August 2012
Neighborhood Mortgage Assistance Program Unemployed Home Owners Do you have a mortgage and just lost your job? There is a program designed to provide assistance to unemployed home owners struggling to keep up with their payments. United States Department of Agriculture, Federal Housing Administration, and Veteran Affairs all offer programs for struggling home owners that strive to lower monthly mortgage payments to one third (31%) of your verified monthly (pre-tax) income - making monthly mortgage payments much more affordable. Depending on your situation, you may be able to reduce your mortgage payments or suspend them altogether for 12 months or more. Do you need to refinance? The government wants to help you keep your home. There are programs to help people get their homes refinanced at a reduced rate, especially those persons who have refinanced or purchased a home in the last seven years. When you have less than 20% equity in your home, you may be eligible for a refinancing program from the government. Are you looking at refinancing a home because the value of your home has declined and you feel that you are paying too much for the home? If so, then you may be eligible to refinance. There are programs designed to assist people to get new, more affordable mortgages. Let us help you. Struggling to make your payments? If you are struggling to make your mortgage payments and are not unemployed, you may be eligible to modify your payments. You may be able to lower your monthly mortgage payments to 31% of your verified monthly gross (pre-tax) income, which usually provides savings of hundreds of dollars per month.
Need to move back in an apartment? If the cost of home ownership has become too much to bear, there is a program that allows you to transition out of your home and avoid foreclosure with $3,000 in relocation assistance and peace of mind. Don’t qualify for conditional financing? If you’re not behind on your mortgage payments but have been unable to get traditional refinancing because the value of your home has declined, you may be eligible for refinancing. The program is designed to help you get a new, more affordable, and stable mortgage. Refinance loans require a loan application and underwriting process, and refinance fees will apply. Loans There are different types of loans you can apply for:
First-Time Home Buyer No down payment No closing costs No fees
Refinance Loans
Single family residence loan If you lost your job If you are a veteran that is about to lose your home
Home Improvement Loans
A home improvement loan is money lent to a property owner for home repairs, updates or remodeling. Need to move back in an apartment? If your mortgage payments are no longer manageable We can help: • • • • • • •
Lower monthly payments Lower interest rates Provide information if your home value has fallen Locate military resources With foreclosures Provide support for a second mortgage Find support if you’re unemployed
NOTES
For more information contact: Christopher Cotton Program Specialist crcotton@pvamu.edu Phone: 936.261.5107 Fax: 936.261.5143
The Cooperative Extension Program serves people of all ages regardless of race, color, national origin, sex, religion, disability, political beliefs, and marital or family status. (Not all classes are protected by legal statutes).