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Jump to Topic:
Larimer Home Improvment Program
Post Purchase Issues
Foreclosure Provention Option
Options Involving Leaving Your Home
First Time Home Buyer Tax Credit
Larimer Home Ownership Program (Lahop)
Helping Families Realize Their Dream of Home Ownership
Funding for properties purchased in the Loveland City Limits is very limited check with program manager for availability. LOTS of funding available for properties in the county.
To determine if the property you are looking at is in city limits or in the county go to the Larimer County Accessors web page. Put the property address in, it will bring up a screen with the tax district number click on that number highlighted in blue and it will bring up a screen that tells you whether it's in the county or city.
The Larimer Home Ownership Program is administered by the Housing Authority of the City of Loveland and offers down payment and closing cost assistance to low and moderate income families purchasing their first home. Families may not earn more than 80% of the area median income see chart .
This program is funded mainly with federal, state and county dollars. And because of that we are able to offer lower interest rates and more flexible terms then a traditional lender. The Maximum loan amount is $10,000 with an interest rate of 2% as of July 1, 2007. The only exception to that is for applicants earning 50% or less of the area median income. Generally, the loan term is 10 years. There is flexibility to do deferred payments in some cases for folks earning 50% or below the area median income when funds are available, call to check availability. In some case's LHOP funds can be used to cover closing costs for refinancing your first mortgage, call for details.
This program can be used by qualified buyer, purchasing a home in Larimer County including the City limits of Loveland, Wellington, and Berthoud as well as all the out lying county areas. The home value may not exceed the current FHA limit. Funds will not be reserved until you have a home under contract and a first mortgage loan approval. The City of Fort Collins has its own program if you are purchasing with in the city limits of Fort Collins please contact Julie Smith at 970-221-6595 or visit there website at http://www.fcgov.com/affordablehousing/hba.php
The application process is very simple you can down load the application from the website (Application/Forms), or call 970-635-5931 to have one mailed, faxed or email to you. Fill it out and provide; proof of income, family size and pre-qualification information from your lender. Along with a $60 application fee to the Larimer Home Ownership Program located at 375 W. 37 th Street, Suite 200, Loveland, CO 80538. We will let you know in less than a week in most cases if you qualify. As a requirement of the program you must attend a first time home buyer training class provided by Neighbor to Neighbor (970-484-7498) prior to your closing. For additional classes offered throughout the state, go to the CHFA Website to download a course schedule.
No. of People in Household |
Income Limit |
1 |
$42,000 |
2 |
$48,000 |
3 |
$54,000 |
4 |
$60,000 |
5 |
$64,800 |
6 |
$69,600 |
7 |
$74,400 |
8 |
$79,200 |
If You Are Having Difficulty Making Your Mortgage Payments
Getting behind in mortgage payments can seem overwhelming. It is important to get a good support system or help in making choices. Don't make this decision alone! Here are some things to think about to help improve the situation:
· Call your lender to negotiate arrangements to avoid further delinquency
· Read all your mail from your lender to make sure you understand the situation
· Contact your local HUD-approved counseling agency to discuss all your options
Your local HUD-approved counseling agencies in Larimer County are:
1. Neighbor to Neighbor provides housing counseling concerning home ownership, reverse mortgages and foreclosure prevention |
2. Consumer Credit Counseling provides assistance on avoiding foreclosure, reverse mortgages and credit assistance. |
Foreclosure Prevention Options
If you have been served with a foreclosure notice or have become two months behind on your mortgage payments, here are some things to keep in mind: Foreclosure on your home is always the worst possible resolution of a mortgage problem and it doesn't have to happen. Even if you have been served with a foreclosure notice, there is still time for you to "cure" the foreclosure and reinstate your loan. Your housing counselor can help you to explore ways to do this including:
1. Applying for a special second mortgage loan
2. Selling assets (car, boat or the house itself)
3. Cashing in retirement accounts (hardship withdrawal)
4. Asking for help from family and friends
You should contact your mortgage lender as soon as possible to see if the lender would accept a plan for you to "catch up" on your payments over a period of months. Your lender may also be able to provide a temporary reduction or suspension of your payments if you have had a family emergency or a loss of income. You may also want to work with your lender to refinance your loan to something you can afford, including a temporary "interest only" loan. If you have an FHA loan, your lender is generally required to accept payments of at least half of the total amount due unless you are more than four full payments behind in payments. Declaring a Chapter 7 or 13 bankruptcy could delay a foreclosure action, but has serious consequences for your credit. This is something you must talk to an attorney about before you proceed.
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Options Involving Leaving Your Home
Foreclosure. This legal action results in the public sale of your property which will cause you to lose any equity (cash value) your home may have. You may also face a deficiency judgment for other debts from a second mortgage or other liens after the sale. This should be a last resort and you need to do everything you can to avoid foreclosure. This also causes very serious problems in your ability to get credit for up to seven years.
Selling Your Home. You may sell the home any time before it is auctioned in a foreclosure action and up to 75 days after the sale during the "redemption" period. You need to seek the help of a realtor to make sure your house is sold at the best price within the time limit.
FHA Pre-foreclosure Sale. If you have an FHA loan, please contact your lender to see if this program is right for you.
Short Sale. Even if you need to take a loss to sell your property, your lender may be willing to accept a loss (short pay) to make up for the insufficient market sales price. Have your realtor contact the lender to see if this is an option.
Deed in Lieu of Foreclosure. This is when you sign your property over to the lender to fully satisfy the debt. You will lose your home, but you will not face foreclosure.
Cash for Keys. If you are unable to sell your home during the redemption period after a foreclosure has taken place and you are about to be evicted, your lender may simply allow you to hand the keys over to the mortgage company without the embarrassment of a legal eviction.
TO UNDERSTAND MORE about foreclosures and Colorado Law, contact your housing counseling agency, mortgage lender, attorney or visit The Colorado Housing Counseling Coalition.
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