First Time Homebuyers & Loan Modification
LOAN MODIFICATION
The US Treasury and Obama’s Making Home Affordable (MHA Plan)
On March 4, 2009, the Making Home Affordable Modification Guidelines were released for modification of First Leins.
Modification Payment Evaluator for MHA Workout --This handy calculator gives an estimate of your new payment with a Home Affordable Modification.
Modification Eligability for MHA Workout – Answer these five questions to determine if you are eligible for a Home Affordable Modification. If you are not eligible, other programs may be available.
On April 28, 2009, the second leins through financial incentives from the US Treasury. Details are found on the fact sheet for the Second Lein Program.
Hope for Homeowners (H4H) – Program designed to assist borrowers at risk of default or foreclosure in refinancing to an affordable 30-year fixed rate FHA loan. The program is effective October 1, 2008 and will conclude on September 20, 2011.
Avoid Scams by working with a California Department of Real Estate Licensed Broker who has received a “no objection” letter allowing them to collect an Advance Fee. Check the CA Real Estate License Status and Advance Fee Listing before enlisting the help of a broker.
Action Investments and Jason Ian Hector (Lic. # 01481898) has received a “no objection” letter from the California Department of Real Estate and may collect an advance fee for loan modification services.
-
American Dream Down Payment Initiative (ADDI) - 6% Down Payment Assistance for Low Income First Time Homebuyers within the City of Los Angeles.
- City of Los Angeles Housing Department’s Mortgage Credit Certificate(MCC) – Allows an eligible homebuyer to claim an annual federal income tax credit and is applied to a portion of the total mortgage interest paid every year for the duration of the first mortgage loan.
- LA Housing Dept-NSP program—Provides funding for first time home buyers up to $50,000 for rehab repairs to buy bank-owned properties within specific “Priority” areas.
- FHA (Federal Housing Administration) Loans – Offers a first mortgage with 3½ % down payment required and up to 6% in seller paid closing costs or repairs.
- 2009 Federal Tax Credit (IRS Form 5405)- The tax credit does not have to be repaid. The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $8,000. The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009. Income limitations apply.
Thanks again for visiting and be certain to contact the email or phone number number above. Please stop and visit my Active Rain Profile for more information at
To learn more about me, visit my blog sites:
Active Rain at http://activerain.com/blogs/jasonhector.
Active Rain profile http://activerain.com/jasonhector.
Google http://jasonhector.blogspot.com/
Trulia http://www.trulia.com/voices/profile/Real_Estate_Pro-91325-355954/
Advance Fee Agreement Listing
The following individual and corporate real estate brokers have submitted Advance Fee Agreements for Loan Modification and/or similar services to the Department of Real Estate for review and have received "no objection" letters regarding their use.
|
· Jason Ian Hector |
Action Investments |
