Mortgage aid offered to those who cashed out equity
The California Housing Finance Agency announced this week that people who cashed out equity on their home now are eligible for three of the four “Keep Your Home California” programs.
MAKING SENSE OF THE STORY
Keep Your Home California is a state-run program funded with $2 billion from the U.S. Treasury’s Hardest Hit Fund. It is designed to help low- and moderate-income people who are unemployed or owe more than their home is worth pay their mortgage.
There are four individual programs that fall under Keep Your Home California. Eligible homeowners can get up to $50,000 in assistance from one or more of the four programs combined.
Under the new rules, people who took equity out of their homes will be eligible for the unemployment mortgage assistance, mortgage reinstatement assistance, and transition assistance programs if they meet all the other program requirements. Homeowners who cashed out equity will continue to be ineligible for the principal reduction program.
When the program first started, homeowners who had tapped the equity in their homes were ineligible for the programs. CalHFA decided to include these homeowners due to the large number of homeowners who were being turned away for assistance.
Under the program revisions, homeowners who originated mortgages after Jan. 1, 2009 also are eligible for the same three programs. Originally, these borrowers were excluded because they also are excluded under the federal Home Affordable Modification Program, so CalHFA wanted to be consistent with HAMP.
To qualify for any of the four programs, homeowners must fall below certain income limits, must be living in the home, and cannot own a second home, among other criteria. For additional requirements, visit www.keepyourhomecalifornia.org/eligibility.htm.
If you need assistance sorting this out...call me 619-741-4294...this portion is new, but we can explore it together....the other programs such as
Home Affordable Foreclosure Alternatives (HAFA) and Home Affordable Modification Program (HAMP) are other programs that I can help with.
There are so many programs...and honestly they are not easy to make happen, but with help from someone in the industry, it can happen! Let me know what I can do for you!
Thursday, April 7, 2011
Wednesday, September 29, 2010
Wednesday, August 11, 2010
More Help for California Homeowners
As a member of the California Association of Realtors, I receive timely information....some of what I received today may be very good news to many of you!
If you were a first time home buyer this year, if you are needing assitance in keeping your home or if you would like to see about an FHA refinance from a conventional loan.....READ THIS BLOG!
Call me with any questions concering any of these matters! 619-741-4294
Brought to you by the CALIFORNIA ASSOCIATION OF REALTORS®
State first-time buyers tax credit deadline Aug. 15
The Franchise Tax Board (FTB) recently announced it will accept applications for the California first-time home buyer tax credit through midnight on Sunday, Aug. 15, 2010. The FTB believes it will have received more than enough applications to cover the $100 million allocated for eligible first-time home buyers. It will continue to accept applications for the new-home portion of the state tax credit.
Due to the high volume of faxes, consumers may experience some delays and difficulties in connecting to the FTB fax number during normal business hours. It can take several minutes or possibly up to an hour to connect and transmit the fax. Buyers who receive a busy signal are advised to try again later. The fax number is open 24 hours a day, so consumers may fax applications during non-business hours when the line is not as busy.
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California homeowners receive additional foreclosure assistance
The Obama Administration today announced additional support to help homeowners struggling with unemployment through two targeted foreclosure-prevention programs--the existing Housing Finance Agency (HFA) Innovation Fund for the Hardest Hit Housing Markets and the soon-to-be-launched U.S. Dept. of Housing and Urban Development (HUD) Emergency Homeowners Loan Program. Through the Hardest Hit program, California will receive an additional $476 million to assist homeowners struggling to make their mortgage payments due to unemployment.
The Emergency Homeowners Loan Program will provide assistance to homeowners by offering eligible borrowers a declining balance, deferred payment “bridge loan” (zero percent interest, non-recourse, subordinate loan) for up to $50,000 to assist with payments on their mortgage principal, interest, mortgage insurance, taxes, and hazard insurance for up to 24 months.
Under the program, eligible borrowers must:
Be at least three months delinquent in their payments and have a reasonable likelihood of being able to resume repayment of their mortgage payments and related housing expenses within two years;
Have a mortgage property that is the principal residence of the borrower, and eligible borrowers may not own a second home;
Demonstrate a good payment record prior to the event that produced the reduction of income.
HUD will announce additional details, including the targeted communities and other program specifics when the program is officially launched in the coming weeks.
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FHA launches refi program for underwater borrowers
The Federal Housing Administration (FHA) last week provided details on its “FHA Short Refinance” program that will enable lenders to provide additional refinancing options to underwater homeowners. Beginning Sept. 7, the FHA is offering eligible underwater non-FHA borrowers the opportunity to qualify for a new FHA-insured mortgage.
Participation in FHA's refinance program is voluntary and requires the consent of all lien holders. To be eligible for a new loan, the homeowner must owe more on their mortgage than their home is worth and be current on their existing mortgage. The homeowner must qualify for the new loan under standard FHA underwriting requirements and have a credit score greater than or equal to 500. The property must be the homeowner's primary residence and the borrower's existing first lien holder must agree to write off at least 10 percent of their unpaid principal balance, bringing that borrower's combined loan-to-value ratio to no greater than 115 percent.
Additionally, the existing loan to be refinanced must not be an FHA-insured loan, and the refinanced FHA-insured first mortgage must have a loan-to-value ratio of no more than 97.75 percent. Interested homeowners should contact their lenders to determine if they are eligible and whether the lender agrees the write down a portion of the unpaid principal.
If you were a first time home buyer this year, if you are needing assitance in keeping your home or if you would like to see about an FHA refinance from a conventional loan.....READ THIS BLOG!
Call me with any questions concering any of these matters! 619-741-4294
Brought to you by the CALIFORNIA ASSOCIATION OF REALTORS®
State first-time buyers tax credit deadline Aug. 15
The Franchise Tax Board (FTB) recently announced it will accept applications for the California first-time home buyer tax credit through midnight on Sunday, Aug. 15, 2010. The FTB believes it will have received more than enough applications to cover the $100 million allocated for eligible first-time home buyers. It will continue to accept applications for the new-home portion of the state tax credit.
Due to the high volume of faxes, consumers may experience some delays and difficulties in connecting to the FTB fax number during normal business hours. It can take several minutes or possibly up to an hour to connect and transmit the fax. Buyers who receive a busy signal are advised to try again later. The fax number is open 24 hours a day, so consumers may fax applications during non-business hours when the line is not as busy.
*****************************************************************************
California homeowners receive additional foreclosure assistance
The Obama Administration today announced additional support to help homeowners struggling with unemployment through two targeted foreclosure-prevention programs--the existing Housing Finance Agency (HFA) Innovation Fund for the Hardest Hit Housing Markets and the soon-to-be-launched U.S. Dept. of Housing and Urban Development (HUD) Emergency Homeowners Loan Program. Through the Hardest Hit program, California will receive an additional $476 million to assist homeowners struggling to make their mortgage payments due to unemployment.
The Emergency Homeowners Loan Program will provide assistance to homeowners by offering eligible borrowers a declining balance, deferred payment “bridge loan” (zero percent interest, non-recourse, subordinate loan) for up to $50,000 to assist with payments on their mortgage principal, interest, mortgage insurance, taxes, and hazard insurance for up to 24 months.
Under the program, eligible borrowers must:
Be at least three months delinquent in their payments and have a reasonable likelihood of being able to resume repayment of their mortgage payments and related housing expenses within two years;
Have a mortgage property that is the principal residence of the borrower, and eligible borrowers may not own a second home;
Demonstrate a good payment record prior to the event that produced the reduction of income.
HUD will announce additional details, including the targeted communities and other program specifics when the program is officially launched in the coming weeks.
******************************************************************************
FHA launches refi program for underwater borrowers
The Federal Housing Administration (FHA) last week provided details on its “FHA Short Refinance” program that will enable lenders to provide additional refinancing options to underwater homeowners. Beginning Sept. 7, the FHA is offering eligible underwater non-FHA borrowers the opportunity to qualify for a new FHA-insured mortgage.
Participation in FHA's refinance program is voluntary and requires the consent of all lien holders. To be eligible for a new loan, the homeowner must owe more on their mortgage than their home is worth and be current on their existing mortgage. The homeowner must qualify for the new loan under standard FHA underwriting requirements and have a credit score greater than or equal to 500. The property must be the homeowner's primary residence and the borrower's existing first lien holder must agree to write off at least 10 percent of their unpaid principal balance, bringing that borrower's combined loan-to-value ratio to no greater than 115 percent.
Additionally, the existing loan to be refinanced must not be an FHA-insured loan, and the refinanced FHA-insured first mortgage must have a loan-to-value ratio of no more than 97.75 percent. Interested homeowners should contact their lenders to determine if they are eligible and whether the lender agrees the write down a portion of the unpaid principal.
Wednesday, June 23, 2010
Home Affordable Foresclosure Alternative (HAFA)
Mary de Waal recently earned her HAFA certification. If you are interested in more information about the streamlines short sale process please feel free to contact me.
NAR HAFA Consumer Brochure
View more documents from Matthew Rathbun.
Tuesday, May 4, 2010
Great News for the Guancaste Area
Secure Your Retirement in Beauty
De Waal Realty and Blue Jewel Travel
Many are interested in the beautiful Northern Pacific area of Costa Rica, the province of Guancaste and with good reason. Of all the beach areas the Guancaste province has had the most explosive development in recent years. In 2002 the Daniel Oduber International Airport opened
which of course has made a huge impact on the area. A Four Seasons resort opened around the same time, it being the first luxury mixed use resort of its kind in the country.
Additionally, the new highway has just opened making access to this province oh so much easier. what used to be a 5-6 hour drive, has been cut to less than 3 hours. I had the privelage of using this highway from San Jose up the Lake Arenal area in February, and what a beautiful ride it was. The landscapes never stopped being enjoyable, and the lack of pot holes...well lets just say those were not missed!
Sorry I got side tracked....back to the developments of Guancaste.
So here is the great news:
Hospital CIMA kicked off the construction of a $125 million project in Carrillo, Guanacaste, that will include a Hospital CIMA there.
The project is called Pacific Plaza, seen as an integrated medical services and residential center. The project will be built out in seven steps, said the hospital. The first is scheduled to be ready in 2011. This will be the new hospital with a heliport, a three-story tower with 42 medical offices, six commercial spaces, a pharmacy and a food court.
The second and third steps are condos, followed by adult housing including facilities for Alzheimer patients, said the hospital. The sixth and seventh steps are a hotel and community recreational center, said the hospital.
The location is near Daniel Oduber airport in Liberia. The present hospital is in Escazú.
This new development will add so much to the already desireable areas of Guancaste and Lake Arenal. If you are considering a 2nd home or retirement in Costa Rica, this area should enter among those you are considering! Stay tuned as I will be posting updates on this fantastic project.
De Waal Realty and Blue Jewel Travel
Many are interested in the beautiful Northern Pacific area of Costa Rica, the province of Guancaste and with good reason. Of all the beach areas the Guancaste province has had the most explosive development in recent years. In 2002 the Daniel Oduber International Airport opened
which of course has made a huge impact on the area. A Four Seasons resort opened around the same time, it being the first luxury mixed use resort of its kind in the country.
Additionally, the new highway has just opened making access to this province oh so much easier. what used to be a 5-6 hour drive, has been cut to less than 3 hours. I had the privelage of using this highway from San Jose up the Lake Arenal area in February, and what a beautiful ride it was. The landscapes never stopped being enjoyable, and the lack of pot holes...well lets just say those were not missed!
Sorry I got side tracked....back to the developments of Guancaste.
So here is the great news:
Hospital CIMA kicked off the construction of a $125 million project in Carrillo, Guanacaste, that will include a Hospital CIMA there.
The project is called Pacific Plaza, seen as an integrated medical services and residential center. The project will be built out in seven steps, said the hospital. The first is scheduled to be ready in 2011. This will be the new hospital with a heliport, a three-story tower with 42 medical offices, six commercial spaces, a pharmacy and a food court.
The second and third steps are condos, followed by adult housing including facilities for Alzheimer patients, said the hospital. The sixth and seventh steps are a hotel and community recreational center, said the hospital.
The location is near Daniel Oduber airport in Liberia. The present hospital is in Escazú.
This new development will add so much to the already desireable areas of Guancaste and Lake Arenal. If you are considering a 2nd home or retirement in Costa Rica, this area should enter among those you are considering! Stay tuned as I will be posting updates on this fantastic project.
Monday, April 26, 2010
Costa Rica: Secure Your Retirement in Beauty
De Waal Realty and Blue Jewel Travel
Costa Rica is a “brand”. Known for it pristine beaches, gorgeous sunsets, and laidback lifestyle. It is the number one tourist destination in Latin America. Far more than a vacation spot, Costa Rica is actually the #1 offshore choice for retiring Americans. In fact, there are more Americans proportionately in Costa Rica than any other country. This really is not surprising when one learns about this country. The national motto Pura Vida – Pure Life says it all. Not simply a saying, but a way of life. As an example, in 1949 the military in Costa Rica was eliminated. Rather than spending money on weapons and military personnel, the democratic government opted to promote education, culture, and security. While many of its neighbors suffer violent unrest and civil wars, Costa Rica has enjoyed years of peace. Not surprisingly, the literacy rate is at 95%. The focus on education has helped Costa Rica rank third in the world on the Environmental Performance Index. It has become a model in the fields of ecology and environmental conservation.
Another positive effect of better education is a result for women. The World Economic Forum’s Gender Gap Index ranked Costa Rica 28th out of 128 countries, United States ranked 31st! Ticas (as Costa Rican women are called) have equal rights and share the same opportunities as men. There can be no better testimony to this than the election of the first female president this past February.
Additionally, Costa Rica has managed to support a National Health Care System, which assures the citizens and residents quality healthcare at affordable prices. The United Nations has consistently ranked Costa Rica’s healthcare system #1 in Latin America and in the top 20 worldwide.
Real estate is another big draw. Rated in the top five places to invest, Costa Rica again has much to offer. Unlike many countries, foreigners are allowed to own land outright. There are no licensing laws in Costa Rica so caution MUST be exercised. There are two Costa Rican organizations that have affiliated themselves with the International Consortium of Real Estate Associations (ICREA), an arrangement developed through the National Association of Realtors. Should you choose to invest in Costa Rican real estate, for an added measure of security it is strongly recommended that you work with professionals affiliated with these organizations.
We have just scratched the surface as regards this BEAUTIFUL country. To learn more, visit our booth at the Expo and attend our FREE “Secure Your Retirement in Beauty” Seminar scheduled for May 18 or May 24 2010 at 6:00 pm. Call Mary de Waal 877-351-3850 for your reservation. Or log on to www.dewaalrealty.com/webinarspage.html and reserve your spot!
Another positive effect of better education is a result for women. The World Economic Forum’s Gender Gap Index ranked Costa Rica 28th out of 128 countries, United States ranked 31st! Ticas (as Costa Rican women are called) have equal rights and share the same opportunities as men. There can be no better testimony to this than the election of the first female president this past February.
Additionally, Costa Rica has managed to support a National Health Care System, which assures the citizens and residents quality healthcare at affordable prices. The United Nations has consistently ranked Costa Rica’s healthcare system #1 in Latin America and in the top 20 worldwide.
Real estate is another big draw. Rated in the top five places to invest, Costa Rica again has much to offer. Unlike many countries, foreigners are allowed to own land outright. There are no licensing laws in Costa Rica so caution MUST be exercised. There are two Costa Rican organizations that have affiliated themselves with the International Consortium of Real Estate Associations (ICREA), an arrangement developed through the National Association of Realtors. Should you choose to invest in Costa Rican real estate, for an added measure of security it is strongly recommended that you work with professionals affiliated with these organizations.
We have just scratched the surface as regards this BEAUTIFUL country. To learn more, visit our booth at the Expo and attend our FREE “Secure Your Retirement in Beauty” Seminar scheduled for May 18 or May 24 2010 at 6:00 pm. Call Mary de Waal 877-351-3850 for your reservation. Or log on to www.dewaalrealty.com/webinarspage.html and reserve your spot!
Thursday, April 22, 2010
Hello Everyone!
This is our first post on our new blog. We hope that in the future this blog can serve as a source of information on retiring or investing in Costa Rica. So follow our blog, and we hope we can help!
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