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About The nugget. (Sisters, Or.) 1994-current | View Entire Issue (March 30, 2016)
18 Wednesday, March 30, 2016 The Nugget Newspaper, Sisters, Oregon R e a l E s t a t e S p e c i a l R e p o r t Loan program can help people in Sisters Country an applicant’s eligibility for Single Family Direct Home Loans. At a minimum, appli- cants interested in obtain- ing a direct loan must have an adjusted income that is at or below the applicable low- income limit for the area where they wish to buy a house, and they must demon- strate a willingness and abil- ity to repay debt. Applicants must: • Be without decent, safe and sanitary housing; • Be unable to obtain a loan from other resources on terms and conditions that they can reasonably be expected to meet; • Agree to occupy the property as their primary residence; • Have the legal capacity to incur a loan obligation; • Meet citizenship or eligi- ble noncitizen requirements; • Not be suspended or debarred from participation in federal programs; Properties financed with direct loan funds must: • Generally be 1,800 square feet or less; • Not have market value in Jim cornelius News Editor Housing affordability has become an increasingly press- ing issue in Sisters Country, where there are few rentals available and purchasing a home seems out of reach for many who work for wages in the region. Some potential homeown- ers may have more options than they realize, through programs such as the USDA Rural Development Section 502 Direct Loan Program. The program is designed to provide a path to homeown- ership for low- and very-low- income families living in rural areas, and families who have no other way to make afford- able homeownership a reality. The program offers pay- ment assistance to increase an applicant’s repayment ability. Payment assistance is a type of subsidy that reduces the mortgage payment for a short time. The amount of assis- tance is determined by the adjusted family income. A number of factors are considered when determining excess of the applicable area loan limit; • Not have in-ground swimming pools; • Not be designed for income-producing activities; Borrowers are required to repay all or a portion of the payment subsidy received over the life of the loan when the title to the property trans- fers or the borrower is no lon- ger living in the dwelling. Applicants must meet income eligibility for a direct loan. What is an eligible area? Generally, rural areas with a population less than 35,000 are eligible. How much can someone borrow? The maximum loan amount an applicant may qualify for will depend on the applicant’s repayment abil- ity. The applicant’s ability to repay a loan considers various factors such as income, debts, assets and the amount of pay- ment assistance applicants may be eligible to receive. Regardless of repayment ability, applicants may never borrow more than the area’s istockPhoto.com/shironosov the dream of home ownership in Sisters country may be obtainable for some with the help of a uSDA rural development loan. loan limits (plus certain costs allowed to be financed) for the county in which the prop- erty is located. What is the interest rate and payback period? • Fixed interest rate based on current market rates at loan approval or loan closing, whichever is lower; • Interest rate when modi- fied by payment assistance can be as low as one percent; • Up to 33-year payback period — 38-year payback period for very low income applicants who can’t afford the 33-year loan term. No down payment is typi- cally required. Applicants with assets higher than the asset limits may be required to use a portion of those assets. For more information on the program and its eligibil- ity requirements, visit http:// www.rd.usda.gov/programs- services/single-family- housing-direct-home-loans. Serving th e Sisters, Camp Sherman and Black Butte Ranch Areas Ponderosa Properties R E A L T O R S 541-549-2002 A N D 1- 800-650-6766 LLC P R O P E R T Y M A N A G E M E N T www. P onderosa P roperties.com 221 S. Ash St., Sisters The Locals’ Choice for Real Estate Sales Kevin R. Dyer 541-480-755 Rad Dyer 541-480-8853 Carol Davis 541-410-1556 Catherine Black 541-588-9219 Ali Mayea 541-480-9658 Shane Lundgren 541-588-9226 Debbie Dyer 541-480-1650 Carrie Koepke 541-419-1575 Desmond Boots 541-977-1125 Greg Davidge 808-281-2676 CRS, GRI, Principal Broker ABR, CCIM, CRB, CRS, GRI, Principal Broker ABR, GRI, Broker CRS, Broker, Realtor Emeritus Broker, GRI, Green Broker GRI, Broker Broker Broker Broker
