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North Carolina Housing Finance Agency Home Protection Program & Loan Fund

North Carolina Housing Finance Agency Home Protection Program & Loan Fund. Housing Works 2009: State Resources to Save Homes Tuesday, Nov. 3, 2009 - Raleigh Convention Center. Recent HPP Changes & Clarifications.

linda-reese
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North Carolina Housing Finance Agency Home Protection Program & Loan Fund

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  1. North Carolina Housing Finance AgencyHome Protection Program & Loan Fund Housing Works 2009: State Resources to Save Homes Tuesday, Nov. 3, 2009 - Raleigh Convention Center

  2. Recent HPP Changes & Clarifications • Changed how market value is calculated to satisfy Loan to Value (LTV) guideline • Changed number of deductions used to calculate NEED for ASSISTANCE • Clarified eligibility period for JOB LOSS/LOSS of INCOME • Clarified documentation needed to verify Owner-Occupancy

  3. HPP Changes Under Consideration • Extend time for Job Search to 12 months • Place a Cap on total monthly housing expenses allowable • Modify guidelines for Self-Employed homeowners seeking assistance • Set minimum length of time a person has to be employed for Job Loss • Allow savings plan for homeowners in job training/school who exceed max. assistance

  4. Other HPP Changes Counselors Would Like Agency to Consider?

  5. Application TIPS for Counselors • Include ESC documentation to verify job loss • Include mortgage &/or installment payment history if not included in Credit Report • Include documentation on spouse’s income • Include documentation to explain any late mortgage payments, especially those due to a reduction in hours prior to job loss • Provide complete information/documentation for a Job Training or School Program

  6. Application TIPS for Counselors: • Make sure HPP assistance requested does not exceed Program maximum, particularly for those in a job training/school program • Have Notary include date Commission expires • Copy all the pages of a document, especially those printed front and back (e.g. bank statement, tax return) • Client narrative must clearly outline their Plan of Action to resume mortgage payments

  7. For More Info on HPP: Go to the NFHCA website: www.nchfa.com Go to the Homeowners section & click on the Home Protection Program How Does It Work? Am I Eligible? How Do I Apply?

  8. FOR ADDITIONAL INFORMATION CONTACT: Rich Lee Foreclosure Prevention Team Leader N.C. Housing Finance Agency P.O. Box 28066 Raleigh, NC 27611-8066 Phone: 919-877-5688 Fax: 919-877-5703 Email: rylee@nchfa.com

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