Contact   |   Site Map  
Loan Preservation Assistance (LPA) Program (Property Tax) Questionnaire 

 

Question (1 of 17)
  • Do you currently have a mortgage on your home?

       
  • Is your home owner-occupied and your primary residence?

    To be eligible for the Reverse Mortgage Benefit, homeowners must currently live in their homes. It is acceptable to have renters within the home, but the homeowners must currently reside in the home.

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

    To be eligible for the Property Tax Benefit, your home must be a one-unit, single-family residence. Condominiums and townhouses are eligible and multi-family residences with 2-4 units are eligible, as long as one of the units is owner occupied. Manufactured homes are eligible if they are de-titled, permanently affixed to the real property that is secured by the first lien.

       
  • Do you own any other residential real property?

    To be eligible for the Property Tax Benefit, homeowners may not own any other residential real property. This includes vacation homes or rentals. Timeshares or vacant lands are not considered to be other residential real property.

       
  • What is the approximate value of your home?

    The Property Tax Benefit 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.

       
  • 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 Property Tax Benefit 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 Property Tax Benefit your income for the current year cannot exceed 140% of state median income based on the number of people living in your home.

  • Did you received monthly mortgage payment assistance from OHSI?

       
  • Did you receive a one-time payment under the Loan Preservation Assistance program previously?

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

    The Property Tax Benefit 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 property tax expense to gross monthly income ratio less than or equal to 45%?

    Property tax expense ratio is the ratio of the total monthly property tax (total annual property tax divided by 12) to the total monthly gross income (before tax).

    Example: An applicant has a monthly tax amount of $200 ($2,400 annual amount divided by 12 months = $200) and has a total monthly gross income equal to $1,000. The “property-tax-to-income” ratio would be 20% ($200 / $1,000 = .2, or 20%).

       
  • - Based on your responses, you may be eligible for the Property Tax Benefit. 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 their property tax payments moving forward. A sustainable payment is defined as “property tax-to-income” ratio at or below 45%.

     

    - based on the answers you provided to this assessment, you may not be eligible for the Property Tax Benefit. You may still apply for the program, or contact OHSI customer service at 503-986-2025 with questions about the program’s eligibility criteria.

  •    
  •    |   
  • Copyright © 2017 OHSI
  •    |   
  •    
  •