Dec 10, 2008
Home Owners Down Payment Assistance Program (HOAP) for CORONA RESIDENTS
“HOAP Now, offering working families the opportunity to buy a home in Corona.”
The Redevelopment Agency of the City of Corona is offering qualified first time home buyers down payment assistance through the Home Owner Assistance Program, HOAP Now. Qualifying moderate-income households can receive up to $75,000 in down payment and closing costs assistance to purchase a home in the City of Corona.
HOAP Now offers this assistance via a 30-year second trust deed loan with a zero percent interest rate and no monthly payments, commonly referred to as a Silent Second. There is also an equity share provision that expires after seven years. Through this program, qualified first time buyers will be able to make larger down payments thereby facilitating their qualification for a first mortgage.
Dec 10, 2008
Mortgage applications decreased last week from the previous week’s frenzied pace, but business remained brisk in response to low rates.
The surge in mortgage applications began early Thanksgiving week, shortly after the Federal Reserve announced it would purchase up to $100 billion in direct debt of Fannie Mae, Freddie Mac, and the Federal Home Loan Banks, along with up to $500 billion of mortgage-backed securities backed by Fannie, Freddie, and Ginnie Mae.
Last week, mortgage application volume decreased 7.1 percent to 796.8 from 857.7 the previous week on an adjusted basis, according to the Mortgage Bankers Association survey.
On an unadjusted basis, the index increased 32.7 percent from the previous week and was up 2.2 percent compared with the same week a year ago.
Most of the increase was in applications to refinance with the refinance share of mortgage activity rising to 73.7 percent.
Mortgage rates continued to decline from the previous week:
- 30-year fixed-rate mortgages decreased to 5.45 percent from 5.47 percent
- 15-year fixed-rate mortgages decreased to 5.09 percent from 5.13 percent
- 1-year ARMs increased to 6.76 percent from 6.61 percent
Source: Mortgage Bankers Association (12/10/2008)
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