Oregon is onboard the Neighborhood Stabilization train, and has submitted proposals to HUD on how they plan to allocate funds from the Neighborhood Stabilization Program that was approved under the 2008 Housing and Economic Recovery Act. The number of foreclosed homes in Jackson County has led to allocation of funds from the Neighborhood Stabilization Program to Jackson County home buyers willing to purchase and rehabilitate these bank owned homes. The last update I received from Oregon Housing and Community Services was they are awaiting the final stamp of approval from their legal department before releasing the final guidelines, but here are some you may expect:
- Maximum NSP investment per home buyer will be $50,000 or the difference between the total cost (acquisition and modest rehabilitation) and amount of mortgage eligible buyers can obtain (which ever is less). This means down payment assistance, folks!
- Funds will be in the form of a "soft second" loan, bearing no interest with payments deferred until the homeowner refinances or transfers title.
- A share of the appreciation will be due at transfer of title, and may potentially be waived if OHCS grants an exception.
- Income limits for Medford Area $18,200-83,800 depending on family size (2008).
- Work to be done by a licensed contractor, and cannot be done by the homeowner. Work will be paid for upon close of escrow.
Sound like something that might be a solution to your becoming a homeowner? Call for more details, or go online and apply to be preapproved for your home loan today at http://www.quality4loans.com/.
See you at the closing table!
Karen Cooper - OR/CA Mortgage Consultant - http://www.quality4loans.com/
American Pacific Mortgage, 301 B Crater Lake Avenue, Medford OR 97504 OR License ML-2338; 3000 Lava Ridge Court #200, Roseville, CA 95661 CA DRE Broker License 01180222
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