Free Resources To Help You Pay Off Debt
You may be able to access the following services to manage your finances instead of searching for free Canadian government grants to pay off debt:
- What is it? Credit Counselling Canada is an umbrella agency that provides accreditation for non-profit credit counselling agencies.
- How can it help? Member organizations can help you explore your debt management options by laying out your choices and providing pros and cons for each. It can also help with financial literacy and budgeting.
- Where is it available? Available across Canada with member organizations in most big cities. Consult a detailed list of provinces and cities where Credit Counselling Canada is available.
- What is it? Credit Canada is a non-profit credit counselling agency thats accredited by Credit Counselling Canada. It offers debt management and consolidation services to clients struggling with their finances.
- How can it help? Access the service if you need help managing your money, paying off debt or improving your credit rating. You can also participate in debt assessments, educational seminars, budgeting and goal setting.
- Where is it available? Operates primarily in Ontario, but has a few locations in Alberta and BC as well. Find out which cities Credit Canada works in here.
Solve Your Debts
Government Health Care Assistance Programs
A number of state programs, pharmaceutical companies, local health clinics, and similar organizations offer assistance with paying medical bills. This is by no means the only option available. In addition, there are federal health programs, ranging from Medicaid to Childrens Health Insurance Program .
There are also many organizations that assist citizens in paying medical bills and in buying prescription drugs.
It is important to remember that several states have passed laws protecting consumers against abusive or aggressive medical debt collection practices. Clinics and offices must also charge patients for health care at fair prices, as determined by these regulatory bodies and current government regulations.
Medical consultations or procedures are not the only services eligible for grant funding. There are also state, federal, and local programs that provide prescription drug assistance. People can obtain their prescription drugs for free or at a large discount with these programs. As a result, the drug is delivered, coupons are exchanged for drugs, discount cards and financial assistance is provided.
Residential Rehabilitation Assistance Program For Homeowners
This housing grant provides funding to low-income persons who own and occupy substandard housing so that they can have a comfortable home that meets the minimum federal health and safety standards. This means repairs to heating, structural, electrical, plumbing and fire safety. To qualify for this housing grant you will need to show that you live in low-income housing and that you dont have the financial means to pay for your homes necessary repairs. Eligible applicants could receive anywhere from $16,000 to $24,000.
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State And Federal Unemployment Assistance
Laidoff workers may be eligible for unemployment income. The amount of unemployment income youre eligible to receive varies by state.
Visit your state governments website to see what unemployment assistance is available where you are. You can find contact information for your state government and agencies here.
In addition, the recentlypassed American Rescue Plan renews federal unemployment assistance .
Those who collect state unemployment assistance may also be eligible for an additional $300 per week in federal unemployment income, thanks to the new stimulus bill. This will be available until September 6, 2021.
The American Rescue Plan also includes direct payments of up to $1,400 for individuals with an adjusted gross income of $75,000 or less and couples with an AGI of $150,000 or less.
Families will receive an additional stimulus check of up to $1,400 for each qualified dependent.
Illinois Down Payment Assistance Programs
The Illinois Housing Development Authority has three down payment assistance loan options:
- Up to $6,000 Forgivable Unless you sell or refinance your home within the first 10 years, this DPA assistance loans balance would be forgiven. You could get 4% of the homes purchase price up to $6,000
- Up to $7,500 Deferred This 0% loan would need to be repaid when you sell or refinance the home. You could borrow 5% of the homes price up to $7,500
- Up to $10,000 Repayable Youd make monthly payments on this DPA loan for 10 years. You could borrow 10% of the homes purchase price up to $10,000
To get any of these loans, youll have to put up $1,000 or 1% of the purchase price yourself. And you must be buying an existing home newbuilds are excluded.
The authority also has a special program for firstgeneration homebuyers. Its called Opening Doors, and it provides a $6,000 assistance loan thats forgiven after five years.
Learn more at the Illinois Housing Development Authoritys website. And consult HUDs listof alternative programs in Illinois.
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Starter Home Scheme For Young First
Available in the UK, the Starter Home scheme is a new government program whereby 200,000 newly constructed homes are available to first-time homebuyers under the age of 40 years. The program helps buyers get at least 20% off the current market price of a home. The caveat is that the discounted price for the properties should not be over £450,000 in London, and over £250,000 outside of London.
This can be a great way to save a large amount of money off the regular price of a home, and effectively reduce your mortgage payments. Not only will the loan amount be reduced, but so will the interest payments over the term of the loan, which could effectively translate into tens of thousands of dollars saved.
Who Can Get Grants For Mortgage Payments
As the government, companies, businesses, and other agencies offer various types of help to needy people. One of that help and services is the mortgage payments grant. This grant is provided to those people who are on the verge of foreclosure and did not able to pay for the mortgage payments. Whether they are senior citizens, single mothers, veterans, unemployed people, or other low-income people, and did not afford to pay for the mortgage payments.
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Residential Rehabilitation Assistance Program For Persons With Disabilities
If you are a homeowner or a landlord who provides residence to low income individual with disabilities, then this is the grant for you. Successful applicants will receive grant money from the Canada Mortgage and Housing Corporation , so that they can carry out renovations to improve accessibility. Eligible renovations include those which intend to eliminate physical barriers, imminent safety risks and improve the ability to meet the demands of daily living within the home.
The amount that homeowners are entitled to varies according to your geographic zone. If your home is located in southern Canada you could receive anywhere from $16,000 to $24,000. Eligible homes in the northern areas of Canada could receive between $ 19,000 and $ 28,000. And homes in the far northern areas could receive between $24,000 and $36,000.
Relief Programs For Renters
Renters have protections during COVID, too, although theyre less robust than the relief programs offered to homeowners.
- Some renters cannot be evicted until at least June 30, 2021, if they are behind on payments due to COVIDrelated financial hardship
- $25 billion in emergency rental assistance will be available through state and local governments to help renters who cant make payments
To qualify for rent relief, landlords or tenants will have to meet certain conditions, including:
- The household cant make more than 80% of their areas median income
- Renters must be experiencing financial hardship related to the pandemic
- The renter must be at risk of losing their housing
Since funds will be distributed locally, tenants and landlords hoping to qualify for rent relief will need to check for programs operating in their area.
For starters, check this spreadsheet of local housing programs, compiled by the National Low Income Housing Coalition, to find rental assistance programs currently operating in your state or county.
The American Rescue Plan also includes an additional $5 billion in emergency Section 8 housing vouchers for people experiencing homelessness, survivors of domestic violence, and victims of human trafficking, according to NPR.
Individuals in these categories should reach out to their local public housing agency to learn whether they qualify for assistance. You can find your local PHA here.
What to do if youre behind on rent
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Mortgage Stimulus Programs Faq
Is there really a mortgage refinance relief program?
Two mortgage relief programs HIRO and FMERR have been put on hold because homeowners currently have so much equity that theres little need for relief refinancing. However, if you do need mortgage assistance, you still have options. Some Congress mortgage stimulus programs enacted during Covid, such as forbearance, are still available. And homeowners with FHA, VA, or USDA loans can often refinance a high-LTV loan using Streamline Refi programs backed by the federal government.
Is there a government mortgage relief program?
The CARES Act and subsequent American Rescue Plan have provided mortgage relief during the Covid-19 pandemic. These programs do not refinance your mortgage but let you postpone repayment while keeping your loan active. The CARES Act also created a temporary moratorium on foreclosures and renter evictions.
Does Biden have a mortgage stimulus program?
Biden has proposed several stimulus programs to help with homeownership costs. In terms of mortgage relief, he recently enacted a measure to provide mortgage assistance to homeowners with federally backed FHA, VA, and USDA loans. Under this program, qualified borrowers can modify their mortgages to get a lower interest rate and potentially reduce their loan payments by up to 25 percent. Contact your mortgage servicer to learn whether youre eligible for a loan modification.
Is the Freddie Mac Enhanced Relief program legit?
Congress Mortgage Relief Programs
Homeowners who have experienced financial hardship during the pandemic have a few options for mortgage relief.
To help borrowers struggling with mortgage payments due to unemployment or illness, Congress enacted certain mortgage stimulus programs as part of the CARES Act.
Many of these assistance programs have been extended into 2021 to help those who are still struggling financially.
If you find yourself in need of financial assistance, current options include:
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How To Find Down Payment Assistance Near You
Down payment assistance programs are usually very localized. There are a few national DPAs and many statewide ones, but the majority are run at a city or county level.
The best way to find down payment assistance programs for which you qualify is to speak with your loan officer. They will likely know about local grants and loan programs that can help you out. Theyll also know which programs the lender can accept .
If you want to do some research on your own, you can also Google down payment assistance grants in .
This will help you find current programs specific to your area that you might be able to apply for.
Dallas Home Connection Home Buyers Club
This is a non-profit agency that provides mortgage payment assistance for its members. Dallas Home Connection works with non-profit lending institutions and homebuilders. They work to provide mortgage payment assistance to the recipients. The recipients can get up to $2,500 for their mortgage payments from this agency.
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Alberta Down Payment Assistance
Attainable Homes : This program is for Calgary residents only. Applicants contribute $2,000 towards the down payment of their home while the program covers the remainder.First Place Program: This program allows residents of Edmonton to defer land costs on select properties for up to five years. Applicants must have a combined income of $117,000 or less.
Grants Programs To Avoid Eviction
Homeowners are not the only ones eligible for government assistance. Rent assistance programs are also available for those who fall behind on their rent. It is usually reserved for people who owe a monthly payment or more, as long as the outstanding balance does not exceed 60% of the familys gross monthly income.
How can I avoid eviction with help programs? Again, Contact the HUD agency nearest you. A number of programs are offered there, such as Continuum of Care . There is also the possibility of receiving emergency cash Help for paying utility bills, a subsidy for paying the security deposit, and money for moving expenses.
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Where Does The Money Come From
It’s a documented fact that Billions of Dollars in Free Money are donated every year by American Corporate Giving Programs, Foundations, and other Charitable Institutions, Individuals, and Other Agencies. We read daily about gigantic sums of Funding being given to businesses and individuals, just like you, to help them fulfill their goals and dreams, but often times these people will not tell you HOW or WHERE they got this Funding. In order to know HOW and WHERE to tap into these vast treasures, don’t sit around and hope you hear it through the grapevine, find out yourself with the help of USA Funding Applications.Many funding opportunities are awarded for projects and businesses for general operating expenses and other capital, such as, a new building or major pieces of equipment. Sometimes you can also include inventory, salaries, labor, advertising, marketing, etc. Also remember that most funding is not available for personal expenses or paying off debt, but there are other assistance programs out there to help you out of your situation!
“Groups to help low-income residents in Silcon Valley get $934,000”
“Funding Remains Center Stage”
“Funding as a Business Model: Win-Win..”
“Sprint’s New Community Programs to Award…more than $50,000”
Buy Your Home Without Making A Down Payment
There are ways to buy your home without paying a down payment if you havent been able to save enough money for the down payment or dont want to use other financial assets for the purpose. In this report, based on industry data, we describe what you need to know to take advantage of this innovative program, which allows you to enter the real estate market immediately and without paying any down payment. An expensive and important decision, buying a home can be stressful. Besides the price of the property, there are many costs that you need to consider, such as the initial payment, the interest rate that the bank will charge you for the mortgage, the closing costs, and the cost of private mortgage insurance . The good news is that there are ways to buy a house without a down payment.
No down payment offers you the chance to buy a house without paying a deposit. No deposit required! Thats right, without paying anything in advance! It is possible you own, or have owned, a home in the past and are now renting, or it might be your first time buying a house, and you hesitate because you cannot make a substantial down payment, or maybe you cannot spare any other financial assets for a house deposit. There is a no down payment program that can help you buy a home without having to make a down payment regardless of your current financial situation. It must. To qualify for the no down payment program, you must meet the following requirements.
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Use Your Grace Period
The mortgage lenders will give you the limit of two weeks in the grace period to make your payments. In that period, if you make all the payments, then it will not be considered as a late payment or you will be get rid of all of the late fines and late fee penalties. However, it may come under the late payments. You have to make sure that you will use this grace period to arrange the money to pay for the mortgage payments. For this, you can contact your friends, family members, and others knew who will help you to pay for the payments. Apart from them, you can look to reassess your monthly budget, or can look for some short-term loans. So you can pay the mortgage payments and then pay the loan amount according to their conditions.
Louisiana Down Payment Assistance Programs
Louisiana has one of the most generous down payment assistance programs. Qualified borrowers could get 20% of a homes purchase price up to $55,000 as a silent second mortgage.
This loan would be completely forgiven after 10 years if you stay in the home that long, and you could also add $5,000 to the loan for closing costs.
This program is operated by the Louisiana Housing Corporation, and youd need to meet income limits. You cant earn more than 80% of your areas median income.
And, only firsttime homebuyers can participate. Louisiana includes single parents who owned a home while married as firsttime buyers.
Only homes in the following parishes qualify: Acadia, Allen, Ascension, Avoyelles, Beauregard, Bienville, Bossier, Caddo, Calcasieu, Caldwell, Catahoula, Claiborne, De Soto, East Carroll, East Baton Rouge, East Feliciana, Evangeline, Franklin, Grant, Iberia, Iberville, Jackson, Jefferson Davis, Lafayette, LaSalle, Lincoln, Livingston, Madison, Morehouse, Natchitoches, Ouachita, Pointe Coupee, Rapides, Red River, Richland, Sabine, St. Helena, St. James, St. Landry, St. Martin, St. Tammany, Tangipahoa, Union, Vermilion, Vernon, Washington, Webster, West Baton Rouge, West Carroll, West Feliciana, and Winn.
For more information on this program, visit LHCs website. And look at HUDs list of alternative homeownership assistance programs in Louisiana.
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New Hampshire Down Payment Assistance Programs
The New Hampshire Housing Finance Authoritys Home Flex Plus program can provide up to 3% in cash to assist with your down payment and closing costs. And its a grant, so you dont have to repay a cent.
The main hurdle for you to clear is that your income cant exceed $137,400.
Get more information from the authoritys website. And take a look at HUDs list of other homeownership assistance programs in New Hampshire.