Many people in Oklahoma City and elsewhere have fallen behind on their mortgages, but here is now help for those who have lost their jobs and have mortgages to pay. The U.S. Department of Housing and Urban Development (HUD) has created a new loan program available in 32 states and Puerto Rico. HUD officials have announced the program will offer a declining balance, deferred payment "bridge loan" (non-recourse, subordinate loan with zero interest) for up to $50,000 to assist eligible homeowners with payments of arrearages, including delinquent taxes and insurance plus up to 24 months of monthly payments on their mortgage principal, interest, mortgage insurance premiums, taxes, and hazard insurance." This is good news for homeowners in a bind. In Oklahoma, $15,575,381 will be available to struggling homeowners.
In order to qualify for this loan you must be at least three months behind on your current mortgage payment. Along with that, those who will most likely receive the loan will show they will be able to continue payments in the next two years.
If you have a job, but took a cut in pay, you still may be able to qualify for the new loan. If you have lost a minimum of 15 percent of your income and were paying your mortgage without fail prior to the cut in pay, you will most likely qualify.
It is also possible that the loan may not have to be paid back. You will not have to pay on the loan for the five year term as long as you keep the property as your main residence and you keep your payments on the original loan are kept current. If the homeowner meets this criteria the balance due will be cut by twenty percent (20%) annually, until the note is extinguished and the junior loan is terminated. (HERE is the full HUD release.)
If your job is stable, do not be afraid to look for a home as prices are great now! With so many programs available today, owning a home should not be something anyone fears.
Looking for an ideal home, in South Oklahoma City, there are currently 1,086 properties available, with a typical 3+ bedroom, 2+ bathroom home listed around $159,608.
Please call me at (405) 366-1111 or check out my website at www.OkHomesNow.com, and start searching for that perfect home in Blanchard, as well as Moore, Norman, Edmund, and Oklahoma City.
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