CUYAHOGA COUNTY, Ohio — Homeowners who have fallen behind on mortgage payments because of the pandemic can now apply for assistance through Cuyahoga County agencies.
Cuyahoga County Council has approved setting aside $2 million in CARES Act funding to enable homeowners to apply for a one-time, zero-interest, deferred loan to help them catch up on mortgage payments.
The assistance comes from the U.S. Department of Housing and Urban Development’s (HUD) Community Development Block Grant Program, and will be administered by CHN Housing Partners, Community Housing Solutions and Empowering and Strengthening Ohio's People.
To be eligible for the Cuyahoga County Mortgage Assistance Program, homeowners must be having difficulty paying their mortgages because of the financial impacts of COVID-19 and they must meet HUD eligibility guidelines.
“Currently, 6 percent of homeowners in Cuyahoga County are 90 days or more delinquent in their mortgage payment,” County Executive Armond Budish said in a news release. “This funding will provide an additional measure of security and peace of mind to county homeowners knowing they will not risk losing their homes as they work to recover financially from the economic impacts of the pandemic.”
Qualifications for the program include:
• Borrower must have one or more missed mortgage payments due to COVID-19
• Dwelling must be the borrower’s primary residence
• House can have no more than two units, with one being the primary place of residence
• Current income must be able to sustain the required loan payments
• Lender must agree to fix the interest rate if the loan is currently an adjustable-rate mortgage
• Real estate taxes and insurance must be escrowed by the lender
• Borrower must agree to attend one counseling session per quarter in the year following execution of the loan
This is the first time loans for mortgage payments from CARES Act funds have been offered, said county spokeswoman Miranda Kortan in an email.
Assistance is available until the funds are gone.
To apply for assistance or learn more call 216-600-2814.