here is what is available for our residents to
remain members of the Butte County
Community.
First, no matter what your opinions are on
Federal oversight or Federal regulations… they
do have a service to perform. One option the
Federal government provides to our
community comes in the form of Federal
Housing Authority (FHA) Disaster Relief Home
Financing programs for home purchases.
Since the vast majority of home owners who
lost homes in the Camp Fire had home owner’s
insurance, Disaster Relief programs are
typically not needed by them – they have the
assets to utilize conventional/conforming loan
programs. Seeing the insurance payouts
being paid, devastated home owners who
have lost their home and life’s belongings will
nonetheless be financially able to recover. The
renting population of Paradise are the ones
that can really benefit with this program. If a
renter’s home was impacted by the Camp Fire,
these federal loan programs make it easier to
obtain home purchase financing with 0%
down payment options and some forms of
credit history relief. Reach out to your
Mortgage Advisors/Brokers and obtain
guidance. There are creative housing options
that can make sense. Numbers will tell you the
story of your options. You should receive
guidance and options that will at the least
provide you with a roadmap to fulfilling your
housing needs. These home purchase plans
and programs may be the best option to
remain in Butte County since the rental
vacancy rate is as close to zero as it can be.
Another segment of the population that has
been terribly impacted are the senior citizens
of Paradise. Many were long standing home
owners, many with homes paid off or close to
it. Paradise was a utopia for the senior
community in many ways. The beauty of the
environment, the more ‘temperate’ climate
and access to outdoor recreation, cultural, and
restaurant options within a close drive were
frosting on the cake. So many of them lived ‘on
the hill’ for a long time. Now their homes have
been lost and the direction for the future, once
a given, is now uncertain. There are loan
programs available for Seniors (age 62+) that
provide the option to stay close to Paradise
and Butte County while rebuilding or
relocating. These purchase programs provide
the option of access to homes of greater
market value then what was lost without
increasing the monthly housing expenses.
They fit well with retired folks fixed income life
styles. Numbers will tell the story. These are
Federal programs with no mortgage payment
requirements. This is because of the Federally
insured loan programs associated with them.
Seniors need to contact a trusted Mortgage
Broker / Mortgage Advisor for further
guidance. So many seniors who have taken
advantage of this program are incredibly
thankful that it was available. It is truly a life
altering option that can enhance the options
seniors have for their future lifestyles. If you
lost a home in the Camp Fire and you want to
stay in Butte County, make sure to investigate
this option.
So we have discussed renters and we have
discussed seniors and we have discussed
those with ample home owners insurance
payouts. There are good options available for
all of these folks. Something to keep in mind
is that even if you don’t fit any of these
profiles, you should talk to a Mortgage
professional to discover your options. The
thing about mortgage home financing is that it
is a very personally viewed profile strictly
based on financial parameters. In lending, all
are treated equally, all are viewed through
their financial profile. Now is the time to visit
with your Mortgage Professional and discuss
where your financial profile stands today, what
are the options available to you as they pertain
to home ownership, and if you are not there
today to purchase a home – what is the road
map to get there. Home ownership in
California is one of the prudent leveraged
investments a person can make to build their
future financial security. If you understand that
sentence, continue your thought process with
a mortgage professional. If you are uncertain
of what all that means, talk to your mortgage
advisor. Mortgage advisors/brokers in the
truest sense are here to educate you on your
options for home ownership. Take advantage
of their expertise.
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