On March 4, 2009, HUD released detailed guidelines for homeowners to help them determine if they qualify for the Administration’s new Making Home Affordable plan. This is a follow up to the Administration’s announcement on February 18 outlining their plan to stem the current tide of foreclosures and stabilize the nation’s housing markets.
The plan has two primary goals:
1.To help homeowners in existing Fannie Mae or Freddie Mac loans that are current on their mortgage payments to refinance and take advantage of today’s lower interest rates. Many of these homeowners are unable to refinance because of lost appreciation in their homes due to the continuing decline in home prices. These homeowners still have equity in their home, just not the necessary 20% to get a refinance. Under the Administration’s plan, Fannie and Freddie will be allowed to refinance qualified homeowners up to a 105 percent loan-to-value of the current value of the home.
2. To help homeowners who are at risk of foreclosure, the Administration is offering loan servicers and investors government assistance to help offset the cost of modifying qualified homeowners into affordable mortgages that will allow them to keep their homes. This may be done by reducing the mortgage interest rate, extending the term of the loan, principal forbearance, and/or principal cramdown. This program is voluntary and the servicers must agree to contracts with the Treasury to participate.
In addition, the Government warns homeowners to beware of foreclosure rescue scams:
- There should never be a fee charged for information or assistance regarding the Making Home Affordable Program.
- Beware of anyone who says they can "save" your home if you sign or transfer over the deed to your home. Do not sign over the deed to your property to any organization or individual unless you are working directly with your mortgage company to forgive your debt.
- Never make your mortgage payment to anyone other than your mortgage company without their approval.
To find out if you qualify for either the Making Home Affordable Refinancing Program or the Loan Modification Program please click on the appropriate link below:
Please Note: Pacific Coast Mortgage is not a loan modification firm. Pacific Coast Mortgage does not do Loan Modification counseling or referral programs.
Phoenix Down Payment Assistance
As part of the $700 Billion stimilus bailout, you can get $15,000 in down payment assistance. Complete the form below to receive this information. As your Mortgage Advisor, I will have up-to-date this information on this and other loan programs
Here is some basic information you need to get started:
Down payment assistance money ranges from 2%-20% of the purchase price.
You must use an approved lender knowledgable with these programs.
Down payment assistance money is available to any home buyer that qualifies.
You may need to contribute a small portion of your own money towards the purchase (about $500 & can be used for deposit, home inspection, appraisal, purchase price, etc).
99% of the time, this assistance money does not have to be paid back.
Any type of home can qualify (condo, mobile/manufactured, single family detached, etc).
Down payment assistance money is not guaranteed, because the government is trying to eliminate the programs. So, you need to act now.
UPDATE... Around 11AM on July 29, 2008, there was about $3.5 Million available in one of the government sponsored Grant Programs, and you didn’t have to be a first time home buyer to use these funds. This is obviously very good news. However, about 6 hours later, there was only $229,000 left. This is a depletion rate of about $585,000 per hour!!!! Moral of the story is that these funds go fast. With 100% loans scarce everyone is looking for down payment assistance. There are still home buying grant programs which are available to needy borrowers, however, there are lots of restrictions attached to some of these programs and most of the time it is available on a first come first served basis or it has neighborhood or income restrictions. So, if you want or need gift/grant money for your down payment, contact me today by completing the form below, because when down payment grant money becomes available, it is designated to someone quickly.
I am a Senior Mortgage Advisor and I have proof that I am good at helping home buyers. Read some of the testimonitalsfrom satisfied home buyers that I have helped. I am sure that my training, knowledge, and experience will help you to make good mortgage decisions for your real estate financing needs. You donot wait any longer! Contact me by completing the form below to get the information on Down Payment Assistance Money.
While there is no rush to buy a home because there are currently ~53,000 homes for sale in the Metro Phoenix market area, most banks & lenders along with Fannie Mae and Freddie Mac have been tightening their lending qualifications and changing the types of loans they allow & will continue to do so until the current mortgage situation improves. Loan Program qualifications are getting more restrictive as credit is tightening up and certain types of loans are even being eliminated . In fact, there are only 2 ways left to buy a home with zero money down! Let's get you qualified to buy your home now as you will want to buy now before home loan programs, guidelines & loans change, get more restrictive and/or harder to qualify. Home prices have already dropped & interest rates are low. There is no reason to wait, because waiting could cause you to miss the loan you want, not qualify when loan requirements get more restrictive, or miss out on grant money that may be allocated already.
I also can and will:
refer you to qualified and knowledgeable Buyers' Realtor Agents who will represent you and only you in the purchase transaction.
work with PHOENIX REO (bank owned) and PHOENIX FORECLOSURES for sale through your realtor and/or asset managers.
refer you to realtors and websites so you can also search for homes on your own without professional guidance & assistance by searching through the ~54,000 homes for sale on the PHOENIX MLS.
I want to help you to obtain the home you desire to purchase, and I want to give you the information & resources that can save you thousands of dollars. By the way, if you are not paying your mortgage, You are certainly paying someone else's mortgage. It will not cost you anything to allow me to help you, but it could cost you tens of thousands of dollars in FREE money and or missed opprotunities or unreliable advice if you don't! So, contact me today by completing the form below to receive information about getting Money for your Down Payment Assistance & continue the process of reserving the money you may be entitled to.
We are a direct lender mortgage bank with lending authorization in the following states for Conventional, HUD, FHA, VA, USDA, Reverse, and Commercial lending.
We are a direct lender with offices in various locations focusing on providing home loans to the people in the communities we serve throughout the United States. We are here to help borrowers achieve the dream of home ownership and help them take advantage of today’s real estate investment opportunities.
Our loan professionals are highly trained in all of the various loan products currently available. We are well prepared to answer any questions you may have about buying a home or to assist you with analyzing your current home loan. Simply put, they are here to help you make informed right-fit mortgage decisions.
The customer experience is our number one priority. Communication is a very important part of our business model and our unique loan process, and our investment in technology reflects just that. We have mastered the ability to effectively communicate with all parties involved on each and every transaction keeping everyone up-to-date from the first phone call through funding. Our goal is to use all of our resources to make your transaction as smooth and efficient as possible.
With the experience, resources and exceptional service standards, you will see why we deliver…simply better home loans as we are working to expand our lending in other states as well.
Alliance Financial Resources, LLC Attn: Korene Clopine-Seaman 14635 N. Kierland Blvd. Suite 120 Scottsdale, AZ 85245
