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Loan Preservation Assistance (LPA) Program (First Lien) Questionnaire 

 

Question (1 of 17)
  • The following questionnaire will help you to determine your eligibility for the Loan Preservation Assistance Program. This is not an application to the program.

    You can fill out the online application by clicking “Apply” at the end of the questionnaire. For any questions about the program’s eligibility criteria, you can contact OHSI customer service at 503-986-2025 or homeowner.help@oregon.gov.

    Do you currently have a mortgage on your home?

    If you are a renter or a homeowner without a mortgage, you are not eligible for the Loan Preservation Assistance Program.

       
  • Is your home your primary residence?

    To be eligible for the Loan Preservation Assistance program, homeowners must currently live in their homes. It is acceptable to have renters within the home, but the homeowners must also currently reside in the home.

       
  • Is your home a one-unit, single-family residence?

    To be eligible for the Loan Preservation Assistance program, properties must be one-unit, single-family residences. Condominiums and townhouses are eligible. Manufactured homes are eligible if they are de-titled and permanently affixed to the real property that is secured by the first lien.

       
  • Is your first mortgage a home equity line of credit (HELOC)?

    To be eligible for Loan Preservation Assistance, your first mortgage cannot be a home equity line of credit.

       
  • Did you purchase your home through a private land sale contract or an individual private party?

    These loans are ineligible for benefits.

       
  • Do you own any other residential real property?

    To be eligible for the Loan Preservation Assistance Program, homeowners may not own any other residential real property. This includes vacation homes or rentals. Timeshares and vacant land are not considered to be other residential real property.

       
  • What is the approximate value of your home?

    The LPA program requires property valuation not to exceed $625,000

       

  • Are you currently in active bankruptcy?

    Homeowners who have previously received a court order of “dismissal” or “discharge” are eligible to participate.

    Homeowners who are in active bankruptcy are not eligible for the LPA Program.

       
  • Have you been convicted of: (A) felony larceny, theft, fraud or forgery (B) money laundering (C) tax evasion in connection with a mortgage or real estate transaction within the last 10 years?

    Funding for OHSI and the LPA program comes from the Troubled Asset Relief Program (TARP), and is subject to the Dodd-Frank Act >>, which prohibits applicants with certain types of felonies from receiving assistance.

       
  • (a) How many people live in your home? Select number of persons in household

    To be eligible for the Loan Preservation Assistance program, your income for the current year cannot exceed 140% of state median income based on the number of people living in your home.

    (b) Do you expect that your income for this year will be less than $?

       
  • Have you received monthly mortgage payment assistance from OHSI?

    If you have received a reinstatement benefit under a Mortgage Payment Assistance program, your maximum eligible benefit is reduced by the previous benefit received. $40,000 – Previous benefit = Total benefit available.

    If you are unsure whether you received a reinstatement benefit under a Mortgage Payment Assistance program, contact OHSI customer service at 503-986-2025.

       

    Have you received a reinstatement benefit (payment for arrearages) under a Mortgage Payment Assistance program?

       
  • Have you received a one-time payment under the Loan Preservation Assistance Program?

    If you have received a benefit under the LPA program, your maximum eligible benefit is reduced by the previous benefit received. $40,000 – Previous benefit = Total benefit available.

       
  • Have you experienced a hardship that has resulted in the inability to pay your current mortgage or property taxes?

    The LPA Program is specifically designed to support homeowners that have recovered from a financial hardship. A typical hardship is a reduction in household income due to unemployment, underemployment, reduced pay or hours, decline in business earnings, death, disability, or divorce.

       
  • Is your gross monthly income to housing expense (principal, interest, taxes, insurance and association fees (if applicable) ratio less than or equal to 45%?

    Housing expense ratio is the ratio of the total monthly mortgage payment (principal, interest, taxes insurance and association fees to the total monthly gross (before tax) income. For example: An applicant has a total monthly mortgage payment of $600 and has a total monthly gross income equal to $2,000 making the housing expense ratio 30%. That is $600 divided by $2,000 x 100% = 30%.

       
  • Is your county accepting applications in this cycle?

    The Reverse Mortgage Program is only available to homeowners in select Counties. Please review the Availability Schedule to determine if you county is accepting applications. Application may only be submitted in counties which are open.

       
  • - Based on your responses, you may be eligible for the Loan Preservation Assistance Program. Your actual income and other factors will be evaluated after your completed application and supporting documentation have been submitted.

    Applicants will need to demonstrate their ability to sustain monthly payments moving forward. A sustainable payment is defined as a “housing-expense-to-income” ratio at or above 45%.

    To begin an application, click on the “Apply” button below.

     

    - Based on your responses, you may not be eligible for the Loan Preservation Assistance Program. You can still apply for the program, or you can contact OHSI customer service at 503-986-2025 with questions about the program’s eligibility criteria.

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