Dear Mr. Thorngren:
Thank you for contacting me regarding homeownership assistance programs. I appreciate the time you took to write and welcome the opportunity to respond.
The Federal Housing Administration (FHA) plays an important role in insuring home mortgages for those in underserved communities. It is critical that FHA programs be reformed to provide more homebuyers and borrowers looking to refinance with the opportunity to obtain an FHA loan. These opportunities are especially important in states, such as California, where the cost of housing is high. For homebuyers faced with jumbo loans subject to high interest rates, raising the government-sponsored enterprise (GSE) conforming loan limit will bring more liquidity to the market and lower monthly interest rate costs.
On February 13, 2008, the President signed the Economic Stimulus Act of 2008 (H.R. 5140) into law. I strongly supported the provision of this bill which temporarily increases the FHA loan limit and GSE conforming loan limit to 125 percent of an area's median home price, up to a maximum of $729,750. On February 5th, the U.S. Department of Housing and Urban Development published these revised limits for California. Please know that I will carefully monitor the FHA, Freddie Mac, and Fannie Mae as they implement these new loan limits. You may review the newly published FHA loan limits at http://www.HUD.gov. The GSE loan limits can be viewed at http://www.ofheo.gov.
You may be interested to know that conference negotiations to resolve the differences between the House-passed version of the FHA reform bill (H.R. 1852) and the Senate-passed version (S. 2338) are ongoing. These two bills would permanently increase the FHA loan limit, lower down payments, and increase the availability of FHA's reverse mortgage program, among other reforms. I understand that this issue is of major importance to Californians facing high home prices and the threat of losing their home to foreclosure. Please know that I will continue to do everything I can to help on this critical issue.
Once again, thank you for writing. I hope you will continue to keep me informed on issues of importance to you. If you have any additional questions or concerns, please do not hesitate to contact my Washington, D.C. office at (202) 224-3841. Best regards.
Sincerely yours,
Dianne Feinstein
United States Senator
Further information about my position on issues of concern to California and the Nation are available at my website http://feinstein.senate.gov/public/. You can also receive electronic e-mail updates by subscribing to my e-mail list at http://feinstein.senate.gov/public/index.cfm?FuseAction=ENewsletterSignup.Signup.
Monday, March 31, 2008
Tuesday, March 18, 2008
Subsidized Housing Programs in Ventura County
Many folks coming to Ventura County find the home buying process a daunting task. Without a good credit score, a large income or substantial down payment, things can be just plain tough. To tell the truth, there are many realtors and real estate consultants that have very little knowledge of what kind of help is available to these folks. Everyone seems to rely on lenders or mortgage brokers for knowledge of financial assistance programs. Most lenders have some kind of in-house programs or might even know a little bit about FHA and CAL-HFA programs. After that, knowledge of most home buyer assistance programs gets a little thin.
Last week I was browsing our local newspaper's real estate section and came across an article about the Area Housing Authority of the County of Ventura. I’ve heard of some of their programs before but had never found source material. I felt like a gold miner that had just stumbled across the mother lode. I downloaded 31 pages of their material and had to quit because I was using up all my printer's color cartridges. There is a very large amount of helpful information on their wonderful website. Check out http://www.ahacv.org/home_buyers_workshop.shtml.
This page will give you time, place and date for the next home buyer workshops. The following information is taken directly from the county website.
"The Area Housing Authority is committed to serving the community by being a resource for housing information. With the skyrocketing prices of homes in Ventura County, first-time home buyers are often overwhelmed with the decision of whether to buy a home here, continue renting, or move to a cheaper area.
Many new home buyers are unaware of State and local programs that help with down-payments, closing costs, and lower interest loans. Households with income between $55,000 and $113,000 may qualify for a variety of assistance programs.
The Area Housing Authority sponsors educational home buying workshops in English and Spanish several times throughout the year. The workshops are provided through a mutual agreement with experts in local, State and federal funding resources.Workshops cover tax benefits, raising your FICO score, and loan options for first-time buyers available through the state of California.
To find out more or to reserve a spot in an upcoming workshop, please call 1-800-549-0337, extension 167. Seating is limited at our workshops and we encourage you to reserve your place to ensure adequate seating. To speak with Housing Authority staff regarding a workshop, please call 805-480-9991, extension 235.For a schedule of upcoming workshops, please click here or go to http://www.ahahomebuyingschool.com/ ."
To find information on Housing Programs which include:
-Section 8
-Low Rent Public Housing
-Agency Owned/Managed Housing
-City Sponsored Rental Assistance
Click on http://www.ahacv.org/index.shtml & click again on the Housing Programs Tab (left side)
The Area Housing Authority of the County of Ventura serves the cities of Camarillo, Simi Valley, Moorpark, Thousand Oaks, Ojai, Fillmore and the unincorporated areas of Ventura County.
So what happens if you don’t live in one of those 7 areas?
Easy. Oxnard. Port Hueneme, Santa Paula and the City of San Buenaventura (Ventura) all have their own housing authorities which you can find contact information for at: http://www.ahacv.org/community_resources.shtml.
None of these programs are exactly the same, but most of them provide a degree of benefit and usually can be combined with FHA or CAL-HFA loan programs to provide most of your lending needs. The combination of programs is really remarkable help for first time buyers. By the way, the definition of a first time buyer is not what you might think. It can be someone who has not purchased a home for 3 years. Check with your lender and Housing Authority folks for details.
For those folks who are having a really difficult time just finding a place to lay their heads, there is some provision for them as well at: http://www.ahacv.org/emergency_housing.shtml
This is some really great information on local agencies that provide emergency housing assistance. Here is the basic info from that link.
"The Area Housing Authority does not provide emergency housing services. Please contact the agencies listed below for emergency housing information.
You may also call the 211 Help Line by dialing 2-1-1 from any land line phone (cell phone users, 800-339-9597. The 211 Help Line provides information about and referrals to health and human services, including emergency housing. The 211 Help Line is available 24 hours a day, 7 days a week, and multi-lingual service is available.
Homeless Information and Referral (County of Ventura, Human Services Agency)Phone:805-987-6715 or 805-484-2082Hours:M – F 8am to 4:30pmWebsite:http://www.vchsa.org/Ventura County Homeless and Housing Coalitions(temporary winter shelter locations)Website: http://www.vchhc.org/
Ojai Community Assistance Program (through HELP of Ojai)Phone:805-640-3320Hours:M – Th8:00am – 12:00pm and 1:00pm to 5:00pmFriday 8:00am – 12:00pm and 1:00pm to 4:00pm
Coalition to End Family ViolencePhone:805-983-601424-hr Hotline: 800-300-2181 or 805-56-1111Website:http://www.thecoalition.org/
RAIN Project Transitional Housing (County of Ventura)Phone:805-389-3308 (24-hrs)Address:1732 South Lewis Road, Camarillo
Community Action of Ventura County (Goldberg House)Phone:805-648-6088Address:946 E. Thompson Blvd., Ventura,Hours:M – Th: 8 am - 3:30 pmFriday: 8 am – 3:00 pm
Simi Valley Homeless PartnershipPhone:805-527-2533
Housing Reports and Necessary Documents http://www.ahacv.org/housing_reports_and_docs.shtml
Administrative Housing Plans and Documents
Admissions and Continued Occupancy Policy (ACOP)
Agency Owned Housing Plan
Section 8 Admin Plan
Organizational Emergency Plan
Public Housing Application
Instructions for Public Housing Application
Board of Commissioners
Current Board Agenda - Coming Soon
List of Commissioners
Data and Reports
Income Limits
Payment Standards
Utility Allowances
Overview of Assistance by Community
Detailed Summary of Assistance by Community
2007 What Can You Afford
Community Housing Programs - Coming Soon
Presentations
Myths of Affordable Housing Presentation (July 2007) - Coming Soon
If you do not have the Free Adobe PDF Reader, Click Here to get it.
March 21, 2007 Income Limits
Median Family income for a family of four is $79,500
There is a great deal more information available for renters, folks looking for the reduced price housing maintained by the various housing authorities and income limits to qualify. Some of these programs require you to use their approved lenders. Others allow you to shop for the best deal on your new home mortgage program costs. There is everything here you need to get started except a really good local mortgage broker to help steer you through this sea of information.
I can fix that. Call Aracely Avila (805) 504-0221 or email Aracely@YieldFinancial.com. Aracely once worked for the Oxnard Housing Authority and has more than 10 years experience helping your home ownership dreams to come true.
Of course you are welcome to contact me or browse my website for additional Chamber of Commerce websites, or the individual city websites and county information. http://www.markthorngren.com/.
Warmest Regards,
Mark Thorngren
Last week I was browsing our local newspaper's real estate section and came across an article about the Area Housing Authority of the County of Ventura. I’ve heard of some of their programs before but had never found source material. I felt like a gold miner that had just stumbled across the mother lode. I downloaded 31 pages of their material and had to quit because I was using up all my printer's color cartridges. There is a very large amount of helpful information on their wonderful website. Check out http://www.ahacv.org/home_buyers_workshop.shtml.
This page will give you time, place and date for the next home buyer workshops. The following information is taken directly from the county website.
"The Area Housing Authority is committed to serving the community by being a resource for housing information. With the skyrocketing prices of homes in Ventura County, first-time home buyers are often overwhelmed with the decision of whether to buy a home here, continue renting, or move to a cheaper area.
Many new home buyers are unaware of State and local programs that help with down-payments, closing costs, and lower interest loans. Households with income between $55,000 and $113,000 may qualify for a variety of assistance programs.
The Area Housing Authority sponsors educational home buying workshops in English and Spanish several times throughout the year. The workshops are provided through a mutual agreement with experts in local, State and federal funding resources.Workshops cover tax benefits, raising your FICO score, and loan options for first-time buyers available through the state of California.
To find out more or to reserve a spot in an upcoming workshop, please call 1-800-549-0337, extension 167. Seating is limited at our workshops and we encourage you to reserve your place to ensure adequate seating. To speak with Housing Authority staff regarding a workshop, please call 805-480-9991, extension 235.For a schedule of upcoming workshops, please click here or go to http://www.ahahomebuyingschool.com/ ."
To find information on Housing Programs which include:
-Section 8
-Low Rent Public Housing
-Agency Owned/Managed Housing
-City Sponsored Rental Assistance
Click on http://www.ahacv.org/index.shtml & click again on the Housing Programs Tab (left side)
The Area Housing Authority of the County of Ventura serves the cities of Camarillo, Simi Valley, Moorpark, Thousand Oaks, Ojai, Fillmore and the unincorporated areas of Ventura County.
So what happens if you don’t live in one of those 7 areas?
Easy. Oxnard. Port Hueneme, Santa Paula and the City of San Buenaventura (Ventura) all have their own housing authorities which you can find contact information for at: http://www.ahacv.org/community_resources.shtml.
None of these programs are exactly the same, but most of them provide a degree of benefit and usually can be combined with FHA or CAL-HFA loan programs to provide most of your lending needs. The combination of programs is really remarkable help for first time buyers. By the way, the definition of a first time buyer is not what you might think. It can be someone who has not purchased a home for 3 years. Check with your lender and Housing Authority folks for details.
For those folks who are having a really difficult time just finding a place to lay their heads, there is some provision for them as well at: http://www.ahacv.org/emergency_housing.shtml
This is some really great information on local agencies that provide emergency housing assistance. Here is the basic info from that link.
"The Area Housing Authority does not provide emergency housing services. Please contact the agencies listed below for emergency housing information.
You may also call the 211 Help Line by dialing 2-1-1 from any land line phone (cell phone users, 800-339-9597. The 211 Help Line provides information about and referrals to health and human services, including emergency housing. The 211 Help Line is available 24 hours a day, 7 days a week, and multi-lingual service is available.
Homeless Information and Referral (County of Ventura, Human Services Agency)Phone:805-987-6715 or 805-484-2082Hours:M – F 8am to 4:30pmWebsite:http://www.vchsa.org/Ventura County Homeless and Housing Coalitions(temporary winter shelter locations)Website: http://www.vchhc.org/
Ojai Community Assistance Program (through HELP of Ojai)Phone:805-640-3320Hours:M – Th8:00am – 12:00pm and 1:00pm to 5:00pmFriday 8:00am – 12:00pm and 1:00pm to 4:00pm
Coalition to End Family ViolencePhone:805-983-601424-hr Hotline: 800-300-2181 or 805-56-1111Website:http://www.thecoalition.org/
RAIN Project Transitional Housing (County of Ventura)Phone:805-389-3308 (24-hrs)Address:1732 South Lewis Road, Camarillo
Community Action of Ventura County (Goldberg House)Phone:805-648-6088Address:946 E. Thompson Blvd., Ventura,Hours:M – Th: 8 am - 3:30 pmFriday: 8 am – 3:00 pm
Simi Valley Homeless PartnershipPhone:805-527-2533
Housing Reports and Necessary Documents http://www.ahacv.org/housing_reports_and_docs.shtml
Administrative Housing Plans and Documents
Admissions and Continued Occupancy Policy (ACOP)
Agency Owned Housing Plan
Section 8 Admin Plan
Organizational Emergency Plan
Public Housing Application
Instructions for Public Housing Application
Board of Commissioners
Current Board Agenda - Coming Soon
List of Commissioners
Data and Reports
Income Limits
Payment Standards
Utility Allowances
Overview of Assistance by Community
Detailed Summary of Assistance by Community
2007 What Can You Afford
Community Housing Programs - Coming Soon
Presentations
Myths of Affordable Housing Presentation (July 2007) - Coming Soon
If you do not have the Free Adobe PDF Reader, Click Here to get it.
March 21, 2007 Income Limits
Median Family income for a family of four is $79,500
There is a great deal more information available for renters, folks looking for the reduced price housing maintained by the various housing authorities and income limits to qualify. Some of these programs require you to use their approved lenders. Others allow you to shop for the best deal on your new home mortgage program costs. There is everything here you need to get started except a really good local mortgage broker to help steer you through this sea of information.
I can fix that. Call Aracely Avila (805) 504-0221 or email Aracely@YieldFinancial.com. Aracely once worked for the Oxnard Housing Authority and has more than 10 years experience helping your home ownership dreams to come true.
Of course you are welcome to contact me or browse my website for additional Chamber of Commerce websites, or the individual city websites and county information. http://www.markthorngren.com/.
Warmest Regards,
Mark Thorngren
Lower Prime Rate vs Higher Mortgage Rates
Market Changes, Prime Rate Reductions vs Home Mortgage Rate Increases
There is a very defined difference now from the last six months that has made many of us optimistic for the year. I had many folks last year who wanted to wait with their purchase because of falling home prices, and many home sellers were still hanging tough with their prices. Obstinate sellers who have not kept up with the market, have continued to suffer from falling home prices and are now much easier to work with as they realize their predicament. Home Buyers I have been talking with over the last year or two are now calling me to make their initial consultations. I like that! That did not happen last year. That is another reason why I’m optimistic.
Last Fall, I had a large number of home sales that began escrow but did not finish because of mortgage changes during escrow, and seller’s not willing to compromise on terms. That is changing now. Mortgage programs are beginning to gel and lender standards are stabilizing from the free fall – here today, gone tomorrow – conditions that existed last Fall. Our buyer climate is much different this year and presents fewer fundamental changes. We have a much better chance to make it through each escrow this year.
The next challenge our industry faces will be how to reconcile falling interest rates from the Fed with rising home loan interest rates. Investors are worried about the bond market. As the Fed lowers it’s interest rates, the bond market suffers and mortgage investors in the secondary market raise their home mortgage interest rates. Home buyers will tend to save more money on their home purchases with a lower interest rate than on a modest home price decrease. We have seen interest rates fall in January, then turn around and move up steadily through February. Those rate changes will have a far bigger impact on buyers than a 7% to 10% decrease in home prices. Do the math on any home you care to pick and I’ll bet you see what I mean.
I think we need to carefully watch to see if the cost of mortgage loans continues to increase. If the Fed continues to cut the Prime Rate, the response from secondary investors & the bond market may be to raise the cost of home mortgage interest rates. It is possible that rising home loan interest rates could more than offset falling home prices. Home buyers may pay less and have more to choose from if they buy now.
Sellers will most likely continue to experience an eroding of home prices, with stiff competition from bank foreclosures until the number of foreclosures falls in a year or two.
Just the way I see it today.
Warmest Regards,
Mark Thorngren
htttp://www.markthorngren.com
There is a very defined difference now from the last six months that has made many of us optimistic for the year. I had many folks last year who wanted to wait with their purchase because of falling home prices, and many home sellers were still hanging tough with their prices. Obstinate sellers who have not kept up with the market, have continued to suffer from falling home prices and are now much easier to work with as they realize their predicament. Home Buyers I have been talking with over the last year or two are now calling me to make their initial consultations. I like that! That did not happen last year. That is another reason why I’m optimistic.
Last Fall, I had a large number of home sales that began escrow but did not finish because of mortgage changes during escrow, and seller’s not willing to compromise on terms. That is changing now. Mortgage programs are beginning to gel and lender standards are stabilizing from the free fall – here today, gone tomorrow – conditions that existed last Fall. Our buyer climate is much different this year and presents fewer fundamental changes. We have a much better chance to make it through each escrow this year.
The next challenge our industry faces will be how to reconcile falling interest rates from the Fed with rising home loan interest rates. Investors are worried about the bond market. As the Fed lowers it’s interest rates, the bond market suffers and mortgage investors in the secondary market raise their home mortgage interest rates. Home buyers will tend to save more money on their home purchases with a lower interest rate than on a modest home price decrease. We have seen interest rates fall in January, then turn around and move up steadily through February. Those rate changes will have a far bigger impact on buyers than a 7% to 10% decrease in home prices. Do the math on any home you care to pick and I’ll bet you see what I mean.
I think we need to carefully watch to see if the cost of mortgage loans continues to increase. If the Fed continues to cut the Prime Rate, the response from secondary investors & the bond market may be to raise the cost of home mortgage interest rates. It is possible that rising home loan interest rates could more than offset falling home prices. Home buyers may pay less and have more to choose from if they buy now.
Sellers will most likely continue to experience an eroding of home prices, with stiff competition from bank foreclosures until the number of foreclosures falls in a year or two.
Just the way I see it today.
Warmest Regards,
Mark Thorngren
htttp://www.markthorngren.com
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