Tag Archives: Loan

Evictions on Hold for the Holidays

Freddie Mac and Fannie Mae announced a holiday moratorium on all foreclosed single-family homes that the mortgage giants own or guarantee, suspending all evictions between Dec 18 and Jan 3. Processing of the evictions will continue during this period, but families living in foreclosed homes will be able to stay in their homes.

“At this time of year we want to bring some relief to families who confronted financial difficulties and went through foreclosures,” says Chris Bowden, senior vice president of REO at Freddie Mac. “We also want to remind home owners going into the New Year facing financial challenges to reach out for help as soon as they can by calling their mortgage servicer.”

Freddie Mac and Fannie Mae are also issuing a holiday moratorium on foreclosed 2-4 unit properties.

While the mortgage giants will be putting evictions on a two-week holiday hold, they will continue to proceed on other pre- or post-foreclosure activities.

HOMEOWNERS: Foreclosure is not something a homeowner should face alone! We are homeowner advocates and are here to help. There is never any obligation and we have many years of experience with lending, loan modifications and foreclosure prevention. Don’t risk something so important as your house! Our services are FREE…..We’ve helped so many clients and have never charged a dime.

Reach us today for help:

Dustin and Leah Wise

The Wise Team at Keller Williams Realty

(714)875-3667 call/text

Dustin@TheWiseTeamOC.com

Source = RealtorMag

Advertisements

Buena Park – Home Improvement Program

Image

Replace that leaky roof, remodel your outdated kitchen and bathroom or install energy efficient windows – you decide!

The City of Buena Park provides loans up to $60,000 and rebates up to $10,000 to qualified home owners to improve their homes, at 0% – 3% interest.The level of assistance that the City may provide is determined by household income eligibility.  If your household income are within the income limits, a Home Improvement Program pre-application is required for consideration.  For more information, click here for the Home Improvement Program Guide or call Ecomonic Development at (714) 562-3586.

 

   DEFERRED LOAN     

    Income Eligibility:                  

    80% or Below of County Median Income            
    Maximum Loan  
    Amount:                                      
    $60,000
     Interest Rate:                

    0% for Seniors 62 and over; 3% Simple for 61 and under
    for a Maximum of 30 years; Payments Deferred Until Sale 
    or Transfer of Ownership

    Term:     30 Years or Upon Sale, Transfer of Ownership or Equity
    is Taken Out of Property
     AMORTIZED LOAN 
     Income Eligibility:     80% or Below of County Median Income
     Maximum Loan Amount:      $60,000
     Interest Rate:         3%
 
    Term: 

    30 Years or Upon Sale or Transfer of Ownership or Equity
    is Taken Out of Property

     REBATE
     Income Eligibility:      80% or Below of County Median Income
    Maximum Rebate Amount:     50% Rebate but Not Exceeding $10,000 
    

Buena Park First-Time Homebuyer Program

The City of Buena Park First-Time Homebuyer Program provides assistance to first-time homebuyers through a deferred 30-year second mortgage loan of up to a maximum of $58,500 at 3% simple interest.  The funds may be used toward the purchase of a single-family home or condominium/townhome in Buena Park.  The borrower must provide a minimum 3% down payment to participate in the program.  This program utilizes CalHome funding and is limited to those at or below 80% of the Area Median Income of Orange County as determined by HUD.  Please review our program guidelines for additional requirements and restrictions.  For more information regarding the program, please see the attached First-Time Homebuyer Program Brochure  

First-Time Homebuyers must submit an application with all required documentation in person.  Program pre-approvals will be given to those who meet the minimum requirements.  This program is administered on a first-come, first serve basis.

Reach us today if you have any additional questions or want to learn more about the home buying process! 

The Wise Team 

(714)698-WISE

Dustin@TheWiseTeamOC.com

Image

Payments Based on Interest Rates

Payments Based on Interest Rates

Lately there has been much speculation based on interest rates and home prices. The questions being how low will interest rates go and will home prices keep appreciating? More importantly will a jump in interest rates cause home prices to drop?!

This chart shows that a modest 1% jump in interest rates could reduce a buyers purchasing power by almost 10%.

To put those numbers into reality lets look at the following example. A mortgage payment on a $400,000 loan at 4.0% today costs $1910 per month. If that same home buyer wanted to keep their budget similar and rates rose to 5.0% they would be looking closer to a $360,000 purchase price.

No one knows what the future holds but if it makes sense for you to buy today we would be glad to speak in more detail!

The Wise Team
(714)698-9473
Dustin@TheWiseTeamOC.com