The U.S. Department of Housing and Urban Development announced Tuesday that it will offer $50,000 loans to unemployed borrowers who are at least three months behind in their payments, but who have a reasonable likelihood of being able to resume regular payments within two years.
The property must be the borrower's principal residence and they cannot own a second home. They must have suffered at least a 15 percent decline in income.
The loan is available in 32 states not receiving assistance through the Hardest Hit Fund, which gave 18 states more than $4 billion to devise programs to help the unemployed and underwater borrowers.
Side note...
It is not often that Maui has a "Buyers Market", but we're in one now...but inventory is shrinking as buyers-investors have come to buy a piece of paradise while it's so cheap. This Buyer's market will be changing to a Seller's market...the question is...will you buy now and pay less, or wait for the market to turn a pay more?
If you are interested in owning property on Maui - more specifically, Kihei or Wailea (areas I focus on) please contact me for a list of Maui's Best Buys!
Aloha,
Jeff
Jeff Graves I Realtor®(S)
(808.633.1292 (Cell)
JeffGraves@ClearWire.net
Coldwell Banker Island Properties
34 Wailea Gateway Place, A-207
Wailea, Maui, Hawaii 96753
Source: CNNMoney.com, Tami Luhby (01/05/2010)
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