Many of you may already know what HAP stands for and how it helps First Time Homebuyers, but let me just go over the basics of what HAP is and then I will get into the reason of my blog today.
HAP stands for Homebuyer Assistance Program. It is offered and available to First Time Homebuyers that are interested in buying their home within the city limits of Eugene. HAP offers as a Down Payment Assistance a loan in the amount of $10,000 at a 0% interest and payments are defered untill the property is sold, refinanced or the primary borrower is transfered out of title. If any of the said actions take place then the loan of $10,00 would have to be repaid back to the city of Eugene. There are certain income limits (depending on HouseHold size) that the borrower must be under and sales price as well. There are other details but I won't make this long.
Anyways, back to my reason for posting this blog today. If you have been currently working with a client or borrower that may be using the HAP program, you may want to be sure that the lender has your client signed up and registered for the HAP funds. The reason I say that is because as of today (1/31/08) I have learned that the HAP program is OUT OF FUNDS until July 1st!!! Yep, you heard right OUT OF FUNDS!!! Get on the phone and verify with your lender that your client is still getting those funds. Well that's if you have a client using this program.
If you would like to learn more about the Down Payment Assistance Programs that are available in the Eugene/Springfield and surrounding areas, as well as First Time Homebuyer programs. Feel free to contact me.
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