Keep Your Data Protected From The Recent Data Breach

National Public Data is a background check company that has over 2.9 billion people’s personal information. Recently, the company suffered a security breach that leaked information including: Social Security Numbers Dates of birth Other personal information To see if your information was part of the leak: Go to www.haveibeenpwned.com and/or www.Pentester.com Type in your name and date of birth The site will let you know whether or not your SSN has been compromised What to do if your SSN was compromised: Freeze your credit by heading to the three main credit bureau sites Trans Union Equifax Experian You can unfreeze your credit for the home loan process Make a habit of monitoring your bank and credit accounts online on a regular and frequent basis Always use strong passwords Always use Multi Factor Authentications Do not respond to unexpected text messages or emails Be vigilant and consistent! Do the research to find the right options for your personal situation. If you have any questions, let us know.

Seller Concession Cheat Sheet

[SAVE THIS CHEAT SHEET!!]

This will come in handy while navigating going forward in 2024...

 

Creative ways to use excess seller contributions

While seller contributions are limited to actual closing costs, you can constructively increase your closing costs to use up all available funds.

Imagine the seller is willing to contribute $7,000 to buyer closing costs but they only add up to $5,000. That's a whopping $2,000 is on the line of unused money. We don't want to leave that on the table!

In this situation, ask your lender to quote you specific costs to lower the rate. You could end up shaving 0.125%-0.25% off your rate using the excess seller contribution.

You can also use seller credits to prepay your homeowners insurance, taxes, and sometimes even HOA dues. Ask your lender and escrow agent if there are any sewer capacity charges and/or other transfer taxes or fees that you could pay for in advance. Chances are there is a way to use all the money available to you.

You can even use seller credit to pay upfront funding fees for government loan types like FHA.

Use seller contributions for upfront FHA, VA, and USDA fees

All government-backed loan types allow you to prepay funding fees with seller contributions.

FHA loans require an upfront mortgage insurance payment equal to 1.75% of the loan amount. The seller may pay this fee as part of FHA seller concessions. However, the entire fee must be paid by the seller. If you use excess seller credit, but it's not enough to cover the entire upfront fee, then you cannot use the funds toward the fee.

VA loans allow the seller to pay all or part of the upfront fee (2.3%-3.6% of the loan amount). The fee counts towards VA's 4% maximum contribution rule.

USDA requires an upfront guarantee fee of 2.0% of the loan amount. The buyer can use seller contributions to pay for it.

What this means for you...

1- You will need a signed buyer broker agreement to protect yourself.

2- Time to hone in your skills and show your value.

3- Partner up with a lender that can help you navigate and succeed in today's market. 

Reach out if I can help!

Aundrea

NMLS 333739
702-326-7866

info@aundreabeach.com
www.AundreaBeach.com

I’m going to wait until interest rates drop before I purchase a new home

Internal voice ...

“I’m going to wait until interest rates drop before I purchase a new home”… Sound familiar? 

This is probably something you have heard or even maybe said to yourself over the last few years, right?

Here is the reality, housing prices have risen every year for the last 11 years, and more than likely will continue to rise.

In 2021 alone, housing prices increased by a jaw dropping 18 percent, the highest on record. Even last year they still rose on average, 2.88% and that’s WITH interest rates on the rise.

Truth is, if you keep waiting for interest rates to decrease, if the last 11 years say anything… sure, you may have a lower interest rate but that won’t matter much when you’re spending (on average) 2.88% more on the cost of that house.

In conclusion, start getting ready now!
So, look for the right opportunity to take the first step in Home Loan Readiness (such as this article!), you can always refinance later when rates drop!

Get ahead of all those waiting, hoping and wishing for things to change and get ready NOW.

REMEMBER: Marry the home, date the rate, divorce the landlord!

As a homebuyer, understanding this relationship can help you make informed decisions about buying a home, and with the prediction of rates dropping this year, it’s crucial to have a leg up in the race to become a homeowner.

Get prepared for the market boom when rates drop by making sure you have everything you need to hear the words “You're Pre-Approved” by working with CMG!

Click Here For Your FREE Consultation!

During your FREE Personalized Consultation, we will walk you through what steps you need to take to become approvable on your home loan specific to your current financial situation.

CMG provides ALL the tools you need to qualify for your loan FASTER.
Failing to plan is planning to fail.

CMG provides a detailed action plan to help you overcome the major obstacles preventing you from getting your loan:

✅ Debt to Income
✅ Credit
✅ Savings/Down Payment
✅ Documentation

Let us help you navigate through the home buying process so that when you are in the best position possible, we can get you back over to your lender and get you that PRE-APPROVAL!

How to dispute your high property taxes in Las Vegas, NV

Hey there, fellow homeowner! Feeling the pinch from those towering property taxes? Join the club. Negotiating the purchase price of your cozy abode is one thing, but dealing with those seemingly non-negotiable property taxes? That's a different story.

Here's a step-by-step approach for homeowners dealing with high property taxes:

1. Understanding the Concerns: As homeowners, the weight of high property taxes can be a considerable concern. While negotiating the purchase price of a property is within one's realm of influence, the amount allocated for property taxes is, unfortunately, not negotiable.

2. Awareness of Challenge Opportunity in Nevada: In the state of Nevada, homeowners possess a specific window of opportunity to challenge their property tax assessments. This window is confined to a one-month period, commencing on December 15th and concluding on January 15th of the ensuing year.

3. Grasping the Assessment Methodology: It is pivotal to comprehend the methodology employed in determining property taxes. The Clark County Tax Assessor's website elucidates that the taxable value of real property equates to the market value of the land and the current replacement cost of improvements, adjusted for statutory depreciation.

4. Understanding Tax Rate Variations by District: Different tax districts exist within Clark County, each with its respective tax rate. Familiarization with the specific tax district pertinent to one's property is crucial. This information is obtainable from the tax bill and can be cross-referenced with the provided chart on the assessor's website, facilitating the calculation of annual tax obligations.

5. Recognition of Assessment Adjustments: Over the years, property values have been subject to fluctuations, particularly during market downturns. In response to the market crash, the Clark County Assessor conducted reassessments to align property values with the prevailing market conditions. However, discrepancies may still exist, necessitating a diligent review.

6. Validation of Property Information: Homeowners are advised to verify the accuracy of property information maintained by the assessor. Factors such as square footage, room count, and bathroom count should be meticulously scrutinized for discrepancies. Comparative analysis with neighboring properties of similar size and age can unearth potential errors in the assessor's records.

7. Determining the Property's True Worth: Relying on reputable sources and steering clear of online valuation tools, homeowners are encouraged to ascertain their property's true market value. This involves gathering comparative data of recently sold properties similar in nature, a task best undertaken with assistance from a reliable Realtor or a certified appraiser.  If you need a recommendation, let us know. 

8. Initiating the Appeals Process: When armed with substantiated evidence of a discrepancy between the assessed value and the property's actual market worth, homeowners should take the initiative to challenge the tax assessment. The County Assessor's office offers the necessary appeal forms, obtainable by calling (702) 455-4997. The completed paperwork must be submitted before the January 15th deadline.

9. Exploring Further Appeal Options: In the event of an initial appeal rejection, homeowners possess the option to escalate their appeal to the State Board. If this route proves insufficient, a final recourse lies in appealing to the District Court.  Appeals can be initiated here. 

10. Empowering Homeowners: Equipped with accurate information and a thorough understanding of the appeals process, homeowners are now empowered to navigate the landscape of property taxes effectively. Taking proactive steps to challenge unjust tax assessments is essential in upholding financial prudence and fairness in property taxation.

Seize the opportunity to ensure that your property taxes align with the true value of your home and contribute to a just tax system.

Here is the tax abatement page with Clark County for you to look over.

Ready to take charge and tackle those taxes like a pro? Seize the moment and let's get those property taxes in line! 🏠💪

To your success,

Aundrea Beach-Greco, CMPS 

Licensed Mortgage Loan Officer | NMLS 333739

702-326-7866 

info@AundreaBeach.com

Find me online www. AundreaBeach.com

Apply online at www.iLendLasVegas.com

Can I Buy A Home with Student Loan Payments?

 

Millions of students across America are struggling to repay their student loan debt and student debt ranks as the second-highest consumer debt category, with only mortgage debt being higher. It’s also the fastest-growing segment of U.S. household debt, having grown nearly 157% over the past 11 years. It’s a trillion-dollar problem in the U.S. and it keeps growing.

Most student loans in general are federal student loans that you took out while attending college however there are some private student loans backed by banks, credit unions, etc.  At the time, it sounded like a great option to help with school expenses or being able to attend college at all. They don't tell you the pros and cons when you apply and you certainly didn't understand the ramifications to your credit in the future if you couldn't pay the payments once you graduated.  

A federal student loan is a federal debt that will NEVER go away. With that said, those student loans will need to be in good standing to buy a home. Old loans, late payments and missed payments can be overcome, but student loans in collection will have to be resolved and put back into repayment status. 

Student loans don't affect your ability to get a mortgage any differently than other types of debt you may have, including auto loans and credit card debt. Most loan programs have a debt-to-income (DTI) limit. DTI is the main factor lenders use to determine how much they are willing to let you borrow, and student loans are part of that assessment. This includes your current monthly debt payments and your future mortgage payments. Check out your buying power with our new tool!

Good News! For student loans not in active repayment (forbearance, deferment, income-based repayment plan), the guidelines state we use 1% to 1/2% of the unpaid balance unless you have an actual payment that is being reported on your credit report. 

Student loan debt can be a drag, especially if you’re trying to buy a house. Fortunately, there are options. By taking advantage of the right loan programs, working on your credit and DTI and teaming up with the right partners, you can improve your chances significantly, not to mention lower the cost of buying a home both up front and for the long haul.

Contact us today to see if you can qualify to buy a home even with your student loans! 

Check out our pre-qual tool!

Aundrea Beach-Greco 

Mortgage Lender, CMPS 

NMLS 333739

📱 +1 702-326-7866

📧 info@aundreabeach.com

🌐 www.AundreaBeach.com

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#HomeLoansForEveryone #AundreaBeachGreco #AundreaBeach #thebeachgrecoteam #AdviceMatters #Mortgage #Mortgages #MortgageLender #MortgageRates #Realestate #Home #Refinance #Equity #Loans #Credit #CreditRepair #LasVegas #Nevada #Investment #Properties #Homebuying #HomeForSale #DreamHome #NewHome #Homeloans #Finance #BuildWealth #FinancialFreedom

Aundrea Beach-Greco, CMPS. Licensed Mortgage Loan Officer. NMLS 333739

702-326-7866 info@AundreaBeach.com

Find me online www. AundreaBeach.com

Apply online at www.iLendLasVegas.com

Which FHA 203(k) Home Loan should you choose - Limited or Standard?

You've found a home in a neighborhood where you've always wanted to live. And you can snatch it up at a good price. So what's stopping you? Could it be the outdated appliances, dark brown exterior, and wall-to-wall carpeting? It might not be your dream home just yet, but with an FHA 203(k) renovation loan, it could be.

There are many ways to finance a home construction projects but the two versions of the FHA 203k program have emerged as a popular choice among today’s home buyers and homeowners wishing to make home improvements, especially when they don’t own the home yet.


The two FHA programs are known as the Standard 203k, and the Limited 203k.

With this loan you can purchase the property and get the extra funds you need to remodel, repair, and renovate. It's unique because you can borrow the funds you'll need based on what your house is expected to be worth after the renovation is complete. 

(The 203(k) can also be used to refinance your current home and make renovations.) 

The FHA 203(k) loan is insured by the Federal Housing Administration (FHA), and offers two options: Limited and Standard. Finding the one that's right for you depends on how much you want to spend and what you intend to do. 

The differences between the Limited 203(k) and the Standard 203(k) Structural Repairs:

LIMITED: Minor remodeling and non-structural repairs. 

STANDARD: Major rehabilitation or when repairs are structural or involve landscaping. Examples include jacking up your house to replace the sill plate or knocking the house down to rebuild it (you must leave the foundation). HUD Consultant. 

LIMITED: Does not require a HUD consultant. 

STANDARD: Requires the use of a HUD consultant. He will draw up the paperwork and work with you and your contractors to get a write-up before the appraisal and ensure the required renovation is completed. (Your loan officer can work with you to obtain the services of an experienced HUD-approved 203(k) consultant). Cost. 

LIMITED: Total renovation costs cannot exceed $35,000. There are no minimum costs. 

STANDARD: Your repairs and renovations can go above $35,000. There is a minimum repair cost of $5,000. 

Eligible repairs you can make with a Limited 203(k) Repairing or replacing the roof, gutters or downspouts Repairing or replacing HVAC, heating, plumbing, or electrical systems Repairing or replacing flooring Minor remodeling Indoor or outdoor painting Replacing appliances Accessibility upgrades Abatement of lead-based paint Repairing or replacing decks, patios, and porches Waterproofing or finishing a basement Weatherization Eligible repairs you can make with a Standard 203(k) Plumbing, electrical, heating, and cooling improvements Structural changes Storm shelter additions Appliance and HVAC upgrades Roofing alterations Large landscaping and site improvements Sewage and septic improvements Site conversion (from a single unit to multi-unit property, for example) Site relocation Accessibility upgrades Of course, there are other nuances that differentiate the Standard from the Limited. 

Which 203k Loan Should I Choose?

The two 203(k) programs also vary in what type of work can be performed. The FHA program guidelines include a comprehensive list.

This is the work which is allowed via the FHA 203(k) Limited:

• Repair/replacement of roofs, gutters and downspouts
• Repair/replacement/upgrade of existing HVAC systems
• Repair/replacement/upgrade of plumbing and electrical systems
• Repair/replacement of existing flooring
• Minor remodeling which does not involve structural repairs
• Exterior and interior painting
• Weatherization of windows and doors, insulation, weather stripping.
• Purchase and installation of appliances
• Improvements for accessibility for persons with disabilities
• Lead-based paint stabilization or abatement of lead-based paint hazards
• Repair, replacement or the addition of exterior decks, patios, and porches
• Basement remodeling which does not involve structural repairs
• Basement waterproofing
• Window and door replacement and exterior siding replacement
• Well or septic system repair or replacement

And, this is the work allowed via the FHA 203(k) Standard:

• Major rehabilitation, such as the relocation of a load-bearing wall
• New construction, including room additions
• Repair of structural damage
• Repairs requiring detailed drawings or architectural exhibits
• Landscaping or similar “site amenity” improvement
• Any repair requiring a work schedule longer than three (3) months; or rehabilitation activities that require more than two (2) payments per specialized contractor
• Improvements that require a plan reviewer
• Improvements that result in work not starting within 30 days after loan closing; or cause the owner to be displaced from the property for more than 30 days during the time the rehabilitation work is being conducted

As a recap, the Limited lives up to its name — less paperwork for the borrower, easier for the lender to approve, and a simplicity in the draw schedule. The Standard 203(k) is meant for “bigger jobs.”

Both loans can be a great option for those looking to buy and rehabilitate before moving in the house.

If you have more questions, or want something concrete in your hands, give us a call. CMG is ranked as one of the top FHA 203(k) lenders in the nation.

 *This is not a commitment to lend. Not all borrowers will qualify; contact us for more information on fees and terms.

Can I use my Section 8 Voucher to buy a home?

Section 8 Housing Choice Voucher Homeownership Program FAQ

1.    What is the Section 8 Housing Choice Voucher Homeownership Program?

 

It is a HUD-funded program wherein an eligible family receives assistance from the Housing Authority towards the purchase of a home.  Before the implementation of the Homeownership program, an assisted family used its voucher housing assistance towards renting a unit; now the family can use its voucher assistance towards paying a mortgage when purchasing a home.

 

2.    What are the eligibility requirements?

 

There are HUD requirements which all housing authorities must use.  There are also Housing Authority requirements; HUD allows housing authorities to establish their own requirements in addition to HUD's mandatory requirements.

 

HUD Requirements:

(1)   Eligible for the Section 8 Housing Choice Voucher Program.

(2)    First-time homebuyer requirements.

(3)    Minimum income requirement - annual income not less than federal minimum wage multiplied by 2,000 hours (except disabled and elderly)

(4)    Minimum employment requirement - one or more adults who will own the home is currently employed full-time (not less than average 30 hours per week) and has been continuously employed during the year before homeownership assistance.

(5)    No previous default on a mortgage under the Homeownership Program.

(6)    No family member has ownership interest in a residence.

       (7)    Mandatory pre-homeownership and housing counseling.

       (8)    Family has entered into a Contract of Sale.

 

Housing Authority Requirements:

(1)    Family has had no family-caused violations of HUD's Housing Quality Standards within the last one year period.

(2)    Family is not within the initial one year period of a HAP contract.

(3)    Family does not owe money to the HACNLV.

(4)    Family has not committed any serious or repeated violation of a HACNLV-assisted lease within the past one year period.

 

3.    Do I have to be a participant in the Housing Authority's Family Self-Sufficiency (FSS) Program?

 

      No - but the Housing Authority gives a preference to FSS participants who are contributing to their escrow accounts, which means that these FSS participants have the first chance to be offered the  program.  However, if there are not enough FSS participants eligible for the program, the next groups to be offered the program will be in the following order:

- Other families who are participating in other self- 

  sufficiency programs in other federal , state or local

  agencies; or state agencies;

- Other families currently participating in the regular

  (Rental) Section 8 Housing Choice Voucher  Program who

  have been under the program for at least two years;

- All other applicant or participating families under the

   regular (Rental) Section 8 Housing Choice Voucher  

   Program.

 

4.    How do I know if I'm ready for homeownership?

 

Owning a home is a big responsibility.  It is important that you understand those responsibilities before you look into being a homebuyer.  It is a HUD requirement that you take an approved homeownership counseling course prior to purchasing a home.  You should also first clear up any credit problems and save enough money so you can make a down payment. 

Contact a lender to see what your buying power would be and get connected with the homeownership class.

5.    What kind of paperwork is involved?

 

A lot. First, in order for the Housing Authority to determine your eligibility for the program, it will be requiring you to complete various eligibility, verification and other related forms.    Secondly, when you go through the process of locating a home to purchase and of finding financing, any real estate professionals and lending institution you will be working with will require various forms for you to fill out.  Also, the H/A will need reports on your progress.

 

6.    How much money, at the minimum, do I have to come up with?

 

The program requires a minimum down payment of three percent (3%) of the purchase price, one percent (1%) of which must come from your own resources. There are also closing costs and pro-rated expenses such as document fee, recording fee, title insurance, pro-rated interest, etc.  The title company which will handle your escrow can help you estimate these costs.

 

7.     Will the Housing Authority help me with financing my home?

 

If you mean financing by means of a loan or mortgage to purchase your home, NO – you have to obtain your own financing from a lender.  The Housing Authority will assist you in the purchase by referring you to agencies and lenders who may have programs that can help you with down payment and closing cost assistance.  But the Housing Authority will give your homeownership assistance after you purchase your home.

 

8.    Do I have to have good credit?

 

You can't have bad credit if you want to buy a home.  But if you do, the homeownership counseling you have to go through may include helping you clean up your previous bad credit.  Different lenders have different ways of evaluating your credit. 

 

9.    Can my family help me buy the home?

 

Yes, your family can assist you with your down payment or other expenses.  However, under HUD regulations for this program, a non-occupying co-borrower cannot own an interest in the home; in other words, they cannot hold title to the home.  This home will be used for your primary residence only. 

 

10.   Can I have a roommate or rent a room?

 

No.  Under the standard family obligations for use and occupancy for the Section 8 Housing Choice Voucher Program, no other person except members of the assisted family may reside in the unit except for a foster child or live-in aide.  Furthermore, the family cannot sub-lease the unit.

 

11.  What realtor or banks can I use to assist me?

 

You can use any realtor or lender of your own choosing.  The Housing Authority or your homeownership counselor cannot require you to use a specific realtor or lender.  There are many realtors and lenders in town who have expressed their interest in helping Housing Authority clients.

But remember: your type of financing must be approved by the Housing Authority.

 

12.   Am I limited as to how much I may pay for a home?

 

The amount you are able to pay for a home depends on your total income and resources,  Different lenders use different methods of qualifying a prospective homebuyer.  The lender will pre-qualify you for a loan based on your income and other financial information regarding your family.   It is important that you have this pre-qualification before you begin shopping for a home.

 

13.  If I am eligible only for a 1-bedroom voucher, can I buy a 2-bedroom or 3-bedroom house? 

 

Yes, you can buy a house whose bedroom size is larger than the unit

size that your family qualifies for but the Payment Standard on which

your homeownership assistance will be based will be the lower of the

Payment Standard for the family unit size and the Payment Standard

for the size of the home. In this case, your Payment Standard will be

based on a 1-bedroom unit not on a 2-bedroom or 3-bedroom unit. In

most cases, a house with more bedrooms will cost more and therefore,

will have a higher mortgage payment.  So since the Housing Authority’s

assistance will be based on a 1-bedroom unit, your portion of the

mortgage payment will be higher for a larger size home.  If you can

afford a larger house (meaning a lender would qualify you for a larger

house at a greater mortgage payment), then you may do so.  The

limitation of family portion to 40% of income does not apply to the

Homeownership Program.

 

14. Once I have purchased a home under this program, do I have to be

     recertified under Section 8 each year?

 

Yes.  You will still need to be recertified.  You still need to submit all the paperwork required under the regular (Rental) program.  There is a "Statement of Family Obligations" that you will be required to sign before you begin receiving homeownership assistance and you will need to comply with those obligations.

 

15.   Does the Housing Authority need to approve the home I wish to buy?

 

Yes.  You will be required to submit the Purchase Agreement to the HACNLV.  The unit cannot be an "assisted unit", nor a nursing home or similar facility, nor a dormitory or public facility.  It must already be existing or under construction at the time of the family's eligibility.  It must also be a one-unit property or a single dwelling unit in a cooperative or condominium.  Furthermore, the home will be subject to two inspections,  You have to arrange for an independent professional inspection and the Housing Authority will also conduct a Housing Quality Standards (HQS) inspection just like the HQS inspection under the regular (Rental) program.

 

16.   Is there a deadline for me to locate and buy a home?

 

Yes.  From the date you are determined eligible for the program, you have six (6) months to locate a home.  After you locate a home, you have ten (10) working days to obtain financing.  From that same date, you also have ninety (90) days to actually complete the purchase of the home.  So, in total, you have nine (9) months from the date you are determined eligible to complete the whole process.  After that period, if you fail to purchase a home, your participation will be terminated.  The Housing Authority will then move on to other interested families and give them an equal chance to qualify and achieve homeownership. 

 

17.   Will I be responsible for other expenses as a result of purchasing a home?

 

Yes.  You are responsible for all monthly related homeownership expenses such as property taxes, insurance and association dues, if any.  You will also be responsible for repairs such as water heater repair or replacement, air conditioning repair, plumbing repair or other repairs as normal homeowners have to incur from time to time.

 

18.   What can I do if I have trouble paying my mortgage or maintaining my home?

 

This is one of the reasons why it is required that you attend ongoing homeownership counseling as long as you are assisted under this program.  You must understand that once you have purchased your home, you are responsible for the debt incurred in purchasing it.

 

19.   How do I make my mortgage payments to the lender?

 

You will pay your portion of the mortgage to the lender and the Housing Authority will send its portion (homeownership assistance) directly to the lender.  Or your portion and the Housing Authority’s portion may be paid to an escrow service who will then make the entire payment to the lender.

 

20.   What happens if I default on my mortgage or fail to comply with my family obligations under this program?

 

Your homeownership assistance will be terminated.  You will lose your home and you will not be eligible for homeownership assistance again.

 

21.   How long will the Homeownership Program assist me?

 

Fifteen (15) years if your mortgage is twenty (20) years or longer; ten (10) years in all other cases.  These maximum terms do not apply to a disabled or elderly family.

 

22.   What happens if my income increases and I become over-income? 

 

Then the same rules as in the Rental Program apply.  Your homeownership assistance will be zero but you can remain on the Homeownership program for six (6) more months.  After that, you will be terminated from the entire Section 8 Program. 

 

23.   Can I sell my home?

 

Yes.  However, the program has a "recapture" requirement if you sell your home during the first 10-year period.  There is a formula for calculating the amount to be recaptured.  The recaptured amount decreases by 10% each year.     

 

The program requires that a Notice of Lien be recorded when you purchase your home and the lien is effective for 10 years.  Therefore, you will not be able to sell your home without satisfying the lien for the amount that must be recaptured.

 

24.  What happens to my home if I die?

 

HUD's regulation states: "Upon death of a family member who holds, in whole or in part, title to the home, homeownership assistance may continue pending settlement of the decedent's estate, notwithstanding transfer of title by operation of law to the decedent's executor or legal representative as long as the home is solely occupied by remaining family members in accordance with Section 982.551(b).

 

In other words, questions need to be asked: Is there a will?  Are there remaining members of the family?  Are there additional owners listed on the deed?  Depending on the answers, the home may revert to those remaining members as defined by Section 8 regulations of the family who were residing in the home.  The home may have to be sold: if no one is able to take title and payments are not made, the home may fall into foreclosure.  One thing is important: if the homeowner dies, the Housing Authority must be notified immediately. 

 

25.   Can I “switch back” to the regular Rental program after I have purchased a home under this program?

 

Yes, but you have to first sell your home; this is if you are voluntarily giving up your homeownership assistance to go back to rental assistance. 

 

26.  What if I failed to pay for my mortgage, can I go back to the regular Rental program?

 

If you defaulted on an FHA-insured mortgage, the Housing Authority is required by HUD to terminate your homeownership assistance.

 

If your home was foreclosed upon, whether it has an FHA or non-FHA Mortgage, the Housing Authority will terminate your homeownership assistance.

 

The Housing Authority has the discretion on whether to permit you to return to rental assistance.  It will not give you its permission if you did not cooperate with the mortgage company in getting the house sold or getting it returned to HUD and did not move out as you should, which made foreclosure necessary and action had to be taken to evict you from the home.  In this case, you cannot go back to receiving rental assistance.

 

27.   Do the rules under the Section 8 Rental program apply to me when I am on the Homeownership Program?

 

Basically, YES.  For example, if you fail to appear or supply the required information for your annual re-examination, or if you or your family engage in crime and drug-related activities, or if you commit fraud by not properly declaring your income, etc – the consequences in the Rental program will still apply to you in the Homeownership program.  What would terminate a family’s rental assistance can also cause termination of homeownership assistance.  Unless specified by HUD that a certain regulation does not apply to the Homeownership Program, Section 8 program rules will apply to both the Rental and the Homeownership programs.

 

For more information, contact us.

Aundrea Beach-Greco
Mortgage Advisor, CMPS
NMLS 333739
(702) 326-7866
info@aundreabeach.com