Financial News

Historical Port Townsend Real Estate
Making Home Affordable Plan

On March 4, 2009, President Obama’s Administration announced two new programs to help current homeowners in need. For complete details, visit: Realtor.org.

A brief overview is:

1. The Home Affordable Refinance Program. Under this program, eligible borrowers may refinance loans that Fannie Mae or Freddie Mac (the government sponsored enterprises, or GSEs) own or guarantee. The program can help homeowner-occupants who are current in making loan payments and have loan-to-value ratios (LTVs) above 80 percent but not more than 105 percent. Cash out refinancings are not permitted. The program ends in June 2010.  Learn more at http://makinghomeaffordable.gov/

2. The Home Affordable Modification Program. This is a $75 billion program with lender, servicer, investor, and borrower incentives to make it work. The program is limited to homeowner-occupants who are at risk of default or already in default and who have loans at or below the maximum GSE conforming loan limit of $729,750 (or higher for 2-, 3-, and 4-unit properties). Loan modifications under the program may be made until December 31, 2012.

home affordable refinance programApply for help at: http://hopenow.com.

Washington State Programs

In addition to the tax credit, the Washington State Housing Finance Commission has funds available, through the Express Program, to help you buy your first home. 
The Express Program guarantees a low mortgage interest rate. In order to be eligible, you must:
  • Be a first-time buyer
  • Use a 30-year fixed rate conventional mortgage
  • Attend a home buyer education seminar
  • Meet county-based income limits
  • Borrow no more than $417,000

Additionally, HouseKey, also known as the down-payment assistance program allows you to take out a second mortgage, at a guaranteed low interest rate for ten years, to use as a down payment.    In order to be eligible, you must:

  • Be a first-time buyer
  • Attend a home buyer education seminar
  • Meet county-based income limits
  • Participate in the Express Program

Participating in these two programs can create an opportunity for you to purchase a house at a low interest rate with zero money down.  However, you must act quickly: Washington State has set aside a finite amount of funding for the Express Program and HouseKey.  These programs will only be available as long as the funding lasts. In addition, not every lender can offer these programs.  Response Mortgage Services is one that does. 

 

 

Find the Right Loan to Meet Your Needs

Purchasing a home?   With our complete line of mortgage products, we can help you get pre-qualified and pre-approved for a home in Washington, Oregon or Idaho.
Want to refinance?   We can help you find a lower interest rate or monthly payment, or tap into your home's equity.
Need help with your credit?   Our lending professionals can help you understand and improve your credit profile.
Homebuyers: Did you know that a ½% change in interest rates is equal to a 5% change in the sales price of a home? That means the recent dramatic drop in interest rates is equal to at least a 10% reduction in home sales prices. To take advantage of this opportunity, start your home search NOW on JohnLScott.com or Find out more about the mortgage options available to you!”

 

 

Real Estate :

Information: