Skip to main content

VA Governor Launches Rent And Mortgage Relief Program

Navi Persaud
Jun 30, 2020
Richmond, Virginia skyline. Photo by STEPHEN POORE on Unsplash

Virginia Gov. Ralph Northam launched the Virginia Rent and Mortgage Relief Program that will take $50 million in federal CARES Act funding and allocate it towards helping those facing eviction or foreclosure due to the COVID-19 pandemic.
 
"Expanding access to safe, affordable housing has been and will continue to be a top priority of my administration, during the COVID-19 pandemic and beyond," said Northam, according to NBC12. "The Virginia Rent and Mortgage Relief Program will help Virginians experiencing financial instability as a result of this unprecedented health crisis by preventing evictions and foreclosures and keeping Virginia families safely in their homes as we battle this virus."
 
Some folks are wondering if $50 million will be enough. "One of the things with a severely underfunded program is you're probably going to have to make distinctions on who can actually access that money or you're just going to run out of it quickly; which means people are not going to be able to get it later in the stage," said Louisa Rich, an attorney with Legal Aid Justice Center.
 
In order to obtain access to the fund, eligible families must show they were unable to make payments due to the pandemic. The report revealed that monthly rend or mortgage must be at or below the 150% Fair Market Rent and gross household income needs to be at or below 80% of the area median income.
 
Learn more about the program.

 
Published
Jun 30, 2020
Guild Mortgage Acquires Cherry Creek Mortgage

Terms of purchase not disclosed; reverse mortgage volume added to Guild.

Mar 14, 2023
Vigilance, Dedication, And Commitment Forge Legends

Submit a nomination for Mortgage Banker Magazine’s Legends of Lending.

Mar 10, 2023
FTC Moves To Block Black Knight, ICE Merger

Says it 'would drive up costs, reduce innovation, and reduce lenders’ choices.'

Mar 09, 2023
Rocket Arms Brokers With Bully Shield Vs. UWM

Rocket covers penalties and court fees for brokers who want to get out of United Wholesale Mortgage’s ultimatum contract. 

Feb 06, 2023
Top Texas Originator Sees No Surrender To 2023

Big cities will determine the battle

Jan 26, 2023
There’s Good & Bad News On The Horizon

There will be a real estate slump, but the big cities are coming out much better

Jan 26, 2023