Up to $50,000 Coming to Homeowners in Need in New York State

You could get some massive money for your house if you are trying to buy one in the State of New York. If you are on the waitlist, people can get up to $50,000 in some cases.

If you are looking to buy a house, now would be the time to at least start thinking about it. Officials expect that there is going to be more money put back into the New York State Homeowner Assistance Fund in a few months.

Funded by Congress through the American Rescue Plan we passed last year, the Homeowner Assistance Fund is dedicated to assisting homeowners at risk of default, foreclosure or displacement because of a financial hardship", according to Jeffries.house.gov.

New York State residents who own a home and occupy it as their primary residence can apply if they are:

• Behind or in forbearance on their mortgage
• In default on a reverse mortgage
• Behind on their property taxes, water or sewage bills
• Behind on monthly maintenance charges of your coop or condo
• Behind on their chattel loans, retail installment contracts or other types of home purchase loans and/or lot rent

As of right now, New York State's website says that "The NYS HAF application and waitlist are now closed. Other types of assistance may be available.", but experts expect that more money will be going back into the fund.

This is where it is important that if you are truly looking to take advantage of the program, that you are ready to buy a home. It might be too late if you see the program open back up with funds and then you take a very long time to find a house to buy.