Helping to make buying a home more affordable

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Helping to make buying a home more affordable"

Transcription

1 Helping to make buying a home more affordable

2 What we ll cover 1. Are you ready to be a homeowner? 2. Overview of programs to help make buying a home more affordable 3. Types of programs available to you 4. Homebuyer programs in action 5. What s next? 2

3 Are you ready to be a homeowner?

4 Let s find out! Ask yourself: - Can I afford to buy a home? - Do I have room to adjust my budget to allow flexibility? - If I bought a home, would I still be able to put money into savings? Determine how much you can comfortably afford to borrow To buy a home you will need: - Good credit - Employment and verifiable income - Money for upfront costs: Down payment - 3.5% to 20% of the purchase price Closing costs - 3% to 7% of the loan amount Please watch our "Preparing for homeownership" webinar for more details or download the summary here 4

5 Overview of programs to help make buying a home more affordable

6 Overview of affordable housing programs Bank of America participates in many programs that could help make home ownership more affordable. These programs are created and offered by state and local housing agencies, nonprofit organizations and employers. Together with an eligible loan, these programs can offer: - Cash to help you at closing - A reduced price in your property - Monthly payment assistance 6 Eligibility for these programs may depend on: - Your income - The location of the house you are buying - The price of the home - Being a first-time homebuyer

7 Types of programs available to you

8 Cash to help homebuyers at closing Down Payment Assistance Programs (DAPs) Down payment assistance programs are offered by government agencies and nonprofit organizations - They can be combined with most first mortgage loan types to help make buying a home more affordable Most programs have specific eligibility requirements, including income limits, purchase price limits, first-time homebuyer requirements and/or location restrictions Eligible borrowers sign a note or security document creating a second loan; the note explains the terms of repayment Second loan payments are usually deferred or forgiven, * giving borrowers more purchasing power since no immediate payment is required *Potential tax implications, consult your tax adviser. 8

9 Cash to help homebuyers at closing Grants Offered by government agencies and nonprofit organizations, and available for most first mortgage loan types Grants may be used for a portion of the borrower's down payment and/or closing costs There is no second loan created; repayment is not required 9

10 Cash to help homebuyers at closing Employer Assisted Housing (EAH) Programs Employers can provide their employees with down payment and closing cost funds. - These programs may be offered in the form of a second loan or a grant EAH programs are available with most first mortgage loan types EAH programs do not usually have income limits, purchase-price limits or first-time homebuyer requirements, but generally offer favorable terms, such as reduced interest rates or flexible repayment terms 10

11 Reduce the sale price of the property Deed Restrictions State or local government agencies may require builders to set aside a certain percentage of a new housing development as affordable housing units for modest income borrowers The affordability is secured by a Deed Restriction (also known as inclusionary zoning) Deed Restrictions limit the sales price of affordable homes, usually calculated to allow families at a specific percentage of area median income to qualify For all Deed Restriction programs, the calculation of the loan to value follows first mortgage guidelines, the lower of the sale price or appraised value Most Deed Restrictions include a resale price restriction and/or first right to purchase for the agency 11

12 Monthly payment assistance Mortgage Credit Certificate (MCC) Housing Agencies may issue Mortgage Credit Certificates (MCCs) to eligible homebuyers in their area, which permits eligible borrowers to claim a direct credit of a portion of mortgage interest paid each year borrowers can use this credit against their tax liability, which reduces their federal income taxes and frees up more funds to qualify The MCCs are issued directly by the agency to the borrower, MCCs are not issued by lenders The tax benefit is used as income when calculating ratios Most programs have specific eligibility requirements, including income limits, purchase price limits, first-time homebuyer requirements and/or location restrictions 12

13 13 Monthly payment assistance Section 8 Housing Choice Voucher Programs Known as Housing Choice Vouchers, this program is offered by Public Housing Authorities Existing Section 8 Rental Assistance recipients may have an opportunity to convert rental assistance to mortgage payment assistance The monthly mortgage payment assistance is used as additional income to help borrowers qualify for a first mortgage Section 8 Programs may be combined with most first mortgage loan types Most programs have specific eligibility requirements, including income limits, purchase price limits, first-time homebuyer requirements and/or location restrictions

14 Homebuyer programs in action

15 Example of how a homebuyer program can help you Kristina, a first-time homebuyer with modest income, is interested in purchasing a new home. 15

16 Example of how a homebuyer program can help you Kristina, a first-time homebuyer with modest income, is interested in purchasing a new home. Sale price: $174,000 16

17 Example of how a homebuyer program can help you Kristina, a first-time homebuyer with modest income, is interested in purchasing a new home. Sale price: $174,000 To help qualify for a mortgage loan, Kristina needs: Steady income Good credit Cash for down payment Cash for closing costs 17

18 Example of how a homebuyer program can help you Kristina, a first-time homebuyer with modest income, is interested in purchasing a new home. Sale price: $174,000 To help qualify for a mortgage loan, Kristina needs: Steady income Good credit Cash for down payment Cash for closing costs Kristina currently has: $49,000 steady annual income Good credit $5,220 in savings for closing costs 18

19 Example of how a homebuyer program can help you Kristina, a first-time homebuyer with modest income, is interested in purchasing a new home. Sale price: $174,000 To help qualify for a mortgage loan, Kristina needs: Steady income Good credit Cash for down payment Cash for closing costs Kristina currently has: $49,000 steady annual income Good credit $5,220 in savings for closing costs She does not have enough money for a down payment. Her lender is requiring 3.5% of the purchase price or $6,090 as down payment for an FHA loan. Note: This scenario is for example purposes only. Some lenders may have additional requirements. 19

20 Example of how a homebuyer program can help you Kristina might be ready to buy a new home sooner than she thinks. After confirming she has met all qualifications, Kristina is able to use a down payment program to provide her entire down payment on an FHA loan. 20

21 Example of how a homebuyer program can help you Kristina might be ready to buy a new home sooner than she thinks. After confirming she has met all qualifications, Kristina is able to use a down payment program to provide her entire down payment on an FHA loan. $167,910 loan from lender 21

22 Example of how a homebuyer program can help you Kristina might be ready to buy a new home sooner than she thinks. After confirming she has met all qualifications, Kristina is able to use a down payment program to provide her entire down payment on an FHA loan. $167,910 loan from lender $6,090 down payment assistance from nonprofit 22

23 Example of how a homebuyer program can help you Kristina might be ready to buy a new home sooner than she thinks. After confirming she has met all qualifications, Kristina is able to use a down payment program to provide her entire down payment on an FHA loan. $167,910 loan from lender * $6,090 down payment assistance from nonprofit $174,000 to purchase her new home *Upfront mortgage insurance (UFMIP) is required, 1.75% of the loan amount, to be paid at closing or financed into the loan amount. 23

24 What s next?

25 What to do next To learn about programs that can help with your down payment and closing costs, get in touch with a Bank of America mortgage specialist. Ask a mortgage specialist or housing agency about a program s eligibility guidelines and requirements: - Is homebuyer education required? - Is this program for first-time homebuyers only? - Are there income limitations? - Is there a purchase-price limit? - Are there location restrictions? 25

26 Resources Find a Nonprofit Housing Counseling Agency at HUD.gov; on the site select Resources, then select HUD Approved Housing Counseling Agencies Watch our consumer education webinar replays by clicking the "previous webinars" tab on bankofamerica.com/webinars - To learn more about homeownership, watch our "Preparing for Homeownership" webinar - To learn more about budgeting, watch our "How to prepare a budget and stick to it" webinar - To learn more about credit, watch our "Understanding and managing credit" webinar Online resources - Home Loan Guide at bankofamerica.com/homeloaneducation - Better Money Habits at bettermoneyhabits.com Have more questions about what you learned today? us at To find an experienced mortgage specialist: - Call us at Visit mortgage.bankofamerica.com 26

27 27 Questions?

28 Thank you We appreciate you joining us today. Please take a moment to complete our survey. Down payment and/or closing cost assistance programs may not be available in your area. Down payment and/or closing cost assistance amount may be due upon sale, refinance, transfer, or repayment of the loan, or if the senior mortgage is assumed during the term of the loan. Some programs require repayment with interest, and borrowers should become fully informed prior to closing. Not all applicants will qualify. Minimum credit scores may apply. Sales price restrictions and income requirements may apply. Homebuyer education may be required. Owner-occupied properties only. Maximum loan amounts may apply. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. Bank of America, N.A. Member FDIC. Equal Housing Lender 2014 Bank of America Corporation. All rights reserved ART9DX55 PRES

Preparing for homeownership

Preparing for homeownership Preparing for homeownership What we ll cover 1. Getting ready for homeownership 2. Mortgage basics 3. What you need to buy a home 4. Finding the right home 5. Resources 2 Getting ready for homeownership

More information

FINANCE HELPLINE PRESENTS: ALTERNATIVE FINANCING OVERCOMING LAST MINUTE HURDLES finance.car.org (213) 739-8383 financehelpline@car.

FINANCE HELPLINE PRESENTS: ALTERNATIVE FINANCING OVERCOMING LAST MINUTE HURDLES finance.car.org (213) 739-8383 financehelpline@car. FINANCE HELPLINE PRESENTS: ALTERNATIVE FINANCING OVERCOMING LAST MINUTE HURDLES finance.car.org (213) 739-8383 financehelpline@car.org Thank you for joining the Webinar! Your phone will be muted, as there

More information

Renovate your home your way. The FHA 203(k) Renovation Loan

Renovate your home your way. The FHA 203(k) Renovation Loan Renovate your home your way The FHA 203(k) Renovation Loan Agenda What is an FHA 203(k) Renovation Loan? Advantages of an FHA 203(k) Renovation Loan FHA 203(k) Renovation Loan: Standard vs. Streamline

More information

Understanding and managing your credit

Understanding and managing your credit Understanding and managing your credit Overview Understanding how credit works and how it affects your chances of getting approved for a loan is important. In this presentation, you ll learn helpful ways

More information

Lake County Homebuyer Programs Lender Guidelines as of 1/22/2014

Lake County Homebuyer Programs Lender Guidelines as of 1/22/2014 Lake County Homebuyer Programs Lender Guidelines as of 1/22/2014 ABOUT THE AFFORDABLE HOUSING CORPORATION OF LAKE COUNTY AHC is a nonprofit agency that increases and preserves affordable housing opportunities

More information

STEPS AFFORDABLE HOME LOAN TO GETTING AN. www.idahohousing.com

STEPS AFFORDABLE HOME LOAN TO GETTING AN. www.idahohousing.com 5 STEPS TO GETTING AN AFFORDABLE HOME LOAN www.idahohousing.com 1 Check your eligibility for a home loan at www.idahohousing.com. Visit www.idahohousing.com or call 866.432.4066 to check your eligibility

More information

ReNew Grant Guidelines

ReNew Grant Guidelines Brooklyn Center ReNew Buyer Incentive Program Greater Metropolitan Housing Corporation Program Summary The Economic Development Authority (EDA) of Brooklyn Center, Minnesota (EDA) has partnered with the

More information

Home Buying Seminar. A presentation by The Summit Federal Credit Union

Home Buying Seminar. A presentation by The Summit Federal Credit Union Summit Branches are located in Rochester (7), Seneca Falls (1), Buffalo (3), Syracuse (5) and Cortland (2) Home Buying Seminar A presentation by The Summit Federal Credit Union What We Will Cover Today

More information

FHA Home Loans 101 An Easy Reference Guide

FHA Home Loans 101 An Easy Reference Guide FHA Home Loans 101 An Easy Reference Guide Updated for loans on or after January 26, 2015 Congratulations on Starting Your Journey to Home Ownership This guide offers a quick look at vital information

More information

Home Financing Guide

Home Financing Guide Home Financing Guide Table of Contents Is Home Ownership Right for You? 1 Basics about Your Mortgage Options 2 Conventional or High Ratio Mortgage 3 Options for a Down Payment 3 Understanding Amortization

More information

How to prepare a budget and stick to it

How to prepare a budget and stick to it How to prepare a budget and stick to it Agenda Having control over your money is important, both for your financial well-being and for your peace of mind. In this presentation, you'll learn about preparing

More information

USDA Home Loans. USDA Income Limitations. What is a USDA Home Loan?

USDA Home Loans. USDA Income Limitations. What is a USDA Home Loan? USDA Home Loans What is a USDA Home Loan? USDA Home Loans provide up to 100% financing for a home purchase or refinance. These loans are guaranteed by the USDA and are serviced by direct lenders that meet

More information

HOME BUYING MADE EASY. Live the dream of owning your own home.

HOME BUYING MADE EASY. Live the dream of owning your own home. HOME BUYING MADE EASY Live the dream of owning your own home. HOME buying Made Easy PNC, PNC AgentView and Home Insight are registered service marks of The PNC Financial Services Group, Inc. ( PNC ). PNC

More information

HOME BUYING MADE EASY. Know what you need to get it right.

HOME BUYING MADE EASY. Know what you need to get it right. HOME BUYING MADE EASY Know what you need to get it right. HOME BUYING MADE EASY PNC, PNC AgentView and Home Insight are registered service marks of The PNC Financial Services Group, Inc. ( PNC ). PNC has

More information

Red Wing Housing and Redevelopment Authority Homebuyer Assistance Program

Red Wing Housing and Redevelopment Authority Homebuyer Assistance Program RED WING HOUSING & REDEVELOPMENT AUTHORITY 428 WEST FIFTH STREET, RED WING, MN 55066 TE L E P H O N E (651) 388-7571 FAX (651) 385-0551 TDD/TTY 711 W W W.RE D W I N G H R A.ORG Red Wing Housing and Redevelopment

More information

HOME BUYING MADE EASY. Live the dream of owning your own home.

HOME BUYING MADE EASY. Live the dream of owning your own home. HOME BUYING MADE EASY Live the dream of owning your own home. sm Getting started For most of us, buying our first home is a dream come true. It s also a lengthy process where potential and sometimes very

More information

Owning a Co-op 10 questions to ask before you buy

Owning a Co-op 10 questions to ask before you buy Owning a Co-op 10 questions to ask before you buy So you want to own a Co-Op! If you re a first-time homebuyer, this is probably one of the biggest financial decisions you have ever made. As rents escalate

More information

Down Payment & Closing Cost Assistance Programs & Primary Mortgage Lender Guidelines

Down Payment & Closing Cost Assistance Programs & Primary Mortgage Lender Guidelines 437 S. Jackson St. Green Bay, WI 54301 920-448-3075 www.nwgreenbay.org Down Payment & Closing Cost Assistance Programs & Primary Mortgage Lender Guidelines Housing Counselors: Jeff Van Rens Belinda Pynenberg

More information

Faculty and Staff Home Buyer s Guide

Faculty and Staff Home Buyer s Guide Faculty and Staff Home Buyer s Guide Table of contents Welcome Welcome Should I buy or rent? Renting vs. Buying Comparison Pre-approval Process Mortgage Programs 3 4 5 6 7 The University Housing & Relocation

More information

Welcome. 1. Agenda. 2. Ground Rules. 3. Introductions. Your Own Home 2

Welcome. 1. Agenda. 2. Ground Rules. 3. Introductions. Your Own Home 2 Your Own Home Welcome 1. Agenda 2. Ground Rules 3. Introductions Your Own Home 2 Objectives If you are a pre-homebuyer: Explain the advantages and disadvantages of renting versus owning a home Identify

More information

Home Buying Best Practices

Home Buying Best Practices LOAN AND HOME BUYING BEST PRACTICES About TSAHC The Texas State Affordable Housing Corporation (TSAHC) is a nonprofit housing corporation created at the direction of the Texas Legislature to facilitate

More information

HOMEOWNERSHIP: Understanding What You Can Afford, Mortgages, and Closing Costs. Illinois Association of REALTORS. Springfield, IL 62701

HOMEOWNERSHIP: Understanding What You Can Afford, Mortgages, and Closing Costs. Illinois Association of REALTORS. Springfield, IL 62701 Illinois Association of REALTORS 522 S. Fifth Street Springfield, IL 62701 www.illinoisrealtor.org www.yourillinoishome.com HOMEOWNERSHIP: Understanding What You Can Afford, Mortgages, and Closing Costs

More information

Homeownership. Your First Steps toward. Getting Started. Know Your Finances. Which Mortgage Is Right for You?

Homeownership. Your First Steps toward. Getting Started. Know Your Finances. Which Mortgage Is Right for You? Your First Steps toward Homeownership Identify the type of mortgage that meets your specific financial needs Getting Started Many people don t consider buying a home because they re afraid they can t afford

More information

The Guide to Single Family Home Mortgage Insurance

The Guide to Single Family Home Mortgage Insurance U.S. Department of Housing and Urban Development Office of Housing Office of Single Family Housing The Guide to Single Family Home Mortgage Insurance www.hud.gov espanol.hud.gov Becoming a Homeowner Many

More information

Streamline VS FHA to FHA refinance

Streamline VS FHA to FHA refinance Streamline VS FHA to FHA refinance Streamline - Max loan amount is the borrower s unpaid principal balance plus up to 30 days of interest minus applicable UFMIP refund. Borrower will either need to bring

More information

Reverse Mortgage Information Guide

Reverse Mortgage Information Guide Reverse Mortgage Information Guide Table of Contents FHA Reverse Mortgages 3 Common Misconceptions about Reverse Mortgages 4 How the Program Works 4 Benefits of a HECM loan 4 HECM vs. Traditional Mortgage

More information

Step-by-Step Home Mortgage Steps

Step-by-Step Home Mortgage Steps 1 Applicants with a good credit report will be in a stronger position to negotiate best rate and terms Your credit report is used by banks and other lending institutions to determine your creditworthiness.

More information

Welcome Home! Program

Welcome Home! Program Welcome Home! Program PRE-APPLICATION PACKAGE Note: We cannot process your Homeownership Application if required documentation is missing. Qualifying individuals and families purchasing homes in Gwinnett

More information

INTERACT WITH CAPITOL FEDERAL

INTERACT WITH CAPITOL FEDERAL TALK with an Associate in Capitol Federal s Customer Service Center 888-8CAPFED. EMAIL your questions to Capitol Federal securely online at capfed.com/contact. VISIT any one of Capitol Federal s convenient

More information

WELCOME HOME ILLINOIS. Keith Pryor Assistant Director Home Ownership Programs

WELCOME HOME ILLINOIS. Keith Pryor Assistant Director Home Ownership Programs WELCOME HOME ILLINOIS Keith Pryor Assistant Director Home Ownership Programs April 2 nd 2014 WELCOME HOME ILLINOIS OVERVIEW Welcome Home Illinois Program First Mortgage: 30-year Fixed rate Highlights:

More information

FIRST TIME HOMEBUYERS PROGRAM GUIDELINES (for Market Rate Units) Last Revised October 3, 2013

FIRST TIME HOMEBUYERS PROGRAM GUIDELINES (for Market Rate Units) Last Revised October 3, 2013 FIRST TIME HOMEBUYERS PROGRAM GUIDELINES (for Market Rate Units) Last Revised October 3, 2013 I. Applicant Eligibility a. The total household income can be no greater than 120% of area median, adjusted

More information

WELCOME COURSE OUTLINE

WELCOME COURSE OUTLINE WELCOME COURSE OUTLINE Dear Home Buyer: Thank you for giving us the opportunity to help guide you through your home lending process. It is typically the largest financial transaction you will make and

More information

Homebuyers Guide Homeownership Program

Homebuyers Guide Homeownership Program Homebuyers Guide Homeownership Program s:\housing\homeownership\marketing\website\manuals\buyer-guide.docx 2 Table of Contents Welcome!... 3 Programs Summary... 4 Homeworks Permanently Affordable Program

More information

Reverse Mortgage Is it right for you?

Reverse Mortgage Is it right for you? Reverse Mortgage Is it right for you? Reverse Mortgages are being hyped as a tremendous tool for retirement income. This type of mortgage uses part of the equity in a home as collateral. A Reverse Mortgage,

More information

he Utah Housing Corporation offers six exciting loan programs to assist low- and moderate-income homebuyers with the purchase of a home.

he Utah Housing Corporation offers six exciting loan programs to assist low- and moderate-income homebuyers with the purchase of a home. he Utah Housing Corporation offers six exciting loan programs to assist low- and moderate-income homebuyers with the purchase of a home. All loan programs offer reasonable interest rates and three of the

More information

Introduction. Purpose. Student Introductions. Objectives (Continued) Objectives. Instructor and student introductions. Module overview. Your name.

Introduction. Purpose. Student Introductions. Objectives (Continued) Objectives. Instructor and student introductions. Module overview. Your name. Introduction Instructor and student introductions. Module overview. Your Own Home 2 Your name. Student Introductions Your expectations, questions, and concerns about buying a home. Purpose Your Own Home:

More information

OPPORTUNITIES FOR HOMEOWNERSHIP IN INDIANA

OPPORTUNITIES FOR HOMEOWNERSHIP IN INDIANA OPPORTUNITIES FOR HOMEOWNERSHIP IN INDIANA IT ALL BEGINS AT HOME... Under the leadership of Lt. Governor Sue Ellspermann, IHCDA contributes to Indiana s economy by creating housing opportunity, generating

More information

Fifth Third Home Buying Guide. A Guide to Residential Home Buying.

Fifth Third Home Buying Guide. A Guide to Residential Home Buying. Fifth Third Home Buying Guide A Guide to Residential Home Buying. Important Contacts and Numbers. Use this page to record important information as you move through the homebuying process. Realtor/Builder

More information

Welcome to the TSAHC Lender Training

Welcome to the TSAHC Lender Training Welcome to the TSAHC Lender Training Call in #: 1 877 347 4079 Guest Code #: 6699 All callers will be in listen mode only. About Us TSAHC is a 501(c)3 nonprofit organization. Our mission is to serve the

More information

REVERSE MORTGAGE FOR HOME PURCHASE

REVERSE MORTGAGE FOR HOME PURCHASE Great Florida Lending Jose F. Lopez Lic. Loan Originator T. 305-310-7804 jlopez@greatfloridalending.com www.greatfloridalending.com REVERSE MORTGAGE FOR HOME PURCHASE New Business Building Opportunities

More information

housing information www.housing-information.org Reverse Mortgages A project of Consumer Action

housing information www.housing-information.org Reverse Mortgages A project of Consumer Action housing information www.housing-information.org Reverse Mortgages A project of Consumer Action One of the major benefits of buying a home is the opportunity to build equity, or ownership, in the property.

More information

Guide to Purchasing a Home

Guide to Purchasing a Home Your journey to homeownership starts at your credit union. Purchasing your first home is a big decision, and it may even seem overwhelming. Rest assured Beacon Credit Union is here to assist you in understanding

More information

RESIDENTIAL MORTGAGE PRODUCT INFORMATION DISCLOSURE

RESIDENTIAL MORTGAGE PRODUCT INFORMATION DISCLOSURE RESIDENTIAL MORTGAGE PRODUCT INFORMATION DISCLOSURE Whether you are buying a house or refinancing an existing mortgage, this information can help you decide what type of mortgage is right for you. You

More information

First-Time Homebuyer Programs in Portland

First-Time Homebuyer Programs in Portland First-Time Homebuyer Programs in Portland PDC s Neighborhood Housing Program 10/2008 PDC s Vision and Mission Our Mission is to bring together resources to achieve Portland s vision of a diverse, sustainable

More information

Down Payment Assistance Presenter: Jonathan Stansell

Down Payment Assistance Presenter: Jonathan Stansell Down Payment Assistance Presenter: Jonathan Stansell Build credit Cheap credit reports/fico scores Pay down debt. Buy a home! The Homebuyer Program 1. Class in Asheville or online 2. Credit reports + FICO

More information

An Introduction to Home Equity Conversion Mortgage (HECM) for Purchase Loan. Home Buying in Reverse

An Introduction to Home Equity Conversion Mortgage (HECM) for Purchase Loan. Home Buying in Reverse An Introduction to Home Equity Conversion Mortgage (HECM) for Purchase Loan Home Buying in Reverse What is a HECM for Purchase Loan? A Home Equity Conversion Mortgage (HECM) for Purchase is an innovative

More information

HOME BUYING101 TM %*'9 [[[ EPXEREJGY SVK i

HOME BUYING101 TM %*'9 [[[ EPXEREJGY SVK i HOME BUYING101 TM i This book is intended as a general guide to the topics discussed, and it does not deliver accounting, personal finance, or legal advice. It is not intended, and should not be used,

More information

How mortgage insurance works for you

How mortgage insurance works for you How mortgage insurance works for you a guide for homebuyers You scrimped, saved, searched for and found your version of the American Dream. Now it comes down to financing your hometo-be a good time to

More information

VHDA. Homeownership Program Guidelines for Realtors & Lenders. Updated 04/04

VHDA. Homeownership Program Guidelines for Realtors & Lenders. Updated 04/04 VHDA Homeownership Program Guidelines for Realtors & Lenders Updated 04/04 2 Benefits of a VHDA Loan: Creative financing programs Reduced interest rates Lower monthly payments More house for less money

More information

OPENING DOORS WITH OUR RESIDENTIAL LENDING

OPENING DOORS WITH OUR RESIDENTIAL LENDING OPENING DOORS WITH OUR RESIDENTIAL LENDING We offer a wide range of options for homebuyers and homeowners looking to refinance. OPENING DOORS WITH OUR RESIDENTIAL LENDING THE FINANCING SOLUTION YOU SEEK.

More information

OPEN NEW DOORS TO AFFORDABLE HOUSING

OPEN NEW DOORS TO AFFORDABLE HOUSING OPEN NEW DOORS TO AFFORDABLE HOUSING...With CMHC Mortgage Loan Insurance 65404 As Canada s national housing agency, Canada Mortgage and Housing Corporation (CMHC) is committed to facilitating the creation

More information

You Can Buy a Home The keys to Homeownership

You Can Buy a Home The keys to Homeownership You Can Buy a Home The keys to Homeownership The keys to homeownership Buying a home is one of the most important purchases you ll ever make. Owning your own home helps you build wealth, save on taxes

More information

Refinancing. Refinancing WISCONSIN HOMEOWNERSHIP PRESERVATION EDUCATION. Section Overview

Refinancing. Refinancing WISCONSIN HOMEOWNERSHIP PRESERVATION EDUCATION. Section Overview People refinance their homes to take advantage of lower interest rates or to decrease their monthly payment. Sometimes it is done to create extra money for purchases (like a car) or for debt repayment.

More information

Actions to Take Before Buying a Home Today

Actions to Take Before Buying a Home Today Actions to Take Before Buying a Home Today As the housing downturn has shown, homeownership is about more than buying a home you have to make sure you can keep the home over the long term. If you re thinking

More information

Avoiding Bad Loans. Kentucky Department of Financial Institutions. Garry Wright. Consumer Protection Branch Manager

Avoiding Bad Loans. Kentucky Department of Financial Institutions. Garry Wright. Consumer Protection Branch Manager Avoiding Bad Loans Kentucky Department of Financial Institutions Garry Wright Consumer Protection Branch Manager Training Objectives Understanding Reverse Mortgages Avoiding predatory loans / products

More information

Workforce Homebuyer. Down Payment Loan Program. Program Orientation Packet. Housing Trust Fund of Santa Barbara County

Workforce Homebuyer. Down Payment Loan Program. Program Orientation Packet. Housing Trust Fund of Santa Barbara County Housing Trust Fund of Santa Barbara County Workforce Homebuyer Down Payment Loan Program Program Orientation Packet 2013 Housing Trust Fund of Santa Barbara County P. O. Box 60909 Santa Barbara, CA 93160-0909

More information

BORROWER DISCLOSURE STATEMENT First Time Homebuyer Program (Inclusionary Housing Unit and BEGIN Loan) CITY OF CONCORD

BORROWER DISCLOSURE STATEMENT First Time Homebuyer Program (Inclusionary Housing Unit and BEGIN Loan) CITY OF CONCORD BORROWER DISCLOSURE STATEMENT First Time Homebuyer Program (Inclusionary Housing Unit and BEGIN Loan) CITY OF CONCORD The City of Concord (the "City") has adopted an Inclusionary Housing Ordinance, City

More information

HUD Housing Counselors Training

HUD Housing Counselors Training Module 2.2 Study Guide HUD Housing Counselors Training U.S. Department of Housing and Urban Development Table of Contents Module Introduction 4 Module Introduction 4 Lesson Objectives 4 Types of Mortgages

More information

Insert Product Photograph Here

Insert Product Photograph Here Pitt County Community Development Down Payment Assistance Program Insert Product Photograph Here Overview The HOME Down payment Assistance Program is designed to assist potential low income, first-time

More information

We ll help you open the door.

We ll help you open the door. We ll help you open the door. The Citizens Guide to Home Financing Lori Customer Table of Contents Before you look 4 The costs of purchasing a home 4 Getting a head start: Pre-approval 6 Choosing a mortgage

More information

Introduction. Instructor and student introductions. Module overview. Your Own Home

Introduction. Instructor and student introductions. Module overview. Your Own Home Introduction Instructor and student introductions. Module overview. 2 Student Introductions Your name. Your expectations, questions, and concerns about buying a home. 3 Purpose : Gives you information

More information

Understanding Home Equity Conversion Mortgages

Understanding Home Equity Conversion Mortgages Understanding Home Equity Conversion Mortgages Discover how to Unlock the Equity in your Home Reverse Lending Experts What Are Your Financial Goals? Are you on track to meet your retirement needs and satisfy

More information

MSHDA's Down Payment Assistance and Mortgage Credit Certificate. May 21, 2010 (3:30 5:00 p.m.) Facilitated by: Carol Brito (MSHDA) Sponsored by:

MSHDA's Down Payment Assistance and Mortgage Credit Certificate. May 21, 2010 (3:30 5:00 p.m.) Facilitated by: Carol Brito (MSHDA) Sponsored by: MSHDA's Down Payment Assistance and Mortgage Credit Certificate May 21, 2010 (3:30 5:00 p.m.) Facilitated by: Carol Brito (MSHDA) Sponsored by: CREDIT UNIONS A DRIVING FORCE OF COMMUNITIES MSHDA Overview

More information

DeKalb County First-Time Homebuyers Program. For the Provision of Down Payment Assistance with the use of HOME Investment Partnerships Program funds

DeKalb County First-Time Homebuyers Program. For the Provision of Down Payment Assistance with the use of HOME Investment Partnerships Program funds DeKalb County First-Time Homebuyers Program For the Provision of Down Payment Assistance with the use of HOME Investment Partnerships Program funds First Time Homebuyer Program A. Program Overview: The

More information

Pre-Purchase Counseling Application

Pre-Purchase Counseling Application Pre-Purchase Counseling Application Guidance on purchasing a home and qualifying for downpayment assistance Pre-purchase counseling helps prepare the first-time homebuyer for the home purchase process

More information

Dr. Debra Sherrill Central Piedmont Community College

Dr. Debra Sherrill Central Piedmont Community College Dr. Debra Sherrill Central Piedmont Community College 1 2 Describe the benefits and pitfalls of renting versus owning a home. List the steps required to obtain a mortgage loan. Identify mortgage options

More information

Reverse Mortgage Presented by Ian MacGillivray, NMLS #638502 American Capital Corporation, NMLS #264422 Phone: 505-690-1089 Website:

Reverse Mortgage Presented by Ian MacGillivray, NMLS #638502 American Capital Corporation, NMLS #264422 Phone: 505-690-1089 Website: Reverse Mortgage American Capital Corporation, Phone: 505-690-1089 Website: http://mortgagepartners-santafe.com Contents I. What Is a Reverse Mortgage? II. Benefits and Typical Uses III. Is the Home at

More information

Your Guide To Home Financing

Your Guide To Home Financing Your Guide To Home Financing You re buying your first home. We have an easy mortgage solution. When buying a home, the world of mortgages can be intimidating and overwhelming. The key to feeling good about

More information

CITY OF HUNTSVILLE, ALABAMA. DOWNPAYMENT ASSISTANCE PROGRAM - DAP Program Description & Guidelines

CITY OF HUNTSVILLE, ALABAMA. DOWNPAYMENT ASSISTANCE PROGRAM - DAP Program Description & Guidelines CITY OF HUNTSVILLE, ALABAMA DOWNPAYMENT ASSISTANCE PROGRAM - DAP Program Description & Guidelines Contact information: Community Development, 120 E. Holmes Ave, Huntsville, Ala. 35801, 256-427-5400, fax.

More information

Table of Contents Reverse Mortgage O verview... Reverse Mortgage K ey Questions... 5 Reverse Mortgage Pros and Cons... 7 Reverse Mortgage Borr

Table of Contents Reverse Mortgage O verview... Reverse Mortgage K ey Questions... 5 Reverse Mortgage Pros and Cons... 7 Reverse Mortgage Borr 1 Table of Contents Reverse Mortgage Overview... Reverse Mortgage Key Questions... Reverse Mortgage Pros and Cons... Reverse Mortgage Borrower Qualification... Reverse Mortgage Key Items... Reverse Mortgage

More information

Summary What is a Reverse Equity Options Mortgage? Closing Costs Who would apply for this When is the mortgage paid type of loan? back?

Summary What is a Reverse Equity Options Mortgage? Closing Costs Who would apply for this When is the mortgage paid type of loan? back? Reverse Mortgage Credit Union Mortgage Association 9693-A Main Street Fairfax, VA 22031 Toll Free: (800) 231-8855 Ext. 128 Local: (703) 425-1204 Ext. 128 www.cumortgage.net Summary What is a Reverse Mortgage?

More information

Table of Contents. Enjoy your retirement years 1. Program Overview Why get a HECM? 1 HECM vs. Traditional Mortgages 1 HECM Benefits 1.

Table of Contents. Enjoy your retirement years 1. Program Overview Why get a HECM? 1 HECM vs. Traditional Mortgages 1 HECM Benefits 1. Table of Contents Enjoy your retirement years 1 Program Overview Why get a HECM? 1 HECM vs. Traditional Mortgages 1 HECM Benefits 1 Q and A 2 JUMBO Reverse Overview What is a Jumbo Reverse? 3 HECM Loan

More information

Welcome Home Loan Guide

Welcome Home Loan Guide Welcome Home Loan Guide Introduction Our Welcome Home Loan Guide provides valuable information that will help you become a more informed home loan customer whether you re buying your first home or building

More information

OPPORTUNITIES FOR HOMEOWNERSHIP IN INDIANA

OPPORTUNITIES FOR HOMEOWNERSHIP IN INDIANA OPPORTUNITIES FOR HOMEOWNERSHIP IN INDIANA IT ALL BEGINS AT HOME... Under the leadership of Lt. Governor Becky Skillman, IHCDA contributes to Indiana s economy by creating housing opportunity, generating

More information

Enhance Your Financial Security. With a Home Equity Conversion Mortgage

Enhance Your Financial Security. With a Home Equity Conversion Mortgage Enhance Your Financial Security With a Home Equity Conversion Mortgage 1 Call for Additional Information 925-258-0386 1 Unlock Your Home s Equity We understand that you want to transition easily into the

More information

TEXAS DEPARTMENT OF HOUSING AND COMMUNITY AFFAIRS

TEXAS DEPARTMENT OF HOUSING AND COMMUNITY AFFAIRS In this packet... Introduction... 2 TDHCA s Homebuyer Assistance Options... 2 My First Texas Home (MFTH)... 2 Texas Mortgage Credit Certificate (MCC)... 2 Features of TDHCA s Homebuyer Assistance Programs...

More information

Homeownership Down Payment Assistance Program

Homeownership Down Payment Assistance Program and carry a Certified Professional Inspector (CPI) designation must complete a pre-inspection of the home. 8. Grant will be forgiven in 5 years with no monthly payments required. If borrower sells, transfers,

More information

CITY AND COUNTY OF DENVER, COLORADO 2015 MORTGAGE CREDIT CERTIFICATE (MCC) PROGRAM PROGRAM SUMMARY AND GUIDELINES. January 1, 2015

CITY AND COUNTY OF DENVER, COLORADO 2015 MORTGAGE CREDIT CERTIFICATE (MCC) PROGRAM PROGRAM SUMMARY AND GUIDELINES. January 1, 2015 CITY AND COUNTY OF DENVER, COLORADO 2015 MORTGAGE CREDIT CERTIFICATE (MCC) PROGRAM PROGRAM SUMMARY AND GUIDELINES January 1, 2015 PURPOSE The purposes of the MCC Program are to: Provide a first-time homebuyer

More information

AVAILABLE DOWN PAYMENT ASSISTANCE PROGRAMS IN CLARK COUNTY

AVAILABLE DOWN PAYMENT ASSISTANCE PROGRAMS IN CLARK COUNTY WISH Program To be eligible for WISH funds, the homebuyer must meet the following criteria: Homebuyer must successfully complete 8 hour Homebuyer education class and one on-one-counseling with HUD approved

More information

The Facts. About Reverse Mortgages. without the hype

The Facts. About Reverse Mortgages. without the hype The Facts About Reverse Mortgages without the hype A reverse mortgage... Will it help me? Is it a good fit for my needs? Will I own my home? Do I qualify? Am I protected? These may be some of the thoughts

More information

How to Avoid The Five Biggest First-time Homebuyer Mistakes. Mistake #1

How to Avoid The Five Biggest First-time Homebuyer Mistakes. Mistake #1 How to Avoid The Five Biggest First-time Homebuyer Mistakes Mistake #1 Failure To Examine And Repair Any Credit Problems Prior To Applying For Your Loan Many potential new home buyers have no idea what

More information

AFFORDABLE HOUSING POLICY Recommended July 23, 2013

AFFORDABLE HOUSING POLICY Recommended July 23, 2013 AFFORDABLE HOUSING POLICY Recommended July 23, 2013 It shall be the policy of Albemarle County to promote a variety of housing choices for residents. Choice shall be defined by type, tenure, and price

More information

What s s New With FHA?

What s s New With FHA? What s s New With FHA? Presented By: Bill Ladewig 866.204.9733 http://www.mortgage- FHA Calculator Calculates everything needed to quote or qualify FHA loans Click to Open: http://www.themtgmentor.com/fha_mortgage_calculator.html

More information

MORTGAGE TERMS. Assignment of Mortgage A document used to transfer ownership of a mortgage from one party to another.

MORTGAGE TERMS. Assignment of Mortgage A document used to transfer ownership of a mortgage from one party to another. MORTGAGE TERMS Acceleration Clause This is a clause used in a mortgage that can be enforced to make the entire amount of the loan and any interest due immediately. This is usually stipulated if you default

More information

City of Alameda First-Time Homebuyer Program

City of Alameda First-Time Homebuyer Program - City of Alameda First-Time Homebuyer Program Down Payment Assistance Loan for Low to Moderate Income Households The City of Alameda is now accepting applications for its down payment assistance loan.

More information

2010 NSP FIRST Mortgage Loan Program Summary Approved by THDA 05/07/2010

2010 NSP FIRST Mortgage Loan Program Summary Approved by THDA 05/07/2010 Description: Eligible Applicants: Maximum Household Interest Rate: Loan Term/ Type: Pre-Payment Penalty Subject to Recapture: Required Reserves: Down Payment Minimum Investment: Maximum Loan Amount: Homebuyer

More information

Affordable, fixed rate mortgages

Affordable, fixed rate mortgages First Home Program Affordable, fixed rate mortgages Dear Future Homeowner, MaineHousing s First Home Program makes it easier and more affordable to buy a home of your own. There are many reasons to consider

More information

ISLIP IX BRENTWOOD WORKFORCE HOUSING PROGRAM

ISLIP IX BRENTWOOD WORKFORCE HOUSING PROGRAM ISLIP IX BRENTWOOD WORKFORCE HOUSING PROGRAM PROGRAM GUIDELINES Please Read Carefully I. Program Description The Long Island Housing Partnership, Inc. and its Affiliates (LIHP) and the Islip Town Community

More information

The Facts About Reverse Mortgages. without the hype

The Facts About Reverse Mortgages. without the hype The Facts About Reverse Mortgages without the hype A reverse mortgage... Will it help me? Is it a good fit for my needs? Will I own my home? Do I qualify? Am I protected? These may be some of the thoughts

More information

Counseling Kit Overview

Counseling Kit Overview Counseling Kit Overview For More Information: Contact your Reverse Mortgage Advisor This Counseling Kit has been assembled to assist you in preparing for your required HUD counseling session. The Counseling

More information

MICHIGAN STATE HOUSING DEVELOPMENT AUTHORITY COMMUNITY DEVELOPMENT DIVISION

MICHIGAN STATE HOUSING DEVELOPMENT AUTHORITY COMMUNITY DEVELOPMENT DIVISION MICHIGAN STATE HOUSING DEVELOPMENT AUTHORITY COMMUNITY DEVELOPMENT DIVISION Subject: SUBSIDY LIMITS AND LIEN REQUIREMENTS Effective Date: September 1, 2015 (revised 10/15/15) This policy defines the subsidy

More information

My HOME. My HOME II. Buy Suitland

My HOME. My HOME II. Buy Suitland My HOME My HOME II Buy Suitland 1 $8,235,000 Available Federal HOME Investment Partnerships Program (HOME) Maryland Mortgage Servicing Settlement Fund 2 Maximum Flexibility &Targeting All parts of the

More information

California Home Finance Authority (CHF)

California Home Finance Authority (CHF) Presentation for Real Estate Professionals California Home Finance Authority (CHF) 1215 K Street, Suite 1650, Sacramento, CA 95814 www.chfloan.org (855) 740-8422 Often first point of contact for a new

More information

AVAILABLE DOWN PAYMENT ASSISTANCE PROGRAMS IN CLARK COUNTY

AVAILABLE DOWN PAYMENT ASSISTANCE PROGRAMS IN CLARK COUNTY WISH Program with Housing For Nevada (HFN) To be eligible for WISH funds, the homebuyer must meet the following criteria: Homebuyer must successfully complete 8 hour Homebuyer education class and one on-one-counseling

More information

Home Buyers. from application to closing. Derek Haley, Senior Loan Officer SunTrust Mortgage, Inc. 919.426.5023 Derek.Haley@SunTrust.

Home Buyers. from application to closing. Derek Haley, Senior Loan Officer SunTrust Mortgage, Inc. 919.426.5023 Derek.Haley@SunTrust. Information for First-time Home Buyers An overview of the mortgage process, from application to closing. Derek Haley, Senior Loan Officer SunTrust Mortgage, Inc. 919.426.5023 Derek.Haley@SunTrust.com NMLSR#

More information

HOME EQUITY LINES OF CREDIT CHECK LIST. Name/Borrower. Address. Amount of Mortgage $

HOME EQUITY LINES OF CREDIT CHECK LIST. Name/Borrower. Address. Amount of Mortgage $ HOME EQUITY LINES OF CREDIT CHECK LIST Date Name/Borrower Address Amount of Mortgage $ Application Income Verification Additional: A. Copy of Recorded Deed B. Copy of Survey C. Tax receipts- School, County,

More information

Homebuyer Orientation

Homebuyer Orientation Homebuyer Orientation WHY PARTNER WITH A TRUSTED RESOURCE Buying your first home is usually the biggest financial investment in your life. The home buying process is complicated, and there are many important

More information

Also in 2013 MIP Will No Longer Expire Currently MIP Expires in five years and when loan to value drops to 78%

Also in 2013 MIP Will No Longer Expire Currently MIP Expires in five years and when loan to value drops to 78% FHA MORTGAGE INSURANCE PREMIMUM (MIP & UFMIP) FHA charges Two Mortgage Insurance fees on each loan; Up Front Mortgage Insurance Premium (UFMIP) typically financed in the loan and Annual mortgage Insurance

More information

IV. HOME NARRATIVES (AP-90)

IV. HOME NARRATIVES (AP-90) IV. HOME NARRATIVES (AP-90) A. INTRODUCTION Los Angeles County is an Urban County-participating jurisdiction for HUD s HOME Investment Partnerships (HOME) Program. It receives an annual formula allocation

More information

...With CMHC Mortgage Loan Insurance

...With CMHC Mortgage Loan Insurance Open New Doors to Affordable Housing...With CMHC Mortgage Loan Insurance 65404 As Canada s national housing agency, Canada Mortgage and Housing Corporation (CMHC) is committed to facilitating the creation

More information