Virginia Housing announced changes to the Virginia Mortgage Relief Program (VMPR) that are designed to deliver more help to more people who were financially impacted by the pandemic.
VMRP was launched on January 3, 2021 to offer relief to Commonwealth homeowners experiencing delinquency to help them avoid default, foreclosure, or displacement.
Last week, Virginia Housing announced that the maximum cap for funding increased to $50,000.
The department also announced that the policy related to delinquency start date has been removed. To be eligible under the revised policy homeowners need to have delinquency related to a Covid hardship experienced after January 21, 2020. That includes hardships that started before January 21, 2020 but continued after that date.
Examples of hardships due to COVID-19 include increased expenses due to health care, the need to care for a family member, increased childcare costs due to school closures, or increased costs associated with quarantine.
Other eligibility requirements include:
· Own and occupy the property as a primary residence.
· Be delinquent on an eligible expense.
· Have a household income at or below 100%of the applicable Area Median income or national median income, whichever is greater or be a socially disadvantaged individual with a household income equal to or less than 150% Area Median Income or 100% of the national median income, whichever is higher.
Three types of assistance are offered through VMRP:
1) Reinstatement—a lump sum to cover past due balances.
2) Reinstatement + future payments—a lump sum for past due balances plus funds for future monthly payments.
3) Payment assistance for home-related costs—funds to cover payments for expenses, such as homeowner’s insurance, flood insurance, mortgage insurance, special assessments, real estate tax, and condominium association fees.
Individuals who applied for VMRP assistance in the past and were denied but who may be eligible due to the policy changes are encouraged to appeal using the form available here or by calling.
Follow the Watchful Eye on Twitter so you never miss a story!
Did You Hear: Virginia Is Receiving $10.7 million Settlement for Google Location Tracking?
Want to submit tips or story suggestions to the Watchful Eye? Email 4watchfuleye@protonmail.com. Want to support this independent news channel? Do it here. Any and all is greatly appreciated!
Comments / 17