First-Time Home Ownership

HUD's Buying A Home Guide

Questions and Answers, glossary of terms, planning guidelines.

Neighborhood Economic and Development Corporation (NEDCO)

The local contact for first-time home-buying classes as well as closing cost assistance and information on the Valley Individual Development Account program for first-time home buying grant funding.

Oregon Housing and Community Services Regional Centers

Find the local center in your area that provides first-time home buying classes, closing cost assistance, trusted local lenders and more.

Property Tax and Foreclosure Process in Marion County

This link provides information on how taxes can become delinquent resulting in a foreclosure as well as how the foreclosed property is put on the market.

*Federal mortgage Assistance for those about to lose their home.

The Housing and Economic Recovery Act, will become effective on  October 1, 2008 to help prevent foreclosures.

HOPE NOW assistance organization - (888) 995-HOPE.

If you have an FHA-Insured Loan:

When your lender files a partial claim, HUD will pay your lender the amount necessary to bring your mortgage current. You must sign a promissory note, and a lien will be placed on your property until the promissory note is paid in full.

The promissory note is interest-free and is due when you pay off the first mortgage or when you sell the property. Call the FHA Center toll free (888) 297-8685 or via email hsg-lossmit@hud.gov

Abusive Practices Include:

• Beware of certain mortgage lenders especially of those who make high risk second mortgages.
• Making a mortgage loan to an individual who does not have the income to repay it.
• Charging excessive interest, points and fees.
• Repeatedly refinancing a loan without providing any real value to the borrower.

Beware of Scams:

• Equity skimming: In this type of scam a "buyer" approaches you offering to repay the mortgage or sell the property if you sign over the deed and move out - usually leaving you with the debt and no house. Signing over your deed does not necessarily relieve you of the responsibility of paying the loan.
• Phony counseling agencies: charging for counseling that is often free of charge. If you have any doubt about paying for such services, call a HUD-approved foreclosure.
• Housing counseling agency toll free at (800) 569-4287 or TDD (800) 877-8339 before you pay anyone or sign anything.
• Do not sign anything you do not understand. It is your right and duty to ask questions.
• Information is your best defense against becoming a victim of predatory lending, especially for a desperate homeowner.

Homeowners can either visit:

Stop Mortgage Fraud website or call toll free (800) 348-3931 to get information on what steps to take to file a complaint. Homeowners who call will also receive a booklet containing information found on the website.

There are a number of provisions that will make homeownership more affordable:

• Creates a refundable tax credit for first-time homebuyers that works like an interest-free loan of up to $7,500 (to be paid back over 15 years).
• Grants states $11 billion of additional tax-exempt bond authority in 2008 that they can use to refinance subprime loans, make loans to first-time homebuyers and to finance the building of affordable rental housing.
• Raises conforming loan limits for the FHA, Fannie Mae and Freddie Mac to $625,500.  Because of the high cost of housing in California, a majority of the state’s residents were previously shut out from these programs.  Raising these loan limits will lead to lower interest rates on some loans, greater refinancing opportunities, and enable more borrowers in high cost areas to avoid the type of nontraditional and frequently abusive loans that led to the current crisis.
• Provides couples using the standard deduction with up to an additional $1,000 deduction for property taxes ($500 for individuals).

Updated April, 2009 by Sheila Johnson, Region 3 Navigator.