5,000 Lucky Oregonians To Receive Mortgage Help

5,000 Oregon Home Owners Receive Mortgage Help

Starting Friday, December 10th Oregon Home Owners can submit an application to receive up to $20,000 or 1 year of mortgage payments (which ever comes first) from the Oregon Mortgage Assistance Program.  Oregon was one of 17 states to receive this federal money.

Recipients will be selected by a random drawing, not by first come first serve.  There are obviously many  more households that need help, so it is the "luck of the draw."  While you do not need to be delinquent on your mortgage, you do have to prove a loss of household income.  There are also income limits and other criteria, you can take a quick Qualifying Quiz . The deadline to apply is January 14th, 2011.

The most appealing aspects to this program are the terms.  It is considered an interest free loan, payable over 5 years, but Oregon Housing and Community Services defers all payments and forgives 20% of the balance every year!  Be aware that if the homeowner sells their home within the first 5 years, they may have to pay back the "loan."  I have not been able to find out if this is considered taxable income though, so check with your accountant.

To learn more about upcoming programs in Oregon, you may want to subscribe to their newsletter.