Typically, mortgage payment grants come from state and local agencies and from nonprofit organizations that receive federal money. Information on the availability of mortgage payment grant programs in a given locality is available from housing counseling agencies approved by the U.S. Department of Housing and Urban Development.
Tapping Grant Sources
You can also search for mortgage payment grants online to find programs other than those from HUD approved housing counseling agencies. The federal Grants.gov website is a portal leading to information on most any federal grant available. Additionally, most state housing finance agencies and local public housing authorities maintain information on mortgage payment grants. Nonprofit organizations such as Money Management International also offer mortgage payment grants. MMI's Preserving Homeownership and Savings Education Strategy, or PHASES, is a mortgage payment grant.
Do Your Research
Every grant program has its own application and qualification criteria. In many cases, grants to help with issues like delinquent mortgage payments or foreclosure avoidance require applicants to be income-qualified. In other words, if you make too much money, you won't generally be eligible for mortgage payment grants or other assistance. However, some mortgage payment grants, such as the PHASES program, aren't strictly reserved to income-qualified applicants.
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I agree with Michael Cheng. If you have a great credit score, stable, verifiable income, verifiable cash on hand or assets, you are a dream client. By comparison shopping, you will be able to obtain a Loan Estimate from at least three different types of lenders: Talk with the mortgage department of where you currently bank. You already have a banking relationship with them. This is a good place to start. Next, apply with a local, licensed non-bank mortgage lender. Somebody located in the town in which you live. Last, apply with a local mortgage broker.