Mortgage financing updates -programs you may not know about

USDA halts acceptance of new applications at least through December 1, 2014 as they ramp up procedures to better handle the workload. USDA loans are $0 down loans for properties in rural areas.

New VA loan program available

The grant is available to veterans or service members who are entitled to compensation for permanent and total service-connected disability. Veterans must be medically and financially feasible for veteran or service member to modify or purchase a home. Property can be single family home, town home, condo or co-op.

Veterans Administration (VA) provides eligible veterans and service members up to the current maximum allowable grant amount of $14,093 to purchase, build or modify an existing home anywhere in the US.

Clackamas county home buyer assistance program (CHAPS)

This is a zero-percent interest deferred-payment loan for up to $14,000 to help qualified first-time homebuyers pay for down payment and reasonable closing costs.

Eligible applicants must meet the HUD definition of a “first-time homebuyer”, meet income limits and demonstrate a financial need. A “Qualified Borrower” must have sufficient income to qualify for and support the primary debt, be pre-qualified by a primary lender (contract sales are not allowed), have good credit and able to contribute $1,000 in cash toward the purchase from their own funds. Click here for all requirements to utilize funding from this program.

HUD Median Income Limits: 80%

  • Property must be located in Clackamas County, Oregon.
  • The sales price cannot exceed $ 228,000.
  • Allowable property types: Single family housing that meets property standards and passes inspection. (Note: Fixer properties are not eligible)

For more loan programs that may meet your unique needs, please check at the Home ownership opportunities website, as programs will change frequently as funding is approved or runs out in specific areas and programs.

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