Financial Resources for Homeowners Trying to Save: A Guide to Support and Assistance

Purchasing a new home is an exciting milestone, but it can come with financial challenges. Additionally, homeowners may also face difficulties and seek financial assistance at certain times.

Fortunately, there are various resources available to homeowners to help them navigate these situations. Here's a range of financial resources and programs that can provide support to homeowners.

1. U.S. Department of Housing and Urban Development (HUD)
   
   HUD offers valuable homeowner resources, including guidance on avoiding foreclosure, as well as information on buying and selling a home. These resources can help homeowners make informed decisions and take steps to protect their investments.

2. Connecticut Housing Finance Authority (CHFA)
   
   For those looking to become homeowners, CHFA provides several loan options with competitive incentives. These loans can assist home seekers in achieving their homeownership goals. Additionally, CHFA offers foreclosure prevention workshops, counseling, and the Emergency Mortgage Assistance Program to support homeowners facing financial hardships.

3. COVID-19 Relief Options
   
   Homeowners impacted by the COVID-19 pandemic can explore relief options provided by the federal government through the CARES Act. Connecticut-based banks and credit unions also offer relief programs for qualifying borrowers.

4. New Jersey Housing and Mortgage Finance Agency (NJHMFA)
   
   NJHMFA offers various programs to assist prospective homebuyers. These programs provide valuable resources and guidance for those seeking homeownership opportunities. NJHMFA has resources available online to help homeowners find the assistance they need.

5. Homeowner Assistance Fund (HAF)
   
   The HAF, established through the American Rescue Plan Act, aims to provide financial support to homeowners who have experienced income reduction or loss due to the COVID-19 pandemic. This program assists homeowners who are unable to keep up with their mortgage payments.

6. State of New York Mortgage Agency (SONYMA)
   
   SONYMA offers low-interest mortgage loans and programs designed to assist first-time homebuyers. These initiatives aim to eliminate barriers and make homeownership more accessible for qualified buyers.

7. New York State Homeowner Assistance Fund (NYS HAF)
   
   The NYS HAF is a federally-funded program dedicated to helping homeowners who are at risk of default, foreclosure, or displacement due to financial hardships caused by the COVID-19 pandemic. Homeowners can apply for assistance through this program.

8. NYC Housing Connect
   
   For residents of New York City, NYC Housing Connect is a comprehensive portal that provides information on affordable housing opportunities across the five boroughs. This resource is designed to assist individuals and families in finding and applying for affordable housing options.

Homeownership can present financial challenges, but there are numerous resources available to homeowners.

Whether it's through federal programs like HUD and HAF or state-specific initiatives like CHFA, NJHMFA, SONYMA, NYS HAF, and NYC Housing Connect, homeowners can find the support they need to navigate financial difficulties and achieve their homeownership goals.

By utilizing these resources, homeowners can protect their investment and find the assistance necessary to overcome financial hurdles.