STIMULUS: Hanford to get $1.96 billion, creating jobs

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By Herald staff

Hanford to Get $1.96 Billion - Creating more jobs!

March 31st, 2009 2:21 PM

News Release

March 4, 2009

Fannie Mae Undertakes "Making Home Affordable" Refinancing and Modification Initiatives
WASHINGTON DC -- Fannie Mae (FNM/NYSE) today began making two new initiatives -- Home Affordable Refinance and Home Affordable Modification -- available to its servicers and borrowers as part of the Obama Administration's Making Home Affordable program. The two initiatives are designed to significantly expand the numbers of borrowers who can refinance or modify their mortgages to a payment that is affordable now and into the future.

"Making Home Affordable provides crucial tools to mortgage lenders and homeowners coping with financial hardship and declining home prices," said Herb Allison, president and chief executive officer. "Potentially millions of homeowners could qualify for and benefit from these initiatives. The people of Fannie Mae will do all they can to make the program a success for homeowners across America and to advance the nation's housing recovery."

Home Affordable Refinance

Home Affordable Refinance includes new refinancing flexibilities for homeowners whose loans are owned by Fannie Mae. Key features include:

Additional Flexibilities: Most borrowers refinancing an existing Fannie Mae loan will not be required to buy new or additional mortgage insurance if the loan at the time of the refinance is more than 80 percent of a home's value. Any existing mortgage insurance may be carried forward to the new loan. In addition, Fannie Mae can refinance loans up to 105 percent of a home's value with this new flexibility, so even borrowers who are "underwater" -- who owe more than their home is worth -- may be able to refinance. This will expand the number of borrowers able to take advantage of lower interest rates that reduce monthly payments, or refinance into a more sustainable mortgage.
Streamlined Processing: Beginning in April, all 1,600 lenders and 29,000 mortgage brokers using Fannie Mae's Desktop Underwriter® platform will be able to process an application to refinance any existing Fannie Mae loan, allowing for greater lender origination capacity and easier refinancing for borrowers.

What Borrowers Need to Know:

To qualify, your mortgage loan must be owned by Fannie Mae.
You must have a solid payment history on your existing mortgage.
The expanded refinance flexibility ends in June 2010.

Home Affordable Modification

Through the Home Affordable Modification, Fannie Mae will work with loan servicers across the country to help distressed borrowers modify their current loan into a mortgage that is more affordable and sustainable. Loan servicers participating in the program may reduce interest rates, lengthen the payment time frame or take other steps, such as principal forbearance, to bring the monthly payments down to as low as 31 percent of the borrower's gross (pre-tax) income.

What Borrowers Need to Know:

To modify a loan through Home Affordable Modification, it must be for your primary residence.
You need not wait to become delinquent with your payments -- a plan can be put in place as soon as you think you may have trouble making your mortgage payment.
The amount you owe on your mortgage must be less than or equal to $729,750.
The program is for mortgages originated prior to January 1, 2009.
Certain eligibility requirements, including attesting to a financial hardship, may apply in some cases.

To ensure borrowers currently at risk of a foreclosure have the opportunity to apply for a Home Affordable Modification, Fannie Mae servicers have been directed not to proceed with a foreclosure until a borrower has been evaluated for the program.

Finding Out if a Loan is Owned by Fannie Mae call Dana Mundy at AmeriChoice Home Loans at 509.735.6603!

Richland Hanford will receive $1.96 billion under the American Recovery and Reinvestment Act to accelerate cleanup of the nuclear reservation and create jobs.

Officials had been expecting Hanford to receive close to $2 billion and Energy Secretary Steven Chu confirmed that this morning as he announced $6 billion would be spent on Department of Energy environmental cleanup work in 12 states.

The DOE Hanford Richland Operations Office will receive $1.635 billion for work to clean up central Hanford and the river corridor.

That work will include demolishing old buildings, digging up waste sites and contaminated soil, and cleaning up and protecting ground water.

The other DOE Hanford office, the Office of River Protection, will receive the remainder of the money, $326 million.

The money will be used for projects to prepare for the treatment at the vitrification plant starting in 2019 of millions of gallons of high level radioactive waste held in underground tanks.

Projects include speeding of the design for a temporary storage facility for waste once it is turned into a stable glass form at the vit plant, making improvements to the 222-S Analytical Laboratory and constructing systems to transfer the waste to the vitrification plant.

The money also will be used to develop programs to make sure that leak-prone single-shell tanks will be sound enough to hold waste until it can be treated.

“These investments will put Americans to work while cleaning up contamination from the Cold War era,” Chu said in a statement. “It reflects our commitment to future generations as well as to help local economies get moving again.”

For the full story, see Wednesday’s Herald.

Posted by Dana Mundy on March 31st, 2009 2:21 PMPost a Comment (0)

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GOOD NEWS for Home Buyers! Area housing authorities to get stimulus money

March 25th, 2009 9:30 AM

Area housing authorities to get stimulus money
by the Herald Staff
About $1 million in federal stimulus money will go to support public housing in the Tri-Cities, Sen. Patty Murray announced Tuesday.The money, part of the American Economic Recovery and Reinvestment Act that became law last month, is intended to create jobs and help struggling families by improving public housing sites, a news release from Murray's office said. The money includes $376,000 for the Kennewick Housing Authority and $632,000 to the Housing Authority of the City of Pasco and Franklin County. Information on how the money will be used wasn't available Tuesday.

Posted by Dana Mundy on March 25th, 2009 9:30 AMPost a Comment (0)

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FHA Limits Cash-Out Refinances

March 16th, 2009 5:12 PM

FHA LIMITS CASH-OUT REFINANCES TO 85%

HUD Mortgagee Letter 2009-08
Released on March 12, 2009

Tri-City, WA homeowners wanting to refinance need to ACT NOW!

Effective for FHA case number assignments on or after April 1, 2009, the loan-to-value (LTV) of any cash-out refinance to be insured by FHA may not exceed 85% of the appraiser's estimate of value.

Given the continued deterioration in the housing market, and FHA's need to limit its exposure to undue risk, this reduction in the maximum LTV for cash-out refinances is being instituted on a temporary basis while FHA further analyzes the housing and mortgage industry as well as its own portfolio to determine whether permanent measures should be taken.

If you or someone you know might be effected by this dramatic change, please contact me immediately. Act now before your ability to refinance is in jeopardy. Call 509.735.6603 and speak to a Tri-City Loan Professional to see if this change will effect you.

Posted by Dana Mundy on March 16th, 2009 5:12 PMPost a Comment (0)

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Loan LifeSavers: Saving Homes and Changing Lives

March 12th, 2009 4:31 PM

Loan Modification
What is it and can you benefit?

Simply stated a Loan Modification is a permanent change in one or more of the terms of a mortgagor's loan, allows the loan to be reinstated, and results in a payment the mortgagor can afford.

WHAT QUALIFIES FOR A LOAN MODIFICATION?

Currently behind on mortgage payments.
Currently in Foreclosure (NOD or Lis Pendens)
Has the adjustable rate mortgage adjusted or will adjust within the next 6 months
Reduced income
New Job (Less Pay)
Loss of Employment
On Disability (Worker's Comp)
Divorce/Separation
Excessive Medical Bills
Back taxes that are currently being paid back
Death of Household Provider
Failed business

If you sincerely want to keep your home, a loan modification might be your LIFESAVER! For more information on Loan Modifications call 509.531.7407.

Posted by Dana Mundy on March 12th, 2009 4:31 PMPost a Comment (0)

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Fannie Mae Announced Refinancing up to 105%

March 5th, 2009 11:16 AM

Posted by Dana Mundy on March 5th, 2009 11:16 AMPost a Comment (0)

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Relief for Responsible Homeowners

March 4th, 2009 10:47 PM



	March 4, 2009 tg-48 Relief for Responsible Homeowners One Step Closer Under New Treasury Guidelines With Detailed Program Requirements, Servicers Can Now Begin *`Making Home Affordable' Loan Modifications* *Extensive Borrower Outreach Efforts Underway* Washington, DC – The Obama Administration today announced new U.S. Department of the Treasury guidelines to enable servicers to begin modifications of eligible mortgages under the Administration's Homeowner Affordability and Stability Plan – announced by President Barack Obama just two weeks ago. The release of detailed requirements for the "Making Home Affordable" program facilitates implementation of the critical provisions that will help bring relief to responsible homeowners struggling to make their mortgage payments, while preventing neighborhoods and communities from suffering the negative spillover effects of foreclosure such as lower housing prices, increased crime and higher taxes. "Two weeks ago, the President laid out a clear path forward to helping up to nine million families restructure or refinance their mortgages to a payment that is affordable now and into the future. Today, we are providing servicers with the details they need to begin helping eligible borrowers," said Treasury Secretary Tim Geithner. "It is imperative that we continue to move with speed to help make housing more affordable and help arrest the damaging spiral in our housing markets, just as we work to stabilize our financial system, create jobs and help businesses thrive. Economic recovery requires action on all three fronts." "Only two weeks after the President unveiled his plan to help promote homeowner affordability, we are moving forward today with these guidelines to implement that plan," HUD Secretary Shaun Donovan said. "This step forward represents a tremendous coordinated effort between major government and regulatory agencies to help bring relief to America's housing market and homeowners. This plan will help make home ownership more affordable for nine million American families and in doing so, help to stop the damaging impact that declining home prices have on all Americans." The guidelines will implement financial incentives for mortgage lenders to modify existing first mortgages and set standard industry practice for modifications. Treasury announced today that the Making Home Affordable program will also include additional incentives for efforts made to extinguish second liens on loans modified under this program. Extinguishing second liens will make mortgages more affordable, improve loan performance, and help prevent foreclosures. In conjunction with the release of the new guidelines, Treasury, HUD and other members of a broad interagency task force have prepared consumer friendly Q&A and eligibility assessment tools for borrowers available at FinancialStability.gov. To ensure the program can be implemented as quickly as possible, the agencies also have conducted extensive outreach with housing counselors and mortgage servicers, including the development of call center phone scripts, a training plan and detailed guides, to prepare them for incoming inquiries from borrowers in the wake of the guidelines release. An expanded online resource will soon be available for borrowers, and agency representatives will fan out across the country in the coming weeks to conduct outreach at homeownership events in communities hardest hit by the housing crisis. ###
CALL AMERICHOICE HOME LOANS TODAY FOR MORE INFORMATION. 509.735.6603

Posted by Dana Mundy on March 4th, 2009 10:47 PMPost a Comment (0)

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Rules for 2009 first-time homebuyers tax credit

March 4th, 2009 5:05 PM

Rules for 2009 first-time homebuyers tax credit

Does not have to be repaid unless the home is sold within three years.
Applies only to first-time homebuyers, defined as those who have not owned a home within the previous three tax years.
Available only for homes purchased between Jan. 1, 2009, and Dec. 1, 2009.
Restricted by income; phases out for individuals with an adjusted gross income of $75,000 or above and for married couples with a combined adjusted gross income of $150,000 or above.
Tax credit is for up to 10 percent of the purchase price, up to a maximum of $8,000. For example, a buyer of a $150,000 home could receive a tax credit of a maximum of $8,000, while a first-time buyer of a $70,000 home would be eligible for a tax credit of $7,000.
The credit can be taken on 2008 taxes even when the purchase is made in 2009.

Tri-City residents who qualify for this tax credit need to act now. Interest rates are low, the job market is stable and housing costs are favorable. You can own a home for less than your rent.

Posted by Dana Mundy on March 4th, 2009 5:05 PMPost a Comment (0)

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8000 Reasons to Buy Your First Home

March 2nd, 2009 10:41 PM

Are you still renting? Tri-City, WA (Kennewick-Pasco-Richland & Surrounding Cities) residents pay an average of $800 per month in rent. Did you know that you can purchase a home in Kennewick, Pasco or Richland and lower your monthly housing expenses? All three cities offer first time buyers down payment assistance depending on your income qualifications and the location of your purchase.

The USDA Rural Housing Program offers zero down loans in Burbank, Finley, Benton City, Prosser and North Pasco. These loans are not reserved for first time buyers but you cannot currently own a home. The seller can pay ALL of the costs associated with this loan - which means you can purchase a home with no money out of pocket.

Now courtesy of the Stimulus Package first time buyers qualify for up to $8000 in the form of a Tax Credit. What does this mean? This means Tri-City home buyers now have 8000 reasons to purchase a home. If you want to learn more about the tax credit and the benefits of investing in Real Estate, please call Dana Mundy at 509.735.6603.

Posted by Dana Mundy on March 2nd, 2009 10:41 PMPost a Comment (0)

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