Get documents about "LoanPrograms 000
Document Sample
16
Products Directory
Homeowners’ Emergency Mortgage Assistance Program (HEMAP)
PURPOSE: Assures steady mortgage payments for families in danger of foreclosing their
homes.
PRODUCT OR SERVICE: Emergency/Rescue Loan
PRODUCT FEATURES: 9.00% APR
Two types of assistance depending on their income and financial situation:
continuing mortgage assistance loans and non–continuing mortgage assistance
loans.
HEMAP loan recipients are required to pay up to 40 percent of their net
monthly income, as determined by HEMAP, towards their total housing
expense. The minimum monthly payment/contribution to HEMAP, set by law,
is $25.00 per month per mortgage assisted.
MAXIMUM AMOUNT: All HEMAP loans, continuing or non–continuing, are limited to a maximum of
24 months from the date of the mortgage delinquency, or to a maximum of
$60,000.00, whichever comes first.
ELIGIBILITY REQUIREMENTS:
• At least 60 days delinquent on their mortgage and have received an Act 91
Notice from their lender.
• One– or two–family residence. A home used primarily for business
purposes is not eligible.
• FHA Title II loans are not eligible.
• Favorable mortgage credit history prior to the delinquency during the
previous five years.
• The homeowner must be suffering financial hardship due to circumstances
beyond their control.
• The homeowner must have a reasonable prospect of resuming full
mortgage payments within 24 months and paying the mortgage in full by
maturity.
GEOGRAPHIC AREA SERVED: State of Pennsylvania
COSTS OR FEES: No cost to homeowner
ADMINISTERING AGENCY: PHFA
PROCEDURES: The application process can take up to four months to complete. An applicant
must meet (the Face–to–Face Meeting) with a designated counseling agency
within 33 days from the date of the Appendix A – Act 91 Notice in order to
begin the application process. This must be done within 30 days from the
Face–to–Face Meeting. During this time while applications are processed,
foreclosure actions cease, as long as the procedural time limits are met. The
applicant must also prepare a Letter of Circumstance explaining the exact
reason their mortgage is delinquent and include verification.
CONTACT INFORMATION: Local HUD approved agency
General Information – 717.780.3940
FOR MORE INFORMATION: http://www.phfa.org/consumers/homeowners/hemap.aspx
Phone: 215-851-1738 • Fax: 215- 564-9912 • Email dkelly@gpuac.org
<Summer 2008>
17
Homeowners' Equity Recovery Opportunity Loan Program (HERO)
PURPOSE: For Pennsylvanians who are not able to afford their current mortgage
payments. This program is for borrowers not eligible for PHFA's REAL
program (REfinance to an Affordable Loan) or another mortgage refinance
product available in the general market due to credit issues or owing more than
your home's current appraised value.
PRODUCT OR SERVICE: Refinancing Option
PRODUCT FEATURES: 100 percent financing but, instead of refinancing your current mortgage into a
new loan, PHFA purchases your loan directly from your current lender and
then sets you up on an affordable repayment agreement.
MAXIMUM AMOUNT: $417,000
ELIGIBILITY REQUIREMENTS:
• The combined gross annual income of all borrowers may not exceed
$120,000. Certain exceptions may apply.
• You have made an effort to meet your financial obligations to the best of
your ability.
• You have sufficient and stable income to support timely repayment of the
HERO loan in regular, monthly installments. (All borrowers must agree to
make monthly mortgage payments by automatic payment directly from
your bank account.)
• You own the mortgaged property and reside in it as your permanent
residence.
• If you have stopped making your mortgage payments, you can account for
your cash flow by showing how you have escrowed, saved, or redirected
those funds.
• The HERO loan must be in first lien position.
GEOGRAPHIC AREA SERVED: State of Pennsylvania
COSTS OR FEES: 7.95% APR with no points and no origination fee
ADMINISTERING AGENCY: Pennsylvania Housing Finance Agency
PROCEDURES: Get application from PHFA
FOR MORE INFORMATION: www.phfa.org/consumers/homeowners/real.aspx
Phone: 215-851-1738 • Fax: 215- 564-9912 • Email dkelly@gpuac.org
<Summer 2008>
18
REfinance to an Affordable Loan Program (REAL)
PURPOSE: For homeowners who would not typically qualify for typical refinance options
due to their credit history.
PRODUCT OR SERVICE: Refinancing Option
PRODUCT FEATURES: 30-year fixed rates, 100 percent financing with flexible credit underwriting.
MAXIMUM AMOUNT: $417,000
ELIGIBILITY REQUIREMENTS:
• The combined gross annual income of all borrowers may not exceed
$120,000. Certain exceptions may apply.
• You are no more than 59 days past due on your existing mortgage.
• You must have a credit score of at least 620 OR meet all of the following
conditions: Your mortgage payment adjusted in the last 12 months to a
higher interest rate or a fully amortized payment and you have made no
more than two, 30-day late payments since the adjustment. Your mortgage
payment history 12 months prior to the adjustment must show no history
of late payments. Also, you have no more than three, 30-day late payments
12 months prior to mortgage adjustment.
• You may borrow up to 100 percent of your home's value based upon a
current appraisal (or 95 % for a credit score below 620).
• Your monthly total debt costs (credit cards, car loans, installment loans,
REAL mortgage payment, student loans, etc.) may not be more than 50
percent of your total gross monthly income (or 45% for a credit score
below 620).
GEOGRAPHIC AREA SERVED: State of Pennsylvania
COSTS OR FEES: No Fee: Rate 7.625% APR
Fee: 1% + $300, Rate 7.375% APR
ADMINISTERING AGENCY: Pennsylvania Housing Finance Agency
PROCEDURES: Call Approved lender, who will take your application, process and close the
loan
FOR MORE INFORMATION: www.phfa.org/consumers/homeowners/real.aspx
Phone: 215-851-1738 • Fax: 215- 564-9912 • Email dkelly@gpuac.org
<Summer 2008>
19
FHA Secure
PURPOSE: Refinancing option for homeowners, who
were making timely mortgage payments before loans reset but are now
delinquent.
PRODUCT OR SERVICE: Refinancing Option
PRODUCT FEATURES: Favorable refinancing terms for both current and recently delinquent
borrowers.
MAXIMUM AMOUNT: FHA maximum in Philadelphia is $420,000
ELIGIBILITY REQUIREMENTS:
• 30-90 days delinquent due to extenuating circumstances prior to reset of
adjustable rate mortgage
• A history of on-time mortgage payments before the borrower's teaser rates
expired and loans reset
• Interest rates must have or will reset between June 2005 and December
2008
• 97.75% maximum loan-to-value ratio
• A sustained history of employment
• Sufficient income to make the mortgage payment.
GEOGRAPHIC AREA SERVED: All 50 States
COSTS OR FEES: $100 application fee
ADMINISTERING AGENCY: Federal Housing Administration
PROCEDURES: Call for appointment at 1-800-CALL FHA
Full or alternate documentation
CONTACT INFORMATION:
FOR MORE INFORMATION: http://www.fha.gov/
Phone: 215-851-1738 • Fax: 215- 564-9912 • Email dkelly@gpuac.org
<Summer 2008>
20
EFSP (Emergency Food and Shelter Program)
PURPOSE: Grants to local organizations to help homeowners cover rent, mortgage, or
utilities expenses
PRODUCT OR SERVICE: Rent and Mortgage Assistance Grant – For Principal and Interest only
Grant Recipients for Rent Mortgage Utilities Assistance: Catholic Social
Services, The Partnership CDC, Congreso de Latinos Unidos, Inc., TURN,
Diversified Community Services, Inc., Jewish Federation of Greater
Philadelphia, Philadelphia Veterans Multi-Service and Education Center, Inc.,
United Communities Southeast Philadelphia
For Food and Shelter Grant Recipients, Contact United Way
TOTAL AMOUNT: City of Philadelphia has received:
2007: $878,052
2006: $916,881
2005: $941,628
HOW IT WORKS: Local agencies apply for grants to FEMA. The United Way of SEPA organizes
a local board to select recipients. Their recommendations are relayed to
FEMA and FEMA disburses the grants directly to the individual agencies.
63% of EFSP funding goes to shelter and housing.
2008 round (Phase 26) starts Nov. 1, 2007 and ends Oct. 31, 2008. Recipients
and disbursements have not been released by FEMA.
GEOGRAPHIC AREA SERVED: City of Philadelphia
ADMINISTERING AGENCY: FEMA
PROCEDURES: Call local agency with FEMA EFSP Grants
CONTACT INFORMATION: Brian Gralnick
United Way of Southeastern Pennsylvania
215-665-2456
FAX: 215-665-2531
FOR MORE INFORMATION: www.efsp.unitedway.org
Phone: 215-851-1738 • Fax: 215- 564-9912 • Email dkelly@gpuac.org
<Summer 2008>
21
PNHS - Foreclosure Prevention Remediation Loan
PURPOSE: Loan for payment of legal and Sheriff’s fees only to prevent foreclosure
PRODUCT OR SERVICE: Term loan
PRODUCT FEATURES: Maximum amortization period of 120 months. Maximum deferral of 18
months.
MAXIMUM AMOUNT: $5,000
ELIGIBILITY REQUIREMENTS:
• Owner-occupied primary residence
• Income at or below 115% of median adjusted for family size
• Maximum L/V of 85%
• Single family unit attached/detached, condo and PUDs
• Qualifying ratios 33%/45%
• Cannot be in bankruptcy or bankruptcy application
GEOGRAPHIC AREA SERVED: City of Philadelphia
COSTS OR FEES: $100 application fee
ADMINISTERING AGENCY: Philadelphia Neighborhood Housing Services, Inc. (PNHS)
PROCEDURES:
Call for appointment
Full or alternate documentation
CONTACT INFORMATION: Denise Jefferson-Bailey
Tel.: 215-476-4205
Fax: 215-476-4271
FOR MORE INFORMATION: www.phillynhs.org
Phone: 215-851-1738 • Fax: 215- 564-9912 • Email dkelly@gpuac.org
<Summer 2008>
22
PHIL-Plus and Mini-PHIL Home Improvement Loan
PURPOSE: Helps homeowners with less-than-perfect credit. For emergency or large
repairs, and use left over funds to pay off existing debt.
PRODUCT OR SERVICE: Repair Loan / Refinance Option
PRODUCT FEATURES: Terms up to 20 years for PHIL-Plus, 10 years for Mini-Phil
Apply for 1-percent rate reduction after 24 consecutive on-time payments
No equity in property required
No bank fees
Free inspection of completed work
MAXIMUM AMOUNT: $25,000 for PHIL-Plus, $10,000 for Mini-Phil
ELIGIBILITY REQUIREMENTS:
• Home must be owner occupied
• Income guidelines apply – see housing counselor for more information
GEOGRAPHIC AREA SERVED: City of Philadelphia
ADMINISTERING AGENCY: Greater Philadelphia Urban Affairs Coalition
PROCEDURES: Talk to a housing counselor; Call the SaveYourHomePhilly Hotline at 215-334-
HOME to find a housing counseling agency near you.
FOR MORE INFORMATION: www.formyphillyhome.org
Phone: 215-851-1738 • Fax: 215- 564-9912 • Email dkelly@gpuac.org
<Summer 2008>
23
Mortgage Relief Fund
PURPOSE: To help homeowners in ARMs with good credit to refinance into fixed and
affordable mortgages
PRODUCT OR SERVICE: Refinance Option
PRODUCT FEATURES: Rates from 6.375% - 8.5% APR
30 yr terms
MAXIMUM AMOUNT: No maximum
ELIGIBILITY REQUIREMENTS:
• Good credit but not necessarily good credit scores – flexible evaluations
• No more than 60 days delinquent
• 97% LTV
• Home must be owner occupied
GEOGRAPHIC AREA SERVED: Mid-Atlantic States
ADMINISTERING AGENCY: Originally a Partnership of 5 banks convened by the Federal Reserve Bank of
Boston - $125 million committed among the 5 banks: Citizens Bank, Soverign
Bank, Webster Bank, TD Banknorth, and Bank of America.
Currently, partners in the Delaware Valley are putting together a similar
program for Philadelphia: Citizens Bank, TD Bank North, Bank of America
PROCEDURES: Contact a participating bank
FOR MORE INFORMATION: www.mortgagerelieffund.com
Phone: 215-851-1738 • Fax: 215- 564-9912 • Email dkelly@gpuac.org
<Summer 2008>
24
City of Philadelphia’s Financial Hardship Agreements for Property Taxes
PURPOSE: Allows income-eligible homeowners with delinquent property taxes to enter
into an affordable payment arrangement.
PROGRAM: Written payment agreement.
PROGRAM FEATURES: Once approved, the homeowner must pay between 5% to 10% of the
household’s monthly income toward delinquent property taxes. The minimum
payment is $25. Alternatively, the homeowner can request an individualized
financial assessment (IFA) to determine how much of the household’s monthly
income is available to pay towards the delinquency. Under the IFA, the
minimum payment is $25 per month, and there is no maximum payment. No
down payment or other lump-sum is required toward the delinquent property
taxes. All current property taxes must also be paid on time, although the
homeowner can still apply annually with the Department of Revenue for a
separate installment agreement for the current property taxes.
MAXIMUM AMOUNT: No maximum, although agreements exceeding 24 months require approval of
the City’s Law Department. Agreements exceeding 48 months will be
administered by the City’s Law Department.
ELIGIBILITY REQUIREMENTS:
• Household income of up to 60% of area median income as determined by
the Dept. of Housing and Urban Development (approximately $3,600 for
a family of 4).
• Homeowner must have adequate income to afford to pay the monthly
payment under the agreement, plus the current year’s property taxes.
• Homeowner must reside in property.
• Homeowner must have legal or equitable title to the property. Examples
include name on deed, lease purchase agreement, and inheritance through
will or intestate succession (no need to have probated the property).
• The homeowner must not have breached a previous payment agreement,
unless extenuating circumstances beyond the homeowner’s control caused
the previous breach.
GEOGRAPHIC AREA SERVED: Philadelphia County
COSTS OR FEES: No cost to apply. No down payment or other lump-sum payment is required.
ADMINISTERING AGENCY: Linebarger, Goggan, Blair, & Sampson, LLP
PROCEDURES: A written application with supporting documentation is submitted to
Linebarger, Goggan, Blair & Sampson. Homeowner may get help from a local
housing counselor to complete the application. For a referral to a housing
counselor, call the Save Your Home Philly Hotline. Linebarger will make a
determination on the application within 45 days. If accepted, the applicant is
presented with a written agreement. Note: This written agreement may
contain waivers of legal rights. You may wish to review the document with an
attorney before signing.
Linebarger may conduct annual review of income, called “redetermination.” If
income has changed, the monthly payment amount can change accordingly.
Failure of a homeowner to respond to a request for redetermination can result
in cancellation of the repayment agreement.
CONTACT INFORMATION: Linebarger, Goggan, Blair, & Sampson, LLP (215) 790-1117
For a referral to a housing counselor, contact
Save Your Home Philly Hotline (215)-334-4663
Phone: 215-851-1738 • Fax: 215- 564-9912 • Email dkelly@gpuac.org
<Summer 2008>
25
Agreements for Delinquent Property Taxes in Philadelphia Suburban Counties
PA REAL ESTATE TAX SALE LAW : The Pennsylvania Real Estate Tax Sale Law, 72 Pa.C.S. §§ 5860.101, et
seq., applies to all counties except Philadelphia, including the four
suburban counties surrounding Philadelphia. Section 5860.603 of the
Tax Sale Law provides the basic standards under which counties offer
payment agreements to homeowners with delinquent taxes.1 Payment
agreements under the strict terms of the state statute require that the
homeowner pay 25% of the delinquency, including interest and penalty,
at the time of entering into the agreement and pay the balance due in
not more than three payments within one year of the agreement date.
However, each of the four suburban counties provides additional
repayment plan options for those facing financial hardship, as detailed
below.
BUCKS COUNTY: Agreements are entered into in accordance with the state statute.
Although the Tax Claim Bureau indicated that the agency exercises
some flexibility with respect to payment agreements for those
experiencing financial hardship, there is no formal program, hardship
application, or guidelines for deviating from the state statutory terms.
For further information, see
http://www.buckscounty.org/government/departments/Finance/TaxC
laimBureau/index.aspx.
CHESTER COUNTY: Agreements are entered into in accordance with the state statute.
However, the Chester County Commissioners passed a resolution in
2002 to authorize the Tax Claim Bureau to establish more flexible
payment terms in situations when homeowners cannot manage to pay
the delinquency in four installments. For properties that are owner-
occupied, primary residences of the homeowner (especially senior
citizens on fixed incomes), more frequent, lower installment payments
will be permitted, although homeowners must still generally make an
initial payment of 25% of the delinquency, including interest and penalty
at the time of entering into the agreement and pay off the delinquency in
full by June of the year following the year in which the agreement was
1
See 72 Pa.C.S. § 5860.603. Removal from sale; agreements to stay sale.
Any owner or lien creditor of the owner may, at the option of the bureau, prior to the actual sale, (1) cause the property to be removed from the sale
by payment in full of taxes which have become absolute and of all charges and interest due on these taxes to the time of payment, or (2) enter into an
agreement, in writing, with the bureau to stay the sale of the property upon the payment of twenty-five per centum (25%) of the amount due on all tax
claims and tax judgments filed or entered against such property and the interest and costs on the taxes returned to date, as provided by this act, and
agreeing therein to pay the balance of said claims and judgments and the interest and costs thereon in not more than three (3) installments all within
one (1) year of the date of said agreement, the agreement to specify the dates on or before which each installment shall be paid, and the amount of
each installment. So long as said agreement is being fully complied with by the taxpayer, the sale of the property covered by the agreement shall be
stayed. But in case of default in such agreement by the owner or lien creditor, the bureau, after written notice of such default given by United States
mail, postage prepaid, to the owner or lien creditor at the address stated in the agreement, shall apply all payments made against the oldest delinquent
taxes and costs, then against the more recent. If sufficient payment has been made to discharge all the taxes and claims which would have caused the
property to be put up for sale, the property may not be sold. If sufficient payment has not been received to discharge these taxes and claims, the
bureau shall proceed with the sale of such property in the manner herein provided either at the next scheduled upset sale or at a special upset sale,
either of which is to be held at least ninety (90) days after such default. If a party to an installment agreement defaults on the agreement, the bureau
shall not enter into a new installment agreement with that person within three (3) years of the default.
Phone: 215-851-1738 • Fax: 215- 564-9912 • Email dkelly@gpuac.org
<Summer 2008>
26
made. Agreements are entered into on forms available from the
Tax Claim Bureau. For contact information, see
http://dsf.chesco.org/chesco/cwp/view.asp?a=1413&q=573807.
DELAWARE COUNTY: Agreements are entered into in accordance with the state statute, but the
Tax Claim Bureau also enters into affordable payment agreements for
properties that are owner-occupied, primary residences of homeowners
who are experiencing hardship. In order to enter into an affordable
repayment agreement, a homeowner must complete a delinquent tax
application form, providing income and expense information,
information on the property and any other assets, and a description of
the hardship that prevents the homeowner from making an initial
payment of 25% of the delinquency and/or paying the delinquency in
four installments. Often hardship payment plans provide for monthly
payments and extend the time for paying off the delinquency to periods
longer than one year. Low income homeowners can negotiate and make
payments on their agreements through Legal Aid of Southeastern
Pennsylvania (senior citizens only) or Community Impact Legal
Services, or directly with the Tax Claim Bureau. For hardship
agreements, the Tax Claim Bureau reserves the right to inspect the
property (although the agency does not often do so), and to annually
update the financial data upon which the affordable repayment
agreement was based. For further information, see
http://www.co.delaware.pa.us/treasurer/taxclaim.html.
MONTGOMERY COUNTY: Agreements are entered into in accordance with the state statute by
Xpand (the firm contracted by the County to handle real estate tax
collection), but the Xpand and the Tax Claim Bureau also enter into
affordable payment agreements for properties that are owner-occupied,
primary residences of homeowners who are experiencing hardships such
as job loss, disability, health issues, need to care for a family member,
senior citizens on limited fixed income, etc. Homeowners seeking an
affordable payment agreement must meet with an Xpand representative
and provide budget figures and requested supporting documents.
Although most hardship agreements will include a 25% initial payment,
homeowners entering into hardships agreements will often have
monthly instead of quarterly payments, and in appropriate cases, even
the 25% initial payment requirement can be modified. The Office of
the Treasurer notes that Montgomery County has an internet tax
payment option on the county website. For further information, see
http://taxclaim.montcopa.org/taxclaim/site/default.asp.
Phone: 215-851-1738 • Fax: 215- 564-9912 • Email dkelly@gpuac.org
<Summer 2008>
Related docs
Other docs by ps94506
Selberg Trace Formulae and Equidistribution Theorems for Closed Geodesics and Laplace Eigenfunctions
Views: 44 | Downloads: 0
Static Headspace-Gas Chromatography Theory and Practice (B Kolb & L S Ettre)
Views: 54 | Downloads: 0
Kocherlakota, N - Statistical Approach To Reporting Uncertainty on Certified Values of Chemical Reference Materials for Trace Metal Analysis (2002)
Views: 79 | Downloads: 0
(COINS)(BMC - GREEK 03) Poole-Catalogue of the Greek Coins in the British Museum The Tauric Chersonese Sarmatia Dacia Moesia Trace 1877
Views: 21 | Downloads: 0
Guitar World 2001-08 ACDC, Alien Ant Farm, Zeppelin, Linkin Park, Static-X, Beatles, Weezer
Views: 48 | Downloads: 0
