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Oregon Bond First Time Home Buyers 100% loan program

March 29th, 2010

Today I got a call from a client that I sold a house to in August of 2007.  They were first time home buyers at the time and were able to take advantage of the Oregon Bond First Time Home Buyers 100% loan program.   It is a great program and was a perfect fit for them.

This couple is now struggling with reductions in pay and hours at work and are barely making ends meet.   They called me today to see what their options would be and if I thought they could refinance.

I plan to run the comparables market analysis for them, but my gut tells me the value is not there in order for them to be able to refinance.  I know there is probably nothing I can do for them, except to provide accurate, helpful information.  I hope this helps others out there struggling with the same issues.

The US Department of Housing and Urban Development is a great place to start.  They recommend the first step to take is talk to your bank.  This can be frustrating, so try to be patient, and don’t give up!

For tons of super useful information please follow this link:

http://www.hud.gov/offices/hsg/sfh/econ/econ.cfm

From the HUD website:  “To find out more about HUD-approved housing counseling agencies and their services, please call (800) 569-4287 on weekdays between 9:00 a.m. and 5:00 p.m. ET (6:00 a.m. to 2:00 p.m. PT). You can also get an automated referral to the three housing counseling agencies located closest to you by calling (800) 569-4287”

http://makinghomeaffordable.gov/ is another good site that is government sponsored.  You can check to see if you would be eligible for assistance and connect up with a counselor there as well. You can also reach them at 1-888-995-HOPE.  From everything I have read this assistance is free, so don’t pay any attention to someone who charging you, it is a scam.

Talk to your trusted real estate professionals or your mortgage broker if you have questions and they may be able to point you in the right direction as well.  But most importantly…don’t be a lone wolf and don’t bury your head in the sand.

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