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North Carolina Housing Finance Agency Home Protection Program

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Modify guidelines for Self-Employed homeowners seeking assistance. Set minimum length of time a person has to be employed for Job Loss ... – PowerPoint PPT presentation

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Title: North Carolina Housing Finance Agency Home Protection Program


1
North Carolina Housing Finance AgencyHome
Protection Program Loan Fund
  • Surfing the Foreclosure Tsunami Thursday,
    September 24, 2009
  • Durham Marriott

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 spouses 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
BECOMING AN HPP PARTNER
  • Currently 25 housing counseling partner
  • Organizations (listed in HPP brochure)
  • Agencies are ADDED as demand increases for
  • foreclosure prevention services.
  • Current areas of high demand
  • Triangle (Raleigh/Durham/Chapel Hill)
  • Triad (Greensboro/High Point/Winston-Salem)
  • Charlotte/Mecklenburg

8
BECOMING AN HPP PARTNER
  • Qualifications to be considered for HPP include
  • Agency is a HUD-approved counseling agency or
  • meets or exceeds the standards required for HUD
  • approval
  • Housing counselors are experienced /or well
    training
  • gt Certified by The Association of Housing
    Counselors
  • (TAHC), NeighborWorks certification, other
    training
  • Have at least 1 year of loss mitigation
    counseling
  • experience

9
BECOMING AN HPP PARTNER
  • Qualifications - continued
  • Not-for-profit, 501-c-3 corporation
  • Have been in existence for at least 2 years
  • Have audited financial statements or equivalent
    finance document (for smaller agencies)
  • Other

10
FOR MORE 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_at_nchfa.com
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