JUNE 2016

KeepYourHomeCalifornia | Newsletter

Income Limits Updated

Earlier this month, the Keep Your Home California Income Limits were updated to reflect changes in the Area Median Income for multiple counties. In all, there were twenty six (26) counties that saw their household income limit increase and no counties that experienced a decrease.

Keep Your Home California is designed for low and moderate income homeowners. In order to qualify for assistance, applicants' household income must be below the program income limits for the county in which they live. With the recent increases, there may be homeowners who previously did not qualify for assistance who now qualify.

Following are the twenty six counties where the income limits were increased: Alameda, Butte, Colusa, Contra Costa, Del Norte, Fresno, Glenn, Humboldt, Imperial, Inyo, Kern, Kings, Lake, Madera, Marin, Mariposa, Merced, Modoc, San Francisco, San Mateo, Santa Barbara, Santa Clara, Siskiyou, Tehama, Trinity, and Tulare.

It's A Great Time To Be A Homeowner!

As we celebrate National Homeownership Month in June, we wanted to share some recent information showing why now is a good time to be - or become - a homeowner. Don't just take our word for it; please see the following list:

The California Housing Finance Agency (CalHFA) provides various programs in support of homeownership, including low interest rate home financing for low to moderate income homebuyers in California, as well as down payment and closing cost assistance. CalHFA is also providing free homebuyer education this month.

Buying looks increasingly attractive as both rents and home values tick up, according to Zillow's report on Q1 2016.

Homeowners are thriving while renters are struggling, according to a recent Associated Press article. Growing equity and reduced mortgage rates make it a good time for homeowners, but surging costs, stagnant pay and rising home values make things tough on renters.

California's median home price increased 6.3% to almost $519,000 in May, compared to a year ago, according to the California Association of Realtors.

Mortgage rates are at their cheapest levels since 3 years ago, according to The Mortgage Reports. With mortgage rates down, home buyers -- especially first-time home buyers -- are finding themselves able to purchase "larger" homes; and, more than seven million U.S. households are now potentially eligible to refinance.

Median rent has increased 24% in California since 2000 while median renter household income has declined 7%, when adjusted for inflation, according to California Housing Partnership Corporation's recent report by Chris Maxwell. California renters need to earn 3.6 times state minimum wage to afford the average monthly asking rent of $1,889.

Earlier this month, the USDA highlighted how they continue to help people buy homes in rural areas. USDA's Guaranteed Loan program, for instance, increases access to mortgage financing in rural communities by offering approved lenders a 90 percent loan guarantee to offset their risk if a borrower defaults and recently announced changes make it faster and cheaper for rural homeowners with USDA-backed mortgages to refinance their loans and save money with a lower interest rate.

Of course, if you or someone you know are struggling with mortgage payments, Keep Your Home California can help you remain in your home. And if you are thinking about buying a home, the California Housing Finance Agency can help you achieve your dream of homeownership.

Call Center Closed on Independence Day

In observance of Independence Day, the Keep Your Home California call center will be closed Monday, July 4. We hope everyone has a happy and safe celebration of our nation's birthday. You can find a complete list of the dates the call center is closed on our Before You Call webpage.

Funding

(as of June 23, 2016)

Programs	Homeowners Assisted	Total Amount Distributed
Unemployment Mortgage Assistance	42,486	$679,663,536.71
Principal Reduction Program	8,960	$545,255,572.81
Mortgage Reinstatement Assistance Program	11,209	$165,053,559.60
Reverse Mortgage Assistance Pilot Program	387	$4,641,169.42
Transition Assistance Program	984	$3,497,027.11
Total Program Funds Allocated	64,026	$1,398,110,865.65

Recent Blog Post:

Celebrating Homeownership Month by Saving Homeowners

June is Homeownership Month, when federal and state agencies, lenders and real estate agents educate and encourage home-shoppers to become homeowners.

Homeownership is critical for building strong communities, creating jobs, energizing the economy - and is often a good investment for homeowners over time.

Keep Your Home California was established as a result of the Great Recession. The goal was to help neighborhoods, communities, the economy and, of course, homeowners by providing mortgage payment assistance to people who suffered financial hardships in order to keep them in their homes.

Success Story: Charles & Kathleen C.

San Francisco couple can enjoy their dream home and give back to their community with help from Keep Your Home California and BALANCE

Homeowners Charles and Kathleen C. are always glad to share their love story, not only for each other, but also for their church, their family and friends, their neighborhood, - and their dream home.

Their house has scenic views of the San Francisco Bay, downtown, Mt. Diablo, and nautical activity on the Bay, along with views of the East Bay Shoreline and Hills. Their home is within walking distance of Candlestick State Park.

"It's a perfect, medium-size house for us, with wonderful neighbors," says Kathleen, as the couple takes turns talking.

Monthly Question & Answer

Q: What does Keep Your Home California consider "cash out" from a refinance or sale?

A: Keep Your Home California defines "cash out" as, when you receive more than 1% of your new loan amount in cash after you refinance. Also, if you receive sufficient cash after the sale of your property to pay off the Keep Your Home California lien, this would be considered cash out. If you finance the costs associated with a first mortgage refinance, Keep Your Home California would not consider these refinanced expenses as cash out for purposes of loan repayment.

See more frequently asked questions

Water Saving Tips

Water early in the morning or later in the evening when temperatures are cooler. Save: 25 gallons/each time you water.

For more tips on what you can do to save water, please visit the Save Our Water website.

Dollar Assistance Provided to Date
by County

(as of June 20, 2016)

View Most Recent Servicer Scorecard

To see all Servicer Scorecards, please visit the Participating Servicers webpage.

Upcoming Events

June 25, 2016
8:30am - 5:30pm
Homebuyer Education Workshop
Ventura, CA

June 25, 2016
11:00am - 2:00pm
SF Housing Expo and Resource Fair
San Francisco, CA

June 25, 2016
11:00am - 1:00pm
Homeownership Fair
Los Angeles, CA

July 9, 2016
8:30am - 4:30pm
Homebuyer Education Workshop
Oxnard, CA

July 23, 2016
8:00am - 2:00pm
Special Event for Ocwen Customers
San Bernardino, CA

July 23, 2016
9:00am - 3:00pm
KYHC Workshop
Westminster, CA

July 23, 2016
8:30am - 5:30pm
Homebuyer Education Workshop
Ventura, CA

July 23, 2016
9:30am - 2:00pm
2016 Annual Community Health Fair
Sacramento, CA

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