As most of us know the recession has hit Oregon especially hard. Oregon is hardly unique in this suffering and is one of 17 states to receive assistance from the U.S. Treasury Department to help those in need.
Coming December 10th the Oregon Homeownership Stabilization Initiative (OHSI) is going to be offering a Mortgage Payment Assistance program. This will be the first of several assistance programs to be offered through OHSI. The program is intended to help financially troubled homeowners avoid foreclosure. In Oregon it is anticipated that 5,000 unemployed or financially distressed homeowners will receive assistance by covering their mortgage payments for one year or up to $20,000 whichever comes first.
Visit http://www.oregonhomeownerhelp.org/ to get more information and take the eligibility test for the program. To stay informed on OHSI offerings make sure that you sign up for their newsletter.
Showing posts with label financial assistance. Show all posts
Showing posts with label financial assistance. Show all posts
Thursday, December 2, 2010
Tuesday, November 2, 2010
Home Sweet Home
First time home owners are you looking for your first “Home Sweet Home”? The Oregon Bankers Association in conjunction with the Oregon Association of Realtors® has put together a program to assist first time home buyers in obtaining their first “Home Sweet Home”. The program is focused on providing homeownership opportunities for low and moderate income Oregonians earning less than or equal to 100% of the area median income.
To get started the first time home buyer must be working with a lender who is a member of the Oregon Bankers Association and a Realtor® who is a member of the Oregon Association of Realtors®. To help the first time home buyer your lender can make available to you a $2,000 grant for your down payment and/or closing costs, along with matching assistance from your lender or other qualified sources valued at a minimum of $500.
ELIGIBLE BORROWERS
To be eligible for a $2,000 grant you must:
• Be qualified as a first‐time homebuyer.
• Occupy the property you purchase as your principle residence.
• Not have household income over 100% of the area median income in the county where you purchase your home. Median income varies by county, so ask your lender for information on specific limits.
• Have no major credit obstacles.
• Have no more than $10,000 in liquid assets left after loan closing.
• Successfully complete an approved homebuyer education course.
• Be a legal Oregon resident or be pursuing permanent residency.
ELIGIBLE PROPERTIES
Eligible properties include any new or existing single‐family residences located in the State of Oregon, including site‐built homes, condominiums, townhouses and manufactured homes. Properties must meet quality standards required to qualify for a mortgage loan.
TYPES OF LOANS
The following types of loans may be used in conjunction with a HOME Sweet Home
Program grant: FHA Conventional
State Bond Rural Development VA
AMOUNT OF ASSISTANCE
In addition to the $2,000 grant, your lender will help you determine the type and amount of additional assistance from other sources that fits your needs and budget.
HOMEBUYER EDUCATION
Successful completion of an approved homebuyer education course is required to be eligible for assistance through this program. If you have not completed such a program, please contact your lender or visit www.oregonbond.us/OHCS/SFF_Homebuying_First_Time_Homebuyer_Training.shtml to learn about upcoming classes in your area.
ELIGIBLE LENDERS
All banks in Oregon that are members of the Oregon Bankers Association are considered
eligible lenders. A list of OBA member institutions can be found at http://www.oregonbankers.com/members/bank‐members/list/ . Qualified homebuyers must obtain financing through an eligible bank in order to access the HOME Sweet Home funds and must be a working with a REALTOR® in good standing.
Visit your bank to inquire about accessing the HOME Sweet Home Program.
To get started the first time home buyer must be working with a lender who is a member of the Oregon Bankers Association and a Realtor® who is a member of the Oregon Association of Realtors®. To help the first time home buyer your lender can make available to you a $2,000 grant for your down payment and/or closing costs, along with matching assistance from your lender or other qualified sources valued at a minimum of $500.
ELIGIBLE BORROWERS
To be eligible for a $2,000 grant you must:
• Be qualified as a first‐time homebuyer.
• Occupy the property you purchase as your principle residence.
• Not have household income over 100% of the area median income in the county where you purchase your home. Median income varies by county, so ask your lender for information on specific limits.
• Have no major credit obstacles.
• Have no more than $10,000 in liquid assets left after loan closing.
• Successfully complete an approved homebuyer education course.
• Be a legal Oregon resident or be pursuing permanent residency.
ELIGIBLE PROPERTIES
Eligible properties include any new or existing single‐family residences located in the State of Oregon, including site‐built homes, condominiums, townhouses and manufactured homes. Properties must meet quality standards required to qualify for a mortgage loan.
TYPES OF LOANS
The following types of loans may be used in conjunction with a HOME Sweet Home
Program grant: FHA Conventional
State Bond Rural Development VA
AMOUNT OF ASSISTANCE
In addition to the $2,000 grant, your lender will help you determine the type and amount of additional assistance from other sources that fits your needs and budget.
HOMEBUYER EDUCATION
Successful completion of an approved homebuyer education course is required to be eligible for assistance through this program. If you have not completed such a program, please contact your lender or visit www.oregonbond.us/OHCS/SFF_Homebuying_First_Time_Homebuyer_Training.shtml to learn about upcoming classes in your area.
ELIGIBLE LENDERS
All banks in Oregon that are members of the Oregon Bankers Association are considered
eligible lenders. A list of OBA member institutions can be found at http://www.oregonbankers.com/members/bank‐members/list/ . Qualified homebuyers must obtain financing through an eligible bank in order to access the HOME Sweet Home funds and must be a working with a REALTOR® in good standing.
Visit your bank to inquire about accessing the HOME Sweet Home Program.
Wednesday, June 2, 2010
USDA Rural Loan Guarantee Program Has Funding Extended ...
Great news for folks trying to purchase rural properties in Central Oregon.
Two weeks ago on May 26, 2010, the Department of Agriculture, authorized the issuance of Conditional Commitments for USDA’s Section 502 Single Family Housing Guaranteed Loan Program beginning immediately and continuing until $2.5 billion in loan limits is exhausted. If you are looking to purchase property outside of the Bend urban boundries this program maybe of great benefit to you!!
There are many properties close in to Bend and far from Bend that will qualify for these programs. Let me do the homework for you in your search for these properties!
Two weeks ago on May 26, 2010, the Department of Agriculture, authorized the issuance of Conditional Commitments for USDA’s Section 502 Single Family Housing Guaranteed Loan Program beginning immediately and continuing until $2.5 billion in loan limits is exhausted. If you are looking to purchase property outside of the Bend urban boundries this program maybe of great benefit to you!!
There are many properties close in to Bend and far from Bend that will qualify for these programs. Let me do the homework for you in your search for these properties!
Tuesday, April 27, 2010
Incentive extended to lure buyers to distressed Fannie Mae properties...
In an effort to reduce their distressed property inventory Fannie Mae announced today that it will be extending its buyer incentive program. The program offers a 3.5% rebate to those who purchase and close on a Fannie Mae owned home by June 30th. The rebate may be used toward the closing costs of the transaction, select Whirlpool appliances or a combination of the two. The program which was launched this past January was designed to help spur the sale of distressed properties reacquired by Fannie Mae. The program is offered to both first time and move up home buyers who will need to be owner occupants to qualify.
In the Bend there are currently 25 homes listed by Fannie Mae for sale, with more to come. Prices on these homes range from $39,900 to $355,000. Many of these homes will also qualify for HomePath mortgage financing or renovation financing. The HomePath mortgage program allows for down payments as low as 3 without having to incur mortgage insurance. You may use gifts, grants, loans from employers, the government or non profits to fund your down payment. Offered with reduced credit guidelines both owner occupied and investors may qualify for the mortgages but only owner occupied homes will qualify for the purchase incentive program. Fixed rate, adjustable rate and interest only loans are available through the mortgage program. Mortgage financing which includes funds for light renovation is available with the same guidelines and benefits to those properties which will be owner occupied.
This is a great opportunity if the program fits your needs and you do not procrastinate on selecting a home.
In the Bend there are currently 25 homes listed by Fannie Mae for sale, with more to come. Prices on these homes range from $39,900 to $355,000. Many of these homes will also qualify for HomePath mortgage financing or renovation financing. The HomePath mortgage program allows for down payments as low as 3 without having to incur mortgage insurance. You may use gifts, grants, loans from employers, the government or non profits to fund your down payment. Offered with reduced credit guidelines both owner occupied and investors may qualify for the mortgages but only owner occupied homes will qualify for the purchase incentive program. Fixed rate, adjustable rate and interest only loans are available through the mortgage program. Mortgage financing which includes funds for light renovation is available with the same guidelines and benefits to those properties which will be owner occupied.
This is a great opportunity if the program fits your needs and you do not procrastinate on selecting a home.
Thursday, April 8, 2010
New Grant Program available to help first time Oregon homebuyers!
Available starting today is a grant for first time home owners who earn less than or equal to the median income for their area of the state. Created by a partnership of the Oregon Association of REALTORS® and the Oregon Bankers Association, the HOME Sweet Home Program (HSHP) is designed to provide homeownership opportunities for Oregonians.
The Ira Gribin Workforce Housing Grants Program has provided the initial funding by providing $80,000 grant to the Oregon Realtors Association HOME Foundation. The goal is to address the growing need for affordable housing to the average layperson.
First time homeowners will be eligible for a $2000 grant funded by HSHP. Those interested in this program must be working on the home purchase with a broker who is a REALTOR® and obtain their mortgage through an Oregon Bankers Association member bank.
The Ira Gribin Workforce Housing Grants Program has provided the initial funding by providing $80,000 grant to the Oregon Realtors Association HOME Foundation. The goal is to address the growing need for affordable housing to the average layperson.
First time homeowners will be eligible for a $2000 grant funded by HSHP. Those interested in this program must be working on the home purchase with a broker who is a REALTOR® and obtain their mortgage through an Oregon Bankers Association member bank.
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