Tips for                        

Summer House Hunting

     Spring and summer are prime times to change residences. First-time homebuyers need to be aware that there is nothing magic about summer but it can affect what you learn about a neighborhood you are considering. Deciduous trees and plants can contribute greatly to the appearance of a house and a neighborhood, but they also block your ability to see cracks in foundations or notice public utilities accesses, pipeline rights-of-way and other unsightly elements that are readily noticeable in the dead of winter.

     We routinely recommend you look at a house at several different times of the day before you sign a sale contract. However, there are things you can miss when school is out. Consider traffic patterns, particularly in residential areas near schools and parks. One Oklahoma City resident moved over a summer only to find that he had difficulty getting to work once school was back in session. His driveway was blocked by a long line of parents picking up their kids from the elementary school down the street. Traffic patterns are very different when school is not in session.  Make sure you consider how schools, bus stops, parks, traffic lights, and other factors will affect your commute.

 

              

  Finding Help in Presidentially Declared Disaster Areas                    

If your home has been affected by a natural disaster (hurricane, flood, tornado, wildfire, etc.) it is important to identify the resources available to assist in your recovery. Most federal disaster recovery efforts are triggered by the designation of the area as a Presidentially-declared disaster area. To obtain the latest information on available programs, eligibility criteria, and declareddisasters, visit the national disaster recovery site, located at:  http://www.disasterassistance.gov/ 

                                                               

Information for Homeowners:

• Homeowners should contact their hazard insurance provider and mortgage lender as soon as possible to notify them of the condition of your property and to obtain their assistance in your recovery effort.

• If a borrower’s current mortgage is insured by FHA they will receive an immediate 90-day moratorium on foreclosure and forbearance.

• If homeowners are not satisfied after discussing possible relief actions with your lender on your FHA mortgage, please contact HUD's National Servicing Center by calling                 1-877-622-8525. 

The following programs are available through an FHA approved lender without regard to your current financing type: 

• Section 203(h), Mortgage for Disaster Victims Program - this program allows FHA approved lenders to provide financing to individuals and families (homeowners or renters) whose residences were destroyed or damaged to such an extent that reconstruction or repair is necessary. This program allows 100% financing for the purchase or reconstruction of a home, however, closing costs and prepaid expenses not paid by the seller must be paid by the borrower in cash through premium financing. 

·         Section 203(k) Rehabilitation Program - this program enables those who have lost their homes to finance the purchase or refinance of a house along with its repair through a single mortgage. Damaged residences are eligible for Section 203(k) mortgage insurance regardless of the age of the property when the property is located in a presidentially declared disaster area. The residences need only to have been completed and ready for occupancy for eligibility under Section 203(k). 

·         Lenders may use Section 203(k) in combination with Section 203(h) for disaster rehabilitation. 

Additional Resources 

·         To find more information about HUD and FHA disaster relief programs, please visit the HUD disaster resources site at:  http://www.hud.gov/info/disasterresources_dev.cfm 

·         To find out more about the Federal Housing Administration’s primary disaster mortgage insurance program, click here:  http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/ins/203h-dft 

·         Affected homeowners can locate a local housing counseling agency by calling (800) 569-4287 or visit:   http://portal.hud.gov/hudportal/HUD?src=/i_want_to/talk_to_a_housing_counselor

 

ATTENTION PROSPECTIVE HOMEBUYERS

Want to make sure you love your home?

Attend a homebuyer workshop early in the process.

Click on the Workshop Schedule to find a homebuyer workshop. 

ATTENTION RURAL HOMEOWNERS

The USDA’s pilot program allowing current USDA home loan borrowers to save money on housing costs by refinancing with lower interest rates has been extended to Oklahoma. Participants must meet income eligibility requirements and must have made their mortgage payments on time for 12 consecutive months. Borrowers do not have to obtain new credit reports, property inspections, or appraisals. Refinanced loans must be at least one percent below the original interest rate. Terms cannot exceed 30 years and cash out is not permitted. Contact the State USDA office for more information at 405-742-1070.