Since the Support Mortgage Interest, SMI, program commenced there have been significant changes in its rules. This can be confusing for homeowners, especially those who have started receiving SMI financial aid recently. This article will summarize some of these changes and explain how your SMI is calculated. For those interested in knowing what the SMI is and who can apply, read the previous article in this series: Support for Mortgage Interest.

Changes to SMI

If you are struggling to pay your mortgage and you already receive benefits from the government, you could qualify for support towards your mortgage interest payments. However, there is a lot of confusion about what this actually means for homeowners. This series of two articles will analyze what the SMI, Support for Mortgage Interest, program can do for you, what it can’t do for you (sadly that includes most things), who can apply for SMI and how your SMI is calculated. This includes important changes that could affect the SMI benefits you now receive.

What is the SMI Program?

Do I Qualify For SMI?

Some people wonder whether they qualify for SMI or not. One of the best ways to know this question is to examine exactly what SMI is and how it is used. SMI is reserved for homeowners who receive income related benefits. This will help them get qualified for mortgage interest payments. SMI is short for Support for Mortgage Interest.