HAL CUTLER

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CAR Fact Sheet

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Fact Sheet

Provided by the California Association of Realtors® - A trade association representing nearly 1750,000 REALTORS(R) statewide.

Wed 8/11/2010 4:57 PM

California homeowners receive additional foreclosure assistance

The Obama Administration today announced additional support to help homeowners struggling with unemployment through two targeted foreclosure-prevention programs--the existing Housing Finance Agency (HFA) Innovation Fund for the Hardest Hit Housing Markets and the soon-to-be-launched U.S. Dept. of Housing and Urban Development (HUD) Emergency Homeowners Loan Program. Through the Hardest Hit program, California will receive an additional $476 million to assist homeowners struggling to make their mortgage payments due to unemployment.

The Emergency Homeowners Loan Program will provide assistance to homeowners by offering eligible borrowers a declining balance, deferred payment “bridge loan” (zero percent interest, non-recourse, subordinate loan) for up to $50,000 to assist with payments on their mortgage principal, interest, mortgage insurance, taxes, and hazard insurance for up to 24 months.

Under the program, eligible borrowers must:

Be at least three months delinquent in their payments and have a reasonable likelihood of being able to resume repayment of their mortgage payments and related housing expenses within two years;
Have a mortgage property that is the principal residence of the borrower, and eligible borrowers may not own a second home;
Demonstrate a good payment record prior to the event that produced the reduction of income.

HUD will announce additional details, including the targeted communities and other program specifics when the program is officially launched in the coming weeks.

FAST FACTS as reported 8/25/2010

Calif. median home price: July 2010: $314,850 (Source: C.A.R.)
Calif. highest median home price by C.A.R. region July 2010: Santa Barbara So. Coast $871,250 (Source: C.A.R.)
Calif. lowest median home price by C.A.R. region July 2010: High Desert $128,950 (Source: C.A.R.)
Calif. First-time Buyer Affordability Index - Second quarter 2010: 64 percent (Source: C.A.R.)
Mortgage rates: Week ending 8/19/2010 30-yr. fixed: 4.42 Fees/points: 0.7% 15-yr. fixed: 3.90% Fees/points: 0.6% 1-yr. adjustable: 3.53% Fees/points: 0.7% (Source: Freddie Mac)

Contact Information

Telephone: business: 805-984-1995; home office: 805-984-4199
cell: 805-377-1090
FAX: business: 805-986-1242; home office: 805-984-0438
Postal address
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Electronic mail: General Information, Sales & support:; hal.cutler@verizon.net

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Send mail to hal.cutler@verizon.net with questions or comments about this web site. Surfside-Anacapa Real Estate is independently Owned and Operated. Harold "Hal" Cutler is licensed by the California Department of Real Estate #01138681. Information contained herein is deemed reliable, but not guaranteed. References to size or square footage is taken from public records but is not verified. If your property is listed with a Broker, this site is not intended as a solicitation of the listing. Property offered is subject to prior sale. Consult a qualified specialist for legal or tax issues.
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Last modified: August 16, 2010 14:05