Q&A for Borrowers about the Homeowner Affordability
and Stability Plan
Borrowers Who Are Current on Their Mortgage Are Asking:
help is available for borrowers who stay current on their mortgage payment but
have seen their homes decrease in value?
Under the Homeowner Affordability and Stability Plan, eligible borrowers who
stay current on their mortgages but have been unable to refinance to lower
their interest rates because their homes have decreased in value, may now have
the opportunity to refinance into a 30 or 15 year, fixed rate loan.
Through the program, Fannie Mae and Freddie Mac will allow the refinancing of
mortgage loans that they hold in their portfolios or that they placed in
mortgage backed securities.
I owe more than my property is
worth, do I still qualify to refinance under the Homeowner Affordability and
Eligible loans will now include those
where the new first mortgage (including any refinancing costs) will not exceed
105% of the current market value of the property. For example, if your
property is worth $200,000 but you own $210,000 or less you may qualify.
The current value of your property will be determined after you apply to
To read more Q&A, click here.
Current and Upcoming Developments
Homeownership has long been a major part of the American Dream. In Southern
California the high price of real estate has put that dream out of the
reach of many Long Beach residents. The LBHDC mission is to make homeownership
more than just a dream but a reality for as many citizens as humanly
click on map.
The road to homeownership is much smoother when you’re an informed and
educated buyer. The LBHDC realizes the home buying process can be complicated
and confusing especially if it’s your first time. So we’re here to help
take the mystery out of the process with fun and easy-to-understand
The Long Beach Housing Development Company offers a Second Mortgage
Assistance Program for qualified first-time homebuyers.
First Home Mortgage Program for First-Time
Funds are available for
first-time home buyers through the First Home Mortgage Program sponsored by the
Southern California Home Financing Authority (SCHFA). The program makes buying a
home more affordable for qualifying homebuyers by offering a competitive 30-year
fixed rate loan and a grant for down-payment and closing costs assistance. Click
here for more information.
Department of Housing and Urban Development's Neighborhood Stabilization Program
(NSP) provides grants to every state and certain local communities to purchase
foreclosed or abandoned homes at a discount and to rehabilitate, resell, or
redevelop these homes in order to stabilize neighborhoods and stem the decline
of house values of neighboring homes.
For more information, click
Homeownership Preservation and