Approximately $2 million, are still available in the federal funds for the people in Jacksonville who need support with their mortgage payments because of the COVID-19 pandemic.
Through this program, homeowners can get help with up to $7,500 or 6 months of mortgage payments, whichever is less. The payments are directly made to the mortgage company.
One must be the owner and the occupant of the home to be eligible for this program.
Furthermore, the federal guidelines also require the incomes of the families and individuals to be less than 80% of the median income of that particular area:
Size of the Household & Income
Eight people $79,200
Seven people $74,400
Six people $69,600
Five people $64,800
Four people $60,000
Three people $54,000
Two people $48,000
One person $42,000
Applicants will also have to provide relevant proof of the missed mortgage payments and a W-9 form which is to be provided by the lender.
The grant will be awarded on a first-come, first-served basis to the eligible applicants.
Applicants need to create a MyJax account by visiting MyJax.custhelp.com and submit an application through the account to participate in the program.
Reference Source: WJCT
Important mortgage rates like the 30-year fixed and 15-year fixed mortgage rates grew.
Also, the common type of variable-rate mortgage notched higher.Mortgage Rates CurrentlyThe 30 years fixed mortgage rate is at 3.09% which was at 3.05% last week, now rose to 4 basis points from then.The 15 years fixed mortgage rate is averaging at 2.36% from 2.35% of last week, which is an increase of 1 basis point from the same time a week before.The 30-year jumbo mortgage median rate is 3.11% that was 3.07% the last week which rose to 4 basic points from then.The 5/1 ARM rate is averaging at a 3.16% uptick by 1 basis point to the last week’s rate.Along with the purchase, a mortgage, refinancing too became more expensive.The mean rates of 30-year fixed and 15-year fixed refinance mortgages saw a rise.
The average rates of a 10-year refinance loan, also inched up.The Average Refinances RatesThe 30 years fixed refinance rate is at 3.15% rose to 6 basic points from 3.09% same time a week beforeThe 15 years fixed refinance rate is averaging at 2.43%And the average 10 year refinance rate is at 2.43%Since the economy is getting stronger the demand for homes has increased.Many experts predicted that in 2021 the mortgage rates will dramatically increase, yet in spite of the current rates spike and crossing 3% rates are still near below the levels predicted.Reference Source: Next Advisorhttps://www.compareclosing.com/mortgagenews/may-18-2021-mortgage-and-refinance-rates-crept-higher/
You should be careful while securing a refinance mortgage loan on your house as you can not only save money but you can also avoid paying high interest rates.
It is extremely sad to see your hard-earned money go from your pocket every month to the bank in the form of interest.The two most important things to ensure a low interest rate on your refinance home mortgage are perfect credit scores and a great broker.
Without a good credit score, the mortgage rates would be unaffordable.
In case you do not hold the perfect credit scores, there are ways to manage it and still have a chance to secure a mortgage loan with lower interest rates.
Situations like these are tricky and thus the help of an expert mortgage broker becomes necessary.Kiwi Mortgages is the best mortgage refinance company in Auckland which can help you with the best way to refinance house loans in Auckland.
They can help you to reduce your monthly payments and find the best deal in the market.
