You’re likely eligible for the Arkansas Mortgage Relief Program if you’ve been impacted by COVID-19. You’ll need to meet income limits and prove financial hardship. What assistance can you expect?
Key Takeaways
- Arkansas Mortgage Relief Program aids COVID-19 impacted homeowners.
- Provides financial assistance for mortgage and utility payments.
- Income limits set at 150% of Area Median Income.
- Program aims to prevent foreclosure and maintain services.
- Approximately $54 million allocated for relief efforts.
Program Overview
The Arkansas Mortgage Relief Program, also known as the Arkansas Homeowner Assistance Fund (HAF), was established to provide financial assistance to homeowners impacted by COVID-19.
You’ll find program benefits include aid for mortgage payments and utility services.
Funding sources allocated approximately $54 million, which you can utilize to prevent foreclosure and maintain essential services, highlighting the program’s key objectives and funding sources.
Eligibility Criteria
You’ll need to review the income limits to determine if you’re eligible for the Arkansas Mortgage Relief Program, as they’re set at 150% of the Area Median Income (AMI) or 100% of the U.S. Median Income, with specific limits varying by county.
To qualify, you must also meet certain eligibility requirements, including owning and occupying the property as your primary residence, and experiencing financial hardship that started after January 21, 2020.
You should check the program’s guidelines to confirm the eligibility requirements and income limits, such as the HAF 4-person income limit, which ranges from $107,250 in Pulaski County to $112,350 in Benton and Washington Counties.
Income Limits
As you review the eligibility criteria for the Arkansas Mortgage Relief Program, it’s essential to understand that your household income must be at or below 150% of the Area Median Income (AMI) to qualify.
You’ll need to provide income verification, considering all household expenses.
Income limits vary by county, so you should check the specific limits for your area to determine eligibility.
Eligibility Requirements
Because your household’s financial situation and mortgage status are essential factors, eligibility requirements for the Arkansas Mortgage Relief Program are strictly defined.
You must provide financial documentation, including tax returns and proof of delinquencies.
Consider application tips, such as verifying income limits and confirming your mortgage is at least two months past due.
Review the program’s guidelines to ascertain you meet the necessary criteria, including household income and occupancy requirements, before submitting your application.
Application Process
You’ll start the application process by checking your eligibility, which involves verifying your household income and reviewing the required documentation, such as valid identification and proof of homeownership.
If you’re eligible, you can proceed to submit the necessary forms, including federal tax returns and statements showing mortgage or utility delinquency.
You should be prepared to provide detailed information about your financial hardship, including when it began and how it’s affected your ability to make mortgage or utility payments.
Apply Now
How do you initiate the application process for the Arkansas Mortgage Relief Program? You can’t, as it’s closed.
| Option | Status | Alternative |
|---|---|---|
| Online | Closed | Call 888.989.0964 |
| Phone | Closed | Free counseling |
| Closed | Program updates | |
| Closed | Application alternatives | |
| Portal | Closed | HAF assistance |
Eligibility Check
The application process for the Arkansas Mortgage Relief Program begins with an eligibility check, which you must pass to qualify for assistance.
You’ll need to meet income and hardship requirements to access program benefits.
Review the application timeline to guarantee you submit all required documents, including proof of homeownership and delinquency statements, to determine your eligibility for relief.
Submit Forms
As part of the Arkansas Mortgage Relief Program’s application process, submitting forms is a critical step that requires careful preparation and attention to detail, since it directly impacts your eligibility for assistance. You’ll need to meet document requirements.
| Form | Description | Submission |
|---|---|---|
| ID | Valid identification | Online |
| Tax | Federal tax returns | Upload |
| Mortgage | Delinquency statements |
Fund Distribution
Given the Arkansas Homeowner Assistance Fund‘s (HAF) primary objective of mitigating COVID-19’s financial impact on homeowners, you’ll find that fund distribution played a critical role in achieving this goal.
You’ll notice the fund allocation was strategic, directly covering overdue payments to mitigate the financial impact. The HAF distributed $51,767,935, assisting 4,958 homeowners with mortgage, utility, and internet payment delinquencies, ensuring financial stability for low- to moderate-income households.
Additional Resources
If you’re seeking additional support beyond the Arkansas Homeowner Assistance Fund’s initial financial assistance, you’ll find various resources available to help you navigate the process.
| Resource | Description | Contact |
|---|---|---|
| HAF | financial support | 888.989.0964 |
| community partnerships | local aid | |
| housing advocacy | legal help | |
| counseling | free guidance | |
| website | online support |
Program Success Stories
The Arkansas Homeowner Assistance Fund’s success is evident in the 4,958 homeowners it helped, providing them with a total of $51,767,935 in financial aid, which significantly alleviated the financial burdens they faced due to COVID-19.
You see success stories, community impact through:
- Financial aid distribution
- Homeowner testimonials
- Stabilized households, showcasing the program’s effectiveness.
Income Limits and Requirements
How do you determine eligibility for the Arkansas Mortgage Relief Program, and what specific requirements must you meet?
You’ll need to undergo income verification processes, with household income at or below 150% of the Area Median Income.
You must also provide financial hardship documentation, showing hardship began after January 21, 2020.
Income limits vary by county and household size, so you’ll need to check the specific limits for your area to determine if you qualify.
Types of Assistance Available
You’ll find various types of assistance available through the Arkansas Mortgage Relief Program, which provides financial support to homeowners struggling with mortgage, utility, and internet payments due to COVID-19-related hardships.
The program offers several assistance types, including:
- Mortgage delinquencies
- Utility bills
- Internet services, providing you with necessary financial support.
Homeowner Testimonials
Numerous beneficiaries of the Arkansas Homeowner Assistance Fund have shared their gratitude, highlighting the program’s significant impact during their financial struggles caused by COVID-19.
You’ll find homeowner experiences showcasing the program’s effectiveness in providing financial relief.
Testimonials reveal over 4,958 homeowners received assistance, totaling $51.7 million, demonstrating the program’s reach in supporting those in need with essential financial relief.
Next Steps for Homeowners
As the Arkansas Homeowner Assistance Fund has disbursed all available U.S. funds, you’re considering next steps.
You’ll focus on financial planning.
- Review mortgage payments
- Assess utility bills
- Investigate internet options, to guarantee stability and affordability.
Frequently Asked Questions
What Is the Mortgage Relief Program in Arkansas?
You’re eligible for financial assistance through homeowner support programs, which provide aid to prevent foreclosure and maintain essential services for struggling families, offering relief with mortgage payments and utility bills.
How to Get Your Mortgage Forgiven?
You’ll need to investigate mortgage forgiveness options, meeting qualifying criteria, such as 150% Area Median Income, to determine eligibility for assistance, with 2+ months past due typically required.
Are Mortgage Relief Programs Legit?
You verify mortgage relief programs’ legitimacy by checking scam warnings and understanding program eligibility, ensuring you’re working with authorized entities to receive assistance.
What Is a Mortgage Hardship Program?
You’re exploring mortgage assistance options, and a mortgage hardship program provides financial hardship resources, offering grants or loans to help homeowners overcome difficulties and avoid foreclosure.
Conclusion
You’re ironically lucky if you didn’t need the Arkansas Mortgage Relief Program, but for those who did, it’s a lifeline. With funds allocated and eligibility determined, you’ve got a second chance. Don’t let financial hardship define you – it’s time to reassess and move forward, utilizing available resources to guarantee stability and prevent foreclosure, it’s not over yet.