Here you will find tools and resources on how to navigate renters and mortgage assistance programs, as well as State actions to provide relief for Arizonans.
FEDERAL MORTGAGE ASSISTANCE AND LOAN LOOKUP TOOLS
If your ability to pay your mortgage is impacted there are tools to lookup your loan provider to see if you are eligible to delay making your monthly mortgage payments for a temporary period during which you will not incur late fees or face foreclosure.
HOMEOWNER'S GUIDE TO SUCCESS
The Consumer Financial Protection Bureau developed this guide for homeowners to navigate financial hardships due to COVID-19. Homeowners can find information on late payments, connect with experts, learn how to work best with loan servicers and view mortgage assistance options.
Frequently Asked Questions
Read these frequently asked questions for more information on mortgage and rent assistance.
Arizona Department of Housing
The Save Our Home AZ (“SOHAZ”) Program offers Principal Reduction Assistance, Monthly Mortgage Subsidy Assistance for under and unemployed Arizonans and Second Lien Elimination Assistance to qualified Arizona homeowners. The program’s goal is to aid Arizona’s homeowners in avoiding foreclosure by assisting with mortgage affordability (a payment that does not exceed 31 percent of gross income) inclusive of property taxes and Homeowner’s Association (HOA) fees. Your lender's agreement to participate may be required, since mortgage assistance is provided directly to lenders on the homeowner’s behalf.
Visit the Save Our Home AZ Program Qualification Self-Assessment to see if you might be eligible for assistance or to begin an application.
Federal Housing Finance Agency
May 5, 2020
The FHFA extended several loan origination flexibilities currently offered by Fannie Mae and Freddie Mac designed to help borrowers during the COVID-19 national emergency. Those flexibilities are extended until at least June 30th and include:
- Alternative appraisals on purchase and rate term refinance loans
- Alternative methods for verifying employment before loan closing
- Flexibility for borrowers to provide documentation (rather than requiring an inspection) to allow renovation disbursements (draws)
- Expanding the use of power of attorney and remote online notarizations to assist with loan closings
CARES Act Relief
Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, there are two protections for homeowners with federally or GSE-backed or funded mortgages:
- A lender or loan servicer may not foreclose on homeowners for 60 days after March 18, 2020.
- Should homeowners experience financial hardship due to the coronavirus pandemic, they may request a forbearance for up to 180 days.
- Homeowners have the right to request an extension for up to another 180 days.
You must contact your loan servicer to request this forbearance. There will be no additional fees, penalties or additional interest (beyond scheduled amounts) added to your account. You do not need to submit additional documentation to qualify other than your claim to have a pandemic-related financial hardship.
Governor Ducey issued an executive order halting evictions until May 31 in Arizona for small businesses and nonprofits that are unable to pay rent due to financial hardship caused by COVID-19. The order also encourages commercial landlords to defer rent payments for small business tenants and consider waiving all fees and interest associated with late payments.
Governor Ducey announced a cooperative agreement with the state’s banks to protect small businesses and families from eviction and foreclosure. Banks agreed to suspend evictions and foreclosures for at least 60 days, and possibly for as long as Arizona is in a state of emergency. Additionally, most banks are working directly with consumers on payment deferrals for certain consumer loans and have also adopted a payment deferral program for business loans. This provides a lifeline for those facing eviction or foreclosure.
Governor Ducey announced $5 million in new funding as a part of Arizona Department of Housing’s (ADOH) Rental Eviction Prevention Assistance Program to help Arizonans struggling to pay rent due to the COVID-19 outbreak. Rental assistance is available to renters whose primary residence is in Arizona and who have seen a reduction in income (that when annualized does not exceed 100% of the area’s median income) due to COVID-19. ADOH will launch the program on March 30 which is when applications open. To apply for the program, visit ADOH’s website.
U.S. Department of Agriculture (USDA)
The USDA has provided opportunities for immediate relief for rural residents struggling from the COVID-19 outbreak.
Single Family Home Loan Guarantees
For single-family home borrowers, the USDA is allowing immediate forbearance for a period of up to 180 days and for borrowers in default of facing imminent default due to a documented hardship can have payments reduced or suspended by their lender for up to 12 months.
Multi-family Housing Direct Loans
The USDA has taken immediate measures to support rural communities and families affected by COVID-19. For multifamily borrowers, the USDA has outlined the following:
- Borrowers may request forbearance
- Effective March 27, 2020, evictions due to nonpayment of rent are prohibited for 120 days
- Tenant certifications due March 31, April 30, and May 31, 2020 have been extended to June 30, 2020