Is The Homeowners Stimulus Real


Coronavirus Mortgage Relief Programs

Fake ad claims U.S. giving homeowners about $3,700 in stimulus relief

The type of mortgage relief you may be eligible for depends on your loan type and which bank or agency owns your mortgage.

Here are the relief programs currently available for the four major loan programs: conventional, FHA, VA, and USDA.

Mortgage relief for conventional loans

Fannie Mae and Freddie Mac were the first to unveil relief programs for those affected by the coronavirus.

Many homeowners dont realize their mortgages are owned by Fannie or Freddie. You may not have noticed that one of them bought your loan after you closed. But you can easily find out using the lookup tool that each of them provides:

Be sure to use both tools. Either agency could own your mortgage as they own the majority of U.S. home loans.

Providing you agree with your lender on an assistance package, you could be in line for:

  • Mortgage forbearance for up to 15 months
  • Penalties and late fees waived on issues covered by your forbearance agreement
  • No reporting to credit bureaus about late or missing loan payments
  • Loan modifications that could allow you the same or lower monthly payments when things return to normal

Under the CARES Act, homeowners do not have to prove theyre in financial distress in order to get mortgage relief. That means no extensive documentation.

Homeowners simply have to claim theyre going through financial hardship by sending in a hardship letter saying theyve been affected by COVID-19.

Mortgage relief for government-backed loans

Private mortgage relief programs

Us Home Stimulus 202: Who Qualifies For Homeowner Stimulus

Help for those who have suffered post-pandemic financial hardship

The US Treasury Department has issued a guidance for the people in the United States who are willing to apply for the Homeowner Assistance Fund , through which the government will provide financial assistance of approximately 9.9 billion dollars to citizens.

Established to help families who endured financial hardships associated with the COVID-19 pandemic, the HAF aims to provide funds to people who need to avoid mortgage delinquencies, defaults, foreclosures, and displacements.

Online Ad Promotes $3708 Home Stimulus Is It For Real

If you surf around the internet or go on social media, youve probably seen the headline: Coming: $3,708 Home Stimulus.

Under the headline, it gives more detail: All homeowners born before 1990 get $3,708 benefit… .

Sounds exciting, right?

It gets even better if you click on the ad.

Anyone with a mortgage can get up to $3,708 each year in mortgage savings as soon as this February. Millions of Americans could benefit from this, but very few even know about it, it says.

It continues:

Unfortunately, many American homeowners wont get their $3,708 mortgage benefit. Simply because they dont know that they have to claim it. And some think its `too good to be true. In fact, homeowners who have good credit and owe $100,000 or more on their mortgage will qualify for even larger amount!

Wait: If I have good credit, I can get a bigger stimulus payment?

One site,, is based in Iceland, according to a website domain search. A site with a markedly similar pitch,, is registered in the same Icelandic city. Same for

Those three sites are associated with, which offers the same pitch on its website.

If you make it down to the fine print, youll see what this actually is:

We tried to reach out to the company through the only email address we could find, but it bounced back as undeliverable.

The application portal opened earlier this month.

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How To Refinance Second Mortgages

Refinancing a second mortgage requires almost the same steps as refinancing the first mortgage. In most cases, youll have to wait at least 12 months from when you were approved for the second mortgage before refinancing it. Most lenders also require you to have at least 20% equity in your home. If you plan to refinance with a different lender, you may want to check with the lender who holds your second mortgage before pursuing refinancing.

It may be slightly more difficult to find a lender, as refinancing second mortgages carries more risk for the lender. If for any reason your house is foreclosed, the second lender only gets whats left over after the first lender is paid off. Nonetheless, if you have good credit, a stable income, and youve made your mortgage payments on time, you should be able to find a lender willing to help you refinance your second mortgage.

Before considering refinancing any mortgage, you should do your research, speak with your financial advisor, and calculate whether youll benefit financially by refinancing. Depending on the fees, the cost of refinancing a second mortgage may outweigh the benefits.

Once youve decided that refinancing your second mortgage is the right choice, figure out if you would qualify for favorable interest rates by checking your credit score and assessing your financial situation. Your lender may look at your other debts, so determine your debt-to-income ratio.

Pros And Cons Of Refinancing Second Mortgages


here are a number of pros and cons to consider when it comes to refinancing second mortgages.


  • Change your existing loan rate and term: If interest rates have dropped, you may want to consider refinancing to take advantage of new rates.
  • Lower monthly payments: Lower interest rates may also mean lower monthly payments on your house.
  • Allow you to switch to a fixed interest rate: This is good for those who are at a variable rate and would want a fixed rate due to rising interest rates.
  • Consolidate debt: Refinancing your second mortgage will give you access to more funds, depending on your homes equity, that you can then use to consolidate high-interest debt, such as credit card debt or student loans.


  • Consider the extended life of the loan: If you refinance a second loan, you will usually be prolonging the life of the loan and, therefore, be making payments longer.
  • Cost: Refinancing can be costly, as you will need to pay, at minimum, an appraisal fee, as well as closing costs.


Refinancing a second mortgage may be the right option for you if you are seeking a more favorable interest rate or lower monthly mortgage payments. Refinancing a second mortgage is similar to refinancing a first mortgage you will want to have a good credit score, employment history, and debt-to-income ratio to qualify for the best interest rates.

Talk to an expert before pursuing a second mortgage refinance to ensure that it is the best choice for you.

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Fmerr Eligibility: Qualify For Mortgage Relief And A Lower Interest Rate

You may be eligible for FMERR if:

  • Your current mortgage is owned by Freddie Mac*
  • Your loan was originated on or after November 1, 2018
  • Your LTV is at least 97.01% for a one-unit, owner-occupied resident
  • You have made all your payments on time in the last 6 months
  • Your mortgage balance is 97.1% or higher as a percentage of your homes market value, for a one-unit, owner-occupied dwelling

*You may not even know that your mortgage is owned by Freddie Mac. If youre unsure, use this lookup tool on the Freddie Mac website.

If you meet these conditions you are very likely to have access to lower rates but you need to act now before rates go up. Speak with your mortgage lender about relief options.

The Nearly Secret Stimulus Payment For Homeowners: Here Are The Details

The March 2021 package set aside $10 billion specifically for homeowners relief. This means that homeowners who are having trouble paying basic bills can request emergency funds from the government. These funds can be used towards any home-related expenses, including paying the mortgage, property taxes, homeowners insurance, utility bills, and other related fees.

Homeowners Assistance Fund: Another Stimulus Payment for Homeowners

Are you a homeowner struggling to pay your bills? If so, the Biden administration might have a lifeline for you.

The American Rescue Plan, President Bidens signature COVID-19 recovery bill, was passed in March. The bill, altogether nearly two hundred and fifty pages long, laid out funding requests for many different government COVID relief programs. One of those programs, the Homeowners Assistance Fund, was specifically targeted towards imperiled homeowners in need of temporary low-interest loans and other relief.

How It Works

The March 2021 package set aside $10 billion specifically for homeowners relief. This means that homeowners who are having trouble paying basic bills can request emergency funds from the government. These funds can be used towards any home-related expenses, including paying the mortgage, property taxes, homeowners insurance, utility bills, and other related fees.

To clarify the status of your states benefits, or for additional information, you can contact your states housing agency.

The Caveat

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Is There Really A $3700 Mortgage Stimulus Program

Those $1,200 pandemic stimulus checks have ended, and are unlikely to return.

So what are all these ads for a new homeowners stimulus, that could provide more than $3,700 to pay your mortgage?

The ads are all over social media right now, many saying a new 2021 mortgage relief program is giving back $3,708 in savings to homeowners.

The headline on another says a new stimulus program is giving relief.

It even includes a picture of a TV anchorwoman reading this as breaking news.

But what TV station does she work for? It looks like CNN, but theres no logo on the screen.

The Better Business Bureau and AARP are warning about all these ads, saying there is no federal mortgage stimulus program.

States have some individual programs to help homeowners in distress, but that is not this.

And from the doesnt that stink file, what happens when you click to apply.

We tried to sign up, and got a series of screens asking for our address, homes value, and how much we owe on it.

In the end, it turned out to be a pitch for a refi program, which might save you $3,000, or not.

Its not a scam, but its not a $3,000 stimulus program, and that stinks.

The Better Business Bureau says there is no Congress-approved relief program for mortgage payments for Americans.

Finally, be careful of any offer for government help that takes you to a website that does not end in dot gov.

That way you dont waste your money.

Relief Programs For Renters

$2 million in emergency mortgage relief still available for homeowners

Renters have protections during COVID, too, although theyre less robust than the relief programs offered to homeowners.

  • Some renters cannot be evicted until at least June 30, 2021, if they are behind on payments due to COVID-related financial hardship
  • $25 billion in emergency rental assistance will be available through state and local governments to help renters who cant make payments

To qualify for rent relief, landlords or tenants will have to meet certain conditions, including:

  • The household cant make more than 80% of their areas median income
  • Renters must be experiencing financial hardship related to the pandemic
  • The renter must be at risk of losing their housing

Since funds will be distributed locally, tenants and landlords hoping to qualify for rent relief will need to check for programs operating in their area.

For starters, check this spreadsheet of local housing programs, compiled by the National Low Income Housing Coalition, to find rental assistance programs currently operating in your state or county.

The American Rescue Plan also includes an additional $5 billion in emergency Section 8 housing vouchers for people experiencing homelessness, survivors of domestic violence, and victims of human trafficking, according to NPR.

Individuals in these categories should reach out to their local public housing agency to learn whether they qualify for assistance. You can find your local PHA here.

What to do if youre behind on rent

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How Homeowner Assistance Funding Works

Treasury is authorized under the American Rescue Plan to provide a HAF award to:

  • Tribes or their TDHEs
  • Department of Hawaiian Home Lands

HAF programs distribute assistance to eligible homeowners to cover qualified expenses related to mortgages and housing.

Depending on the program, homeowners may use the HAF assistance for expenses such as, mortgage payments , property taxes, homeowners insurance, homeowners association fees, utilities , internet service, and certain home repairs.

Find out more information about how HAF programs work on the interagency housing portal hosted by the Consumer Financial Protection Bureau .

Homeowner Stimulus Relief Program: How Does It Work In August 2022

There for vulnerable homeowners

A fund has been put in place to try and help homeowners keep on top of their payments and avoid foreclosures.

The American Rescue Plan Act provides up to 9.961 billion dollars for states, the District of Columbia, U.S. territories, Tribes or Tribal entities, and the Department of Hawaiian Home Lands to provide relief for American homeowners that are at risk of falling behind on payments.

The listed reasoning behind the formation of the Homeowner Assistance Fund is to prevent mortgage delinquencies and defaults, foreclosures, loss of utilities or home energy services, and displacement of homeowners experiencing financial hardship after January 21, 2020.

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Stimulus Checks For Homeowners: Heres Whos Eligible For The Economic Benefit

WASHINGTON DC – APRIL 2, 2020: United States Treasury check with US currency. Illustrates IRS tax refund or coronavirus economic impact stimulus payments to taxpayers affected by the pandemic. – pieces for Biden asf ShutterstockShutterstock

Millions are still receiving the third round of stimulus checks and plus-up payments, while parents with eligible co-dependents will start receiving the child tax credit in mid-July through mid-December. Theres another economic relief some Americans may be eligible for that they probably dont even know was a thing. Thats stimulus money given to some homeowners.

The American Rescue Plan, which included the third round of stimulus checks was signed into effect by President Joe Biden on Thursday, March 11. The following week millions of eligible Americans were deposited $1,400.

The Homeowners Assistance Fund is part of the bill, which will help homeowners struggling with their mortgages. The fund includes helping those who face delinquencies and foreclosures, due to the economic crisis caused by the coronavirus pandemic.

The IRS furthermore states the fund provides:

A minimum of $50 million for each state, the District of Columbia and Puerto Rico

$498 million for Tribes or Tribally designated housing entities and the Department of Hawaiian Home Lands

$30 million for the territories of Guam, American Samoa, the U.S. Virgin Islands, and the Commonwealth of the Northern Mariana Islands


Federal Stimulus For Homeowners

Home Builder Stimulus Package

HIRO and FMERR are some of the special stimulus programs put in place by the government for homeowners looking to purchase a new home.

They are special programs that are ideally suited to the current state of the market and the fact that interest rates are at an all-time low. They come with reduced interest rates and minimal monthly payments, which are easier to manage, and more people can afford them.

People buying a home for the first time will find these programs especially useful and suited to their needs. Refinance relief programs can help you make use of the low-interest rates, and in the process, you will also be able to take advantage of low-interest rates.

Even when your mortgage is higher than the value of your home, there are programs in place that are designed to ensure that you can conveniently make payments without worrying about the terms.

Terms have been made easier for new home buyers, and the interest rates and monthly payments have also been reduced. This is the opportunity many people have been looking for, and to start making use of them, start checking your refinance eligibility and the program that suits you best.

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Mortgage Stimulus Program And Other Good News For Homeowners

For many, theres never been a better time to be a homeowner. Home prices are rising very quickly and, even if youre struggling to keep up with payments, various mortgage refinance programs are standing by to help you out.

Mortgage rates are near all-time lows and homeowners could stand to save significantly on their monthly payments. But what if youre blocked from refinancing because your mortgage balance is close to your homes market value or is even higher? Well, there may be good news for you, too.

Fortunately, home values have been rapidly rising across the country. Fewer and fewer homeowners are underwater.

As a result, many homeowners may be eligible to refinance, even without a special program like HIRO or FMERR. Its worth checking your refinance eligibility to determine whether you could benefit from low-interest rates and a reduced monthly payment.

You Might Be Eligible To Get Up To $50000 From The State Of Florida To Pay Your Mortgage And Other Housing Expenses

In early 2021, President Joe Biden signed the American Rescue Plan Act into law. This law created a Homeowner Assistance Fund, a federal program, to give around $10 billion to the states to help households that are behind on their mortgages and other housing expenses due to COVID-19.

Eligible homeowners in Florida who’ve experienced a financial hardship because of the pandemic can get a piece of the approximately $676 million allocated to the stateup to $50,000 per householdfrom Florida’s Homeowner Assistance Fund program. This program uses federal money to help homeowners make mortgage payments and pay other home-related costs.

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