City of Perris First Time Homebuyer Homebuyer Assistance Program (HAP) Lender Training

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "City of Perris First Time Homebuyer Homebuyer Assistance Program (HAP) Lender Training"

Transcription

1 City of Perris First Time Homebuyer Homebuyer Assistance Program (HAP) Lender Training 2010

2 Agenda Staff Introductions HAP Program Summary HAP Program Requirements HAP Program Procedures Becoming an Approved Lender Questions & Answers

3 HAP Program Summary The HAP Program makes available a limited number of deferred payment second mortgages for low and moderate income applicants who would not otherwise be able to purchase a property without the City s assistance The City of Perris must hold second position

4 HAP Program Summary HAP Program is specifically designed to provide qualified families or individuals with down payment/closing cost assistance necessary to secure financing towards the purchase of an existing or newly constructed single family home in the City of Perris Qualified homebuyers may receive up to $25,000 towards the purchase price of the home $ City Fees are added on top of the requested HAP loan amount. Do not include this fee with your requested amount. At the time of funding, this amount will not be included d in the wire to buyers escrow. Funding is based on the availability of fiscal year funding

5 Summary Applicants must meet Eligibility Requirements Purchase Price Requirements Property must be existing or newly constructed single family home or mobile home on permanent foundation Only single family homes with one dwelling unit on a lot are eligible. Homes with two or more units on a lot are not eligible

6 Summary The HAP Program is a deferred/equity appreciation loan secured by a second deed of trust There are NO monthly payments and the loan is due and payable when the property is sold, refinanced with ih cash out, a change in title occurs, at the end of 20 years, or other non compliance of program guidelines. Equity appreciation loan. At the time of repayment, the City will share in equity gained. The percentage of equity shared is equal to the percentage borrowed from the HAP Program

7 Loan Principal Forgiven The City will forgive all or part of the principal balance based on the following chart Years % of principal i balance forgiven Years % of principal balance forgiven Years % of principal i balance forgiven Years % of principal balance forgiven

8 Principle Loan Forgiveness & Equity Share Calculation *Based on man HAP loan amount Principle Loan Forgiveness: Owner Occupied (years) % Forgiven Amount Owed % $19, % $12, % $6, % $0.00 Capital Improvement Credits: $38, max. (Cannot exceed 150% of HAP loan $) $12, min. (minimum amount to obtain credits) Equity Sharing: please note, equity share is based on the appreciation value of your home at the time of repayment of HAP loan. If 50% of Capital Improvements are made, the appreciated value of the property may be reduced by the same value of the improvements. HAP Loan amount $25, Total Purchase Price $191, = 13% Equity Share EXAMPLE: % Equity Share X appreciation value = $ Returned to HAP HAP Loan amount $13, Total Purchase Price $150, = 9% Equity Share 9% X 50, = $4,500.00

9 Improvement tcredits Applicants may apply for Capital Improvement Credits when eligible improvements are made to the property Improvements must be made to the property during the Participant s ownership of the property The value of the eligible improvements may be deducted form the appraised value of the property at the time of sale, transfer, refinance with cash out, or repayment in full and therefore reduces the amount of Equity Sharing Notification to the City prior to construction of improvements is required to ensure improvements are eligible to receive credits Qualifying improvements must equal or exceed 50% of the amount of the City Loan and shall not exceed 150% of the City Loan

10 1 st Mortgage Requirements HAP funds may be used with conventional, fixedloans, and with FHA, FNMA, FHLMC and privately insured loans with up to 40 year terms Loan must have fixed rate for the full term of the loan Variable/adjustable rate loans or negative amortization are not permitted No balloon payment loans h i hll b h h The interest rate shall not be more than the current market rate for the type of property being financed

11 Homebuyer Requirements At a minimum, the borrower s deposit monies must be equal to one percent (1%) of the total purchase price from any source. All Applicants will be required to satisfactorily complete lt an 8 hr HUD approved homebuyer educational workshop. The workshop is designed to educate homebuyers on the process of becoming a responsible homeowner A Homebuyer Training Certificate will be accepted for up to one (1) year after the date of training

12 Property Requirements The home to be financed by HAP funds must be inspected by a City inspector and must meet Minimum Housing Quality Standards HAP assistance will not be funded if major building code violations, such as illegal construction, illegal additions, garage conversions or any sever health and safety hazards are found. HAP funds cannot be used to correct code violations It is the lenders responsibility to schedule the inspection with the Redevelopment Project Coordinator Inspections only conducted on Tuesdays & Wednesdays Prior to loan closing City staff will conduct a meeting with borrower(s) to review major terms of the City assistance & execute HAP loan documents

13 HAP Program Requirements Applicant Eligibility Requirements In addition to meeting the credit and underwriting criteria established by the Participating Lender providing the first mortgage gg loan, the applicant must independently meet the requirements for HAP funding 3 Year Requirement 1. The applicant may not have held any ownership interest in a property within the past 3 years 2. HAP Applicant must occupy the acquired property as their Principal Residence. The applicant and anyone holding title must use the property being purchased as their principal residence. Lender will obtain from the borrower, using the programs affidavits, a statement of the borrower s intent t to use the residence as his/her Principal i Residence

14 Income Requirements Qualified Applicants must have an annual gross household income not exceeding current Moderate Income levels based on County of Riverside id median income levels l (subject to change without notice) Household Size One $52,100 Two $59,500 Three $67,000 Four $74,400 Five $80,400 Six $86,300 Seven $92,300 Eight $98,200 Maximum Income

15 Determining Household Income Income includes the income of all adult household members 18 years of age or older who will be living in the principal residence If adult is part/full time sude student, income documentation o is not required. Instead, school transcripts of current enrollment is required. Income of a co signer who will not be occupying the financed home will not be used in qualifying the applicant Cosigners occupying the home must also be on title Anyone holding title must reside in the financed property as their principal residence and must meet all other program requirements

16 Affordable Housing Costs Applicant must meet all applicable Affordable Housing Cost Standards, as defined by California Redevelopment Law Affordable Housing Costs are based on the percentage of the family s monthly gross household income and/or bedroom size of the unit Applicant s total housing expenses cannot exceed the Affordable Housing Cost

17 Determining Affordable Housing Cost Step 1: Calculate applicant s total housing expenses Step 2: Determine household h income category Step 3: Step 4: Calculate affordable housing cost according to household category Determine whether or not the total housing expenses exceeds the Affordable Housing Cost If total housing expenses exceeds the affordable housing cost, Applicant DOES NOT qualify

18 Step 1: Borrower Gross Annual Income: $ Monthly Income: $ Household Size: Buyer s Bedroom Size:

19 Step 2: Calculation 100% HUD Income Limits: $ Income Limits 1 Person 2 Persons FY 2009 Income Limits Summary Riverside County, California 3 Persons 4 Persons 5 Persons 6 Persons 7 Persons 8 Persons Very Low $23,300 $26, $29,950 $33,300 $35,950 $38, $41,300 $43,950 (50%) Extremely Low (30%) Low (80%) $14,000 $16,000 $18,000 $20,000 $21,600 $23,200 $24,800 $26,400 $37,300 $42,650 $47,950 $53,300 $57,550 $61,850 $66,100 $70,350 Low Moderate (100%) $44,760 $51,180 $57,540 $63,960 $69,06 0 $74,220 $79,320 $84,420 Moderate $53,712 $61,416 $69,048 $76, $82, $89,064 $95,184 $101,304 (120%)

20 Step 2: Calculation % AMI (Gross Annual Income/100% HUD Income): 30% (79% AMI or less) or 35% (80% 120% AMI): Borrower s Income Threshold (Monthly x 30% or 35%): Affordable Housing Cost (See Chart for Buyer s Unit Affordable Housing Cost (See Chart for Buyer s Unit Size below) :

21 Step 2: Calculation AFFORDABLE HOUSING COST (AHC) 2008/2009 Unit Size Of Purchase Category (2,3) Low Income (monthly) Below 80% AMI Category (4,5) Moderate Income (monthly) 80% 120% AMI Studio $733 $1,344 1 Bedroom $837 $1,534 2 Bedroom $942 $1,726 3 Bedroom $1,047 $1,919 4 Bedroom $1, $2,073 5 Bedroom $1,215 $2,228 6 Bedroom $1,298,9 $2,382

22 Step 2: Calculation Actual Housing Cost (add the following): $ P&I: $ Mtg Ins: $ Hazard Ins: $ Taxes: $ HOA: $ Maintenance: $50 Utilities (See Chart below): $ Housing Authority of the County of Riverside Utility Allowances for Tenant Furnished Utilities and Other Services Effective: 07/01/2008 Locality: West County 0BR 1BR 2BR 3BR 4BR 5BR 6BR $74.00 $ $ $ $ $ $265.00

23 Step 3: Affordability Is the Actual Housing Cost of $ less than Borrower s Income Threshold of $? Yes, the Actual At Housing Costs meets HAP Requirements (if not, see Option 2). Is Borrower s o Income Threshold of $ less than Affordable Housing Cost of $? (if no, reduce purchase price). If you answered Yes to 1 & 2, identify if the larger amount between the Borrower s Income Threshold or the Affordable Housing Cost (bedroom size) and use in Step 3 as the Affordable Housing Cost. Is the Actual Housing Cost of $ _less than the Affordable Housing Cost (Borrower s Income Threshold or Affordable Housing Bedroom Size) of $? Yes, Actual Housing Costs meets HAP Requirements.

24 Examples of Determining Affordable Housing Cost Example 1: Applicant Household of 6 Property SFR with 3 bedrooms Total Gross Annual Income $78,084 Total Gross Monthly Income $6,507 Term of 1 st Trust Deed Loan Loan Amount $265, Loan Type Conventional Term 30 year Interest 6375% 6.375% Fixed Step 1: Determine Housing Expense $1, Principal & Interest $ Property Taxes $ Insurance $50.00 Maintenance $ Utility Allowance $2, (back out $50 = $2,276.80) Step 2: Determine Household Category Category: 80% 120% AMI Step 3: Calculate Affordable Housing Cost $1, based on # of bedrooms $2, based on 35% of monthly income BUYER QUALIFIES

25 Examples of Determining Affordable Housing Cost Example 2: Applicant Household of 5 Property SFR with 3 bedrooms Total Gross Annual Income $54,516 Total Gross Monthly Income $4,543 Step 1: Determine Housing Expense $1, Principal & Interest $ Property Taxes $ Insurance $50.00 Maintenance $ Utility Allowance Term of 1 st Trust Deed Loan Loan Amount $269,388 Loan Type FHA Term 30 year Interest 5625% 5.625% Fixed Step 2: Determine Household Category Category: Below 80% AMI Step 3: Calculate Affordable Housing Cost $1, based on # of bedrooms $1, based on 30% of monthly income $2, BUYER DOES NOT QUALIFY

26 HAP Program Procedures RESERVATION PHASE Lender determines if Applicant is eligible for HAP loan approval based on income, first time homebuyer s determination, affordability housing limits and related HAP requirements If Applicant preliminarily qualifies, lender requests from City a HAP Reservation by completing and submitting a HAP Request for Funds

27 HAP Program Procedures City responds to Lender on Lender s Request for reservation of HAP funds (either provides reservation, request more information for reservation, or rejects within 72 working hours Money is reserved for 45 days Lender has 45 days to Submit complete loan application copy package Schedule City HAP inspection Receive final commitment form from City Allow five working days to draw City Loan Docs Schedule Program Meeting for buyer(s) Allow escrow to pick up signed HAP loan docs & forward to County for recording Allow 2 days for City to prepare p wire & fund Close Escrow

28 HAP Program Procedures APPLICATION PHASE Lender certifies that applicant and the mortgage transaction comply with HAP program restrictions on Income, Affordability, and First Time Homebuyer status Lender certifies that lender has underwritten the maximum principal loan applicant qualifies to receive Lender submits Copy Package to City for underwriting During the Reservation Phase, Lender must immediately notify the City in writing of withdrawals for request of funds

29 Copy Packet FNMA Form 1003 Application, completed and signed MCAW or 1008 Form, completed and signed Escrow instructions, certified copy Preliminary title report Household members worksheet kh Appraisal Household members worksheet Credit report Tax Returns from previous (3) years, completed and signed for all adults who will occupy the home W2 s from all adults who will occupy the home (1) month current pay stubs from all adults who will occupy the home (3) months bank statements for all sources from all adults who will occupy the home VOR s form VOE s form Gift letters (if applicable) Explanation of derogatory credit HUD 1 Settlement Statement by escrow Statement of Information

30 HAP Program Procedures CITY REVIEW Step Deliverable Deadline Escrow Closing Date Issuance of Request for Funds City Inspection Copy Packet Final Loan Approval Program Meeting Loan Docs Wiring Day Reservation Deadline (Calendar)

31 HAP Program Procedures LOAN CLOSING/FUNDING Program Staff will contact buyers Escrow directly to request the following: Vesting Information Updated Escrow Settlement indicating all final costs Pick up of executed HAP loan documents Determine scheduling of funding

32 Becoming an Approved Lender Lenders must attend a HAP Program Training before being able to participate in the HAP Program Lender must read and sign Lender Agreement after training seminar to be placed on the approved lender list Lender must be in good standing with California Department of Real Estate Lender must obtain a City of Perris Business License due in 2 weeks (March 9, 2010) Continued qualification for the Program will require participation in future lender meetings

33 Approved Lenders If the individual who attended the HAP Lender Training is not with the same Lending Company, the individual must notify staff in writing & submit an update Lender Agreement within 2 weeks of this change. If Lender fails to comply with the terms and conditions of the Lender Agreement, the City may immediately terminate the Agreement and prohibit the Lender from participation in the HAP Program

34 Lender Responsibility Lender will process and review the application for any potential borrower in order to determine eligibility for the HAP Program Lender shall disqualify applications in which the submitted information indicates that either the applicant of the home does not qualify for the program Lender is responsible for submitting required information to City and complying with Program Guidelines

35 QUESTIONS

CITY OF PERRIS HOUSING DIVISION 135 N. D STREET, PERRIS, CA 92570-220 TEL: (951) 943-5003 FAX: (951) 956-2179

CITY OF PERRIS HOUSING DIVISION 135 N. D STREET, PERRIS, CA 92570-220 TEL: (951) 943-5003 FAX: (951) 956-2179 CITY OF PERRIS HOUSING DIVISION 135 N. D STREET, PERRIS, CA 92570-220 TEL: (951) 943-5003 FAX: (951) 956-2179 HOMEBUYERS ASSISTANCE PROGRAM F.A.Q S for Buyers What is the Homebuyer Assistance Program (HAP)?

More information

CITY OF MURFREESBORO AFFORDABLE HOUSING ASSISTANCE PROGRAM POLICIES AND PROCEDURES

CITY OF MURFREESBORO AFFORDABLE HOUSING ASSISTANCE PROGRAM POLICIES AND PROCEDURES CITY OF MURFREESBORO AFFORDABLE HOUSING ASSISTANCE PROGRAM POLICIES AND PROCEDURES 100. Purpose The Murfreesboro Affordable Housing Assistance Program (the Program) encourages homeownership for low-income,

More information

CITY OF SOLEDAD FIRST-TIME HOMEBUYER ASSISTANCE PROGRAM FIRST MORTGAGE LENDER INSTRUCTIONS 248 MAIN STREET, SOLEDAD CA 93960

CITY OF SOLEDAD FIRST-TIME HOMEBUYER ASSISTANCE PROGRAM FIRST MORTGAGE LENDER INSTRUCTIONS 248 MAIN STREET, SOLEDAD CA 93960 FIRST MORTGAGE LENDER INSTRUCTIONS Maximum Home Sales Price Home sale prices cannot exceed 95% of the area median home value for Soledad (see Table 1: Maximum Purchase Price per Unit). Maximum Loan-to-Value

More information

APPLICATION PACKET. Union County Affordable Housing Fund. First Time Homebuyers Program

APPLICATION PACKET. Union County Affordable Housing Fund. First Time Homebuyers Program APPLICATION PACKET Union County Affordable Housing Fund First Time Homebuyers Program This packet includes Preliminary Application Rules and Procedures Income Limits Union County Government Center 155

More information

Neighborhood Housing Services Silicon Valley BRE License #01324196 NMLS #259971

Neighborhood Housing Services Silicon Valley BRE License #01324196 NMLS #259971 BELOW MARKET RATE (BMR) BUYER & HOME SELECTION PROCESS City of Santa Clara: Central Park City of Santa Clara BMR Program Overview Neighborhood Housing Services Silicon Valley (NHSSV) in collaboration with

More information

CityLIFT Oakland/East Bay Program Overview Non-Approved Lender Participation Application

CityLIFT Oakland/East Bay Program Overview Non-Approved Lender Participation Application CityLIFT Oakland/East Bay Program Overview Non-Approved Lender Participation Application DUE BY: Monday, December 23, 2013, 5:00 pm. Dear Lender: The Unity Council Homeownership Center (TUC HOC) is administering

More information

City of Garland First Time Homebuyer Program 2013-2014 Client Information FTHP Down Payment Assistance

City of Garland First Time Homebuyer Program 2013-2014 Client Information FTHP Down Payment Assistance City of Garland First Time Homebuyer Program 2013-2014 Client Information FTHP Down Payment Assistance Program Overview The City of Garland Housing and Community Services is implementing the new First

More information

Mortgage Assistance Program Down Payment Assistance

Mortgage Assistance Program Down Payment Assistance Mortgage Assistance Program Down Payment Assistance DISCLOSURE NOTICE - APPLICATION PROCESS You are applying for financial assistance to purchase a home through the City of Livermore Mortgage Assistance

More information

City of Somerville Closing Cost and Down Payment Assistance Programs

City of Somerville Closing Cost and Down Payment Assistance Programs City of Somerville Closing Cost and Down Payment Assistance Programs WHAT DO THESE PROGRAMS OFFER? The City of Somerville can provide assistance in purchasing a home through two different programs. You

More information

Q. What are the terms of the NeighborhoodLIFT funding?

Q. What are the terms of the NeighborhoodLIFT funding? Frequently Asked Questions: Q. What are the terms of the NeighborhoodLIFT funding? A. NeighborhoodLIFT funds are provided as a 5 year forgivable loan program for owner occupied properties. As long as the

More information

County "SELP" Program Guidelines & Procedures

County SELP Program Guidelines & Procedures Charles County First Time Home Buyers Settlement Expense Loan Program for Charles County County "SELP" Program Guidelines & Procedures December 1997 Revised May 8, 2012 Supported by Charles County Commissioners

More information

Tri-Valley Down Payment Assistance Program Guidelines

Tri-Valley Down Payment Assistance Program Guidelines Tri-Valley Down Payment Assistance Program Guidelines The Tri-Valley Down Payment Assistance (DPA) Program is a regional program that provides secondary down payment and closing cost assistance to income

More information

HOMEBUYER S ASSISTANCE PROGRAM (HAP) APPLICATION PROCESS

HOMEBUYER S ASSISTANCE PROGRAM (HAP) APPLICATION PROCESS HOMEBUYER S ASSISTANCE PROGRAM (HAP) APPLICATION PROCESS 1. Prospective homebuyer (Participant) should contact the City of Modesto (Community and Economic Development Department) at (209) 577-5211 to determine

More information

City of Miramar. Neighborhood Stabilization Program (NSP)

City of Miramar. Neighborhood Stabilization Program (NSP) City of Miramar Neighborhood Stabilization Program (NSP) Q. What type of assistance is available? HOME BUYERS Frequently Asked Questions The City will assist with the purchase and qualified repairs of

More information

CITY OF SOUTH EL MONTE

CITY OF SOUTH EL MONTE CITY OF SOUTH EL MONTE FIRST TIME HOMEBUYER LOAN PROGRAM GUIDELINES (CalHome Program) Revised April 2013 City of South El Monte Housing Department 1415 North Santa Anita Avenue South El Monte, CA. 91733

More information

Estes Valley Workforce Housing Assistance Down Payment Assistance Loan Program PROGRAM GUIDELINES

Estes Valley Workforce Housing Assistance Down Payment Assistance Loan Program PROGRAM GUIDELINES Estes Valley Workforce Housing Assistance Down Payment Assistance Loan Program PROGRAM GUIDELINES Eligible Borrowers: Income: Employment: Borrowers must be First Time Homebuyers as defined as not having

More information

HOME BUYING101. 701.255.0042 www.capcu.org i

HOME BUYING101. 701.255.0042 www.capcu.org i HOME BUYING101 701.255.0042 www.capcu.org 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,

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

BUYER'S DISCLOSURE STATEMENT

BUYER'S DISCLOSURE STATEMENT BUYER'S DISCLOSURE STATEMENT CITY OF WALNUT CREEK INCLUSIONARY HOUSING PROGRAM ADMINISTRATIVE COVER SHEET (Remove Upon Completion) BLANK LINES: CHECKLIST Eligible Purchaser Income Level, p. 3, Section

More information

First Time Home Buyer Glossary

First Time Home Buyer Glossary First Time Home Buyer Glossary For first time home buyers, knowing and understanding the following terms are very important when purchasing your first home. By understanding these terms, you will make

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

Quick Reference Program Summary. The following is an outline of the underwriting and closing requirements of New Hampshire Housing.

Quick Reference Program Summary. The following is an outline of the underwriting and closing requirements of New Hampshire Housing. Quick Reference Program Summary The following is an outline of the underwriting and closing requirements of New Hampshire Housing. Specific Program Rules are attached to this reference. A reservation cannot

More information

Section 1: Loan Characteristics

Section 1: Loan Characteristics Home Flex Quick Reference: Program Summary The following is an outline of the underwriting and closing requirements of New Hampshire Housing Home Flex program, which is available to lenders who have signed

More information

CITY OF YOUNGSTOWN HOME BUYER PROGRAM. Community Development Agency Housing Division CITY OF YOUNGSTOWN Mayor Jay Williams. Revised 3/2008 (LH)

CITY OF YOUNGSTOWN HOME BUYER PROGRAM. Community Development Agency Housing Division CITY OF YOUNGSTOWN Mayor Jay Williams. Revised 3/2008 (LH) CITY OF YOUNGSTOWN HOME BUYER PROGRAM Community Development Agency Housing Division CITY OF YOUNGSTOWN Mayor Jay Williams Revised 3/2008 (LH) PROGRAM SUMMARY HOMEBUYER PROGRAM Purpose: To provide low and

More information

CALHOME MORTGAGE ASSISTANCE PROGRAM GUIDELINES

CALHOME MORTGAGE ASSISTANCE PROGRAM GUIDELINES PLANNING AND DEVELOPMENT DEPARTMENT HOUSING AND COMMUNITY DEVELOPMENT DIVISION CALHOME MORTGAGE ASSISTANCE PROGRAM GUIDELINES PROGRAM OVERVIEW The CalHome Mortgage Assistance Program is a program funded

More information

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

West Valley City Grants Department Down Payment Assistance Policy & Information Packet

West Valley City Grants Department Down Payment Assistance Policy & Information Packet West Valley City Grants Department Down Payment Assistance Policy & Information Packet Current Revision: 9/09 1 CONTENTS DOWN PAYMENT ASSISTANCE (DPA) POLICY: Section I Section II Section III Section IV

More information

EXPLANATION OF THE HUD-1 Settlement Statement

EXPLANATION OF THE HUD-1 Settlement Statement EXPLANATION OF THE HUD-1 Settlement Statement The Settlement Statement is the financial picture of the closing. All money deposited into the escrow account and the disbursals out of the escrow account

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

HOUSING LOAN SUBORDINATION POLICY

HOUSING LOAN SUBORDINATION POLICY HOUSING LOAN SUBORDINATION POLICY Housing Loan Subordination Policy OBJECTIVE: To provide administrative guidance on processing requests for subordination of City/Agency loans PURPOSE: In consideration

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

Definitions. In some cases a survey rather than an ILC is required.

Definitions. In some cases a survey rather than an ILC is required. Definitions 1. What is the closing? The closing is a formal meeting at which both the buyer and seller meet to sign all the final documentation required for the buyer's mortgage loan. Once the closing

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

Single Family Bond Program Lender Training PROGRAM OVERVIEW

Single Family Bond Program Lender Training PROGRAM OVERVIEW Single Family Bond Program Lender Training PROGRAM OVERVIEW What this program ISN T NOT A DOWN PAYMENT ASSISTANCE PROGRAM NOT FOR BUYERS WITH POOR CREDIT DOES NOT PROVIDE A SUBPRIME PRODUCT NOT FOR LOW

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

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

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

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

MORTGAGE PURCHASE PROGRAM DISCLOSURE OF INFORMATION

MORTGAGE PURCHASE PROGRAM DISCLOSURE OF INFORMATION Mortgage Finance Division Single Family Office 10400 Detrick Avenue, Kensington, Md 20895-2484 (240) 627-9798 Phone // (301) 942-3817 Fax MORTGAGE PURCHASE PROGRAM DISCLOSURE OF INFORMATION APPLICATION

More information

WHY RENT WHEN YOU CAN BUY

WHY RENT WHEN YOU CAN BUY WHY RENT WHEN YOU CAN BUY CITY OF ALHAMBRA FIRST TIME HOMEBUYER (FTHB) DOWN PAYMENT ASSISTANCE PROGRAM YOU MAY QUALIFY FOR THE CITY OF ALHAMBRA FTHB PROGRAM IF: You have been renting in Alhambra continuously

More information

Bridge Closing Cost Assistance Loan Program Application

Bridge Closing Cost Assistance Loan Program Application Bridge Closing Cost Assistance Loan Program Application Congratulations on taking the steps towards Bridging" the Gap to Sustainable Homeownership. NPHS, through its partnership with the High Desert Association

More information

City of Rockford Community Development Department

City of Rockford Community Development Department City of Rockford Community Development Department Revised July 2005 GENERAL ELIGIBILITY REQUIREMENTS (For West Side Alive and Homestead Partnership programs ONLY) 1. Applicant must be an U.S. Citizen or

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

MORTGAGE LOAN DISCLOSURE STATEMENT GOOD FAITH ESTIMATE NONTRADITIONAL MORTGAGE LOAN PRODUCT (ONE TO FOUR RESIDENTIAL UNITS (RE885) INFORMATIONAL SHEET

MORTGAGE LOAN DISCLOSURE STATEMENT GOOD FAITH ESTIMATE NONTRADITIONAL MORTGAGE LOAN PRODUCT (ONE TO FOUR RESIDENTIAL UNITS (RE885) INFORMATIONAL SHEET The fields in this document are filled in by Mortgage+Care Loan Origination Software. Please contact us at (800)481-2708 or www.mortcare.com for a list of mergeable documents. MORTGAGE LOAN DISCLOSURE

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

NEIGHBORHOOD STABILIZATION PROGRAM (NSP) APPLICATION FOR NSP LOAN. Program Guidelines

NEIGHBORHOOD STABILIZATION PROGRAM (NSP) APPLICATION FOR NSP LOAN. Program Guidelines APPLICATION FOR NSP LOAN Income limits per household Program Guidelines Maximum Income 1 48,150 2 55,000 3 61,900 4 68,750 5 74,250 6 79,750 7 85,250 8 90,750 Homebuyer Requirements Home Education Minimum

More information

City of Champaign Neighborhood Services Department Neighborhood Programs Division 102 N. Neil St. Champaign, Illinois 61820 (217) 403-7070

City of Champaign Neighborhood Services Department Neighborhood Programs Division 102 N. Neil St. Champaign, Illinois 61820 (217) 403-7070 City of Champaign Neighborhood Services Department Neighborhood Programs Division 102 N. Neil St. Champaign, Illinois 61820 (217) 403-7070 Acquisition-Rehabilitation Program SCOPE INCOME LIMIT The program

More information

City of New Bedford, Massachusetts

City of New Bedford, Massachusetts Patrick Sullivan Director ELIGIBLE PROPERTIES ELIGIBLE ACTIVITIES City of New Bedford, Massachusetts OFFICE OF HOUSING & COMMUNITY DEVELOPMENT 608 Pleasant St, New Bedford, Massachusetts 02740 Telephone:

More information

Habitat for Humanity of Southern Brazoria County (HfHSBC) This policy defines the terms and conditions that are required in a Habitat mortgage.

Habitat for Humanity of Southern Brazoria County (HfHSBC) This policy defines the terms and conditions that are required in a Habitat mortgage. Habitat for Humanity of Southern Brazoria County (HfHSBC) HfHSBC Policy No. 24 - Mortgage Policy General Principles This policy defines the terms and conditions that are required in a Habitat mortgage.

More information

Neighborhood Housing Services of the Inland Empire CityLIFT Frequently Asked Questions

Neighborhood Housing Services of the Inland Empire CityLIFT Frequently Asked Questions Neighborhood Housing Services of the Inland Empire CityLIFT Frequently Asked Questions Q. What are the terms of the CityLIFT funding? A. CityLIFT funds are provided as a 5 year forgivable loan program

More information

The City of MIDWEST CITY GRANTS MANAGEMENT DEPARTMENT Terri L. Craft, Grants Manager. MIDWEST CITY Homebuyer Assistance Program

The City of MIDWEST CITY GRANTS MANAGEMENT DEPARTMENT Terri L. Craft, Grants Manager. MIDWEST CITY Homebuyer Assistance Program The City of MIDWEST CITY GRANTS MANAGEMENT DEPARTMENT Terri L. Craft, Grants Manager Grant Amount: $5,000.00 MIDWEST CITY Homebuyer Assistance Program The Homebuyer Assistance Program promotes homeownership

More information

EHLP Homeowner Post Closing Counseling Summary and Confirmation

EHLP Homeowner Post Closing Counseling Summary and Confirmation EHLP Homeowner Post Closing Counseling Summary and Confirmation NOTE: This form was updated and redesigned to be used for either 5b Post-Approval Counseling or for 5d Transition Counseling as applicable.

More information

Affordable Homeownership

Affordable Homeownership Housing and Human Services Division Affordable Homeownership Program Guidelines The City s Affordable Homeownership Program (also referred to as the Inclusionary Housing Program) provides homeownership

More information

HUD REPOS. SecurityNational Mortgage Company

HUD REPOS. SecurityNational Mortgage Company HUD REPOS SecurityNational Mortgage Company Appraisal Requirements Appraisals are ordered by the M&M contractor from an FHA appraiser. Utilities should be on at the time the appraisal is conducted. If

More information

Mortgage Loan Programs, Part I. Presented by Minnesota Housing

Mortgage Loan Programs, Part I. Presented by Minnesota Housing Mortgage Loan Programs, Part I Presented by Minnesota Housing Questions During Presentation We will batch online questions and answer them throughout the webinar A complete Q & A list will be posted to

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

MORTGAGE LOAN DISCLOSURE STATEMENT GOOD FAITH ESTIMATE NONTRADITIONAL MORTGAGE LOAN PRODUCT (ONE TO FOUR RESIDENTIAL UNITS (RE885) INFORMATIONAL SHEET

MORTGAGE LOAN DISCLOSURE STATEMENT GOOD FAITH ESTIMATE NONTRADITIONAL MORTGAGE LOAN PRODUCT (ONE TO FOUR RESIDENTIAL UNITS (RE885) INFORMATIONAL SHEET MORTGAGE LOAN DISCLOSURE STATEMENT GOOD FAITH ESTIMATE NONTRADITIONAL MORTGAGE LOAN PRODUCT (ONE TO FOUR RESIDENTIAL UNITS (RE885) INFORMATIONAL SHEET WHEN TO USE THIS FORM NONTRADITIONAL LOAN PRODUCTS

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

NORTH AMERICAN TITLE COMPANY Like Clockwork. www.nat.com/cfpb

NORTH AMERICAN TITLE COMPANY Like Clockwork. www.nat.com/cfpb NORTH AMERICAN TITLE COMPANY Like Clockwork www.nat.com/cfpb UNDERSTANDING THE NEW LOAN ESTIMATE AND CLOSING DISCLOSURE FORMS American Title, we want to make sure all of our customers have the information

More information

Bokern Realty serving St. Louis since 1901. Home Buying Educational Seminar The WU Employer Assisted Housing Program

Bokern Realty serving St. Louis since 1901. Home Buying Educational Seminar The WU Employer Assisted Housing Program Home Buying Educational Seminar The WU Employer Assisted Housing Program Agenda WU Employer Assisted Housing Program Program highlights Neighborhoods Home Financing Benefits of homeownership Preparation

More information

BORROWER Q&AS. 2. I'm current on my mortgage. Will the Home Affordable Refinance help me?

BORROWER Q&AS. 2. I'm current on my mortgage. Will the Home Affordable Refinance help me? MAKING HOME AFFORDABLE BORROWER Q&AS 1. What is Making Home Affordable" all about? Making Home Affordable is part of President Obama's comprehensive strategy to get the housing market back on track. Through

More information

Region of Waterloo Affordable Home Ownership Program

Region of Waterloo Affordable Home Ownership Program Region of Waterloo Affordable Home Ownership Program Fact Sheet January 2014 update Note: The information in this Fact Sheet is subject to change from time to time at the discretion of the Region of Waterloo

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

2015 Housing Resource Group, LLC 1

2015 Housing Resource Group, LLC 1 Your application must include: Copies of the last five most recent current consecutive pay stubs for all household members age 18 or older Verification of self-employment income received during the preceding

More information

FIRST TIME HOME BUYER PROGRAM FREQUENTLY ASKED QUESTIONS

FIRST TIME HOME BUYER PROGRAM FREQUENTLY ASKED QUESTIONS FIRST TIME HOME BUYER PROGRAM FREQUENTLY ASKED QUESTIONS QUALIFICATION/ELIGIBILITY QUESTIONS 1. What if I haven t previously bought a home, but my spouse has? If my spouse is not going to be on the mortgage,

More information

OWN IN OGDEN PROGRAM GUIDELINES

OWN IN OGDEN PROGRAM GUIDELINES CITY OF OGDEN, UTAH COMMUNITY AND ECONOMIC DEVELOPMENT OWN IN OGDEN PROGRAM GUIDELINES I. PROGRAM SUMMARY Own in Ogden is an Ogden City program designed to increase home ownership in specific target neighborhoods.

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

Davis Community Housing Authority Down Payment Assistance Program Summary

Davis Community Housing Authority Down Payment Assistance Program Summary Davis Community Housing Authority Down Payment Assistance Program Summary The Davis Community Housing Authority (DCHA) will be administering American Dream Down Payment Assistance Initiative (ADDI) funds.

More information

Rialto Housing Authority Mortgage Assistance Program Application

Rialto Housing Authority Mortgage Assistance Program Application Rialto Housing Authority Mortgage Assistance Program Application Congratulations on taking steps towards homeownership. The Rialto Housing Authority, through its Mortgage Assistance Program, offers up

More information

DEPARTMENT OF LABOR, LICENSING AND REGULATION SUBTITLE 03 - Commissioner of Financial Regulation. Chapter:

DEPARTMENT OF LABOR, LICENSING AND REGULATION SUBTITLE 03 - Commissioner of Financial Regulation. Chapter: DEPARTMENT OF LABOR, LICENSING AND REGULATION SUBTITLE 03 - Commissioner of Financial Regulation Chapter: 09.03.01 - Credit Unions Authority: Financial Institutions Article, 2-105.1, Annotated Code of

More information

Energy Efficient Mortgages & HERS Ratings. Peter V. Vargo Nu-Tech Energy Solutions, Co LLC

Energy Efficient Mortgages & HERS Ratings. Peter V. Vargo Nu-Tech Energy Solutions, Co LLC Energy Efficient Mortgages & HERS Ratings Peter V. Vargo Nu-Tech Energy Solutions, Co LLC PA Housing & Land Development Conference February 20, 2013 Energy Efficient Mortgages & HERS Ratings Peter V. Vargo

More information

City of Victorville Mortgage Assistance Program Application (80% AMI)

City of Victorville Mortgage Assistance Program Application (80% AMI) City of Victorville Mortgage Assistance Program Application (80% AMI) Congratulations on taking steps towards homeownership. The City of Victorville, through its Mortgage Assistance Program, offers up

More information

Appreciation is one way that the the difference between the market value of property and the amount owed on it increases.

Appreciation is one way that the the difference between the market value of property and the amount owed on it increases. Chapter 22 Buying a Home 22.1 Why Buy a Home? Vocab Market value appraised value assessed value Equity conventional loan FHA loan Trust deed escrow account discount points Loan origination fee closing

More information

CITY OF WEST JORDAN Down Payment Assistance Program Application FY 2011-2012 CDBG/HOME Program. Program Information/Requirements

CITY OF WEST JORDAN Down Payment Assistance Program Application FY 2011-2012 CDBG/HOME Program. Program Information/Requirements CITY OF WEST JORDAN Down Payment Assistance Program Application FY 2011-2012 CDBG/HOME Program Program Information/Requirements ELIGIBLE APPLICANTS All applicants must meet income guidelines, debt ratio

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

DOWN PAYMENT ASSISTANCE PROGRAM Frequently Asked Questions

DOWN PAYMENT ASSISTANCE PROGRAM Frequently Asked Questions I need help with a down payment to buy a home. Where do I start? Register for a home buyer education course by calling 512/974-3100 or go to http://www.austintexas.gov/department/housing-smarts-counseling

More information

HOMEBUYER ASSISTANCE PROGRAM

HOMEBUYER ASSISTANCE PROGRAM HOMEBUYER ASSISTANCE PROGRAM PROGRAM S GOAL Provide financial assistance to: Qualified low- to moderate- income first-time homebuyers. City of Houston residents. Increase quality of living through homeownership.

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

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

PARTICIPATION AGREEMENT AND ACKNOWLEDGMENT OF LOAN RESTRICTIONS

PARTICIPATION AGREEMENT AND ACKNOWLEDGMENT OF LOAN RESTRICTIONS COLUMBIA NON-PROFIT HOUSING FIRST HOME LOAN PROGRAM PARTICIPATION AGREEMENT AND ACKNOWLEDGMENT OF LOAN RESTRICTIONS I. PURPOSE AND GOALS The purpose of the First Home Loan Program is to establish and maintain

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

2014 Cleveland Home Repair Loan Programs

2014 Cleveland Home Repair Loan Programs 2014 Cleveland Home Repair Loan Programs A special guide to programs available to Cleveland residents and investors Includes program information from the City of Cleveland, local nonprofits and local lenders!*

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

Section 1.16a Resale/Deed Restrictions Guidelines

Section 1.16a Resale/Deed Restrictions Guidelines Section 1.16a Resale/Deed Restrictions Guidelines In This Section This section contains the following topics: Overview... 2 Introduction... 2 Related Bulletins... 2 General... 2 Identification and Eligibility

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

PIMA COUNTY COMMUNITY LAND TRUST HOME BUYER SELECTION POLICIES & PROCEDURES

PIMA COUNTY COMMUNITY LAND TRUST HOME BUYER SELECTION POLICIES & PROCEDURES PIMA COUNTY COMMUNITY LAND TRUST HOME BUYER SELECTION POLICIES & PROCEDURES I. OVERVIEW This policy paper is intended to guide the development and implementation of both general and projectspecific homebuyer

More information

Information Packet. Duxbury Affordable Housing Purchase Assistance Program. Duxbury, MA. An Affordable Housing Opportunity

Information Packet. Duxbury Affordable Housing Purchase Assistance Program. Duxbury, MA. An Affordable Housing Opportunity Information Packet Duxbury Affordable Housing Purchase Assistance Program Duxbury, MA An Affordable Housing Opportunity Facilitated on behalf of the Duxbury Affordable Housing Trust This packet contains

More information

The New RESPA Closing Process

The New RESPA Closing Process The New RESPA Closing Process Presented by Thomas G. Cullen Managing Attorney Wisconsin Operations Attorneys Title Guaranty Fund, Inc. Roman Reynolds Member Services Representative Member Sales and Support

More information

RIVERSIDE COUNTY ECONOMIC DEVELOPMENT AGENCY FIRST TIME HOME BUYER PROGRAM LENDER'S MANUAL

RIVERSIDE COUNTY ECONOMIC DEVELOPMENT AGENCY FIRST TIME HOME BUYER PROGRAM LENDER'S MANUAL RIVERSIDE COUNTY ECONOMIC DEVELOPMENT AGENCY FIRST TIME HOME BUYER PROGRAM LENDER'S MANUAL This Manual provides the policies and procedures for the implementation of Riverside County's First Time Home

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

BECOME A BMR HOMEOWNER!

BECOME A BMR HOMEOWNER! BECOME A BMR HOMEOWNER! History of the City of Morgan Hill BMR Program The City of Morgan Hill contracted its Below Market Rate (BMR) Program to NHSSV in May 2012 in response to the State s elimination

More information

COEUR D ALENE TRIBAL HOUSING AUTHORITY MORTGAGE FINANCING ASSISTANCE FINAL POLICY (CDTHA MFA)

COEUR D ALENE TRIBAL HOUSING AUTHORITY MORTGAGE FINANCING ASSISTANCE FINAL POLICY (CDTHA MFA) COEUR D ALENE TRIBAL HOUSING AUTHORITY MORTGAGE FINANCING ASSISTANCE FINAL POLICY (CDTHA MFA) November 2006 TABLE OF CONTENTS I. General...3 II. Eligible Recipients...3 III. Selection Criteria...4 IV.

More information

Policies and Procedures Effective October 1, 2014

Policies and Procedures Effective October 1, 2014 Introduction and Purpose The purpose of the (DPA) is to increase home ownership in neighborhoods, assist low and moderate income households with home purchases, and to leverage private funds for these

More information

Home Equity Conversion Mortgage Basics

Home Equity Conversion Mortgage Basics Home Equity Conversion Mortgage Basics Kelly Zitlow NMLS#164330 Vice President, CMPS 480.398.4908 kzitlow@ccmclending.com www.kellyzitlow.com Cherry Creek Mortgage Co., Inc. NMLS#3001 AZ BK#0904024 17015

More information

CITY OF PASSAIC DEPARTMENT OF COMMUNITY DEVELOPMENT 330 PASSAIC STREET PASSAIC, NEW JERSEY 07055

CITY OF PASSAIC DEPARTMENT OF COMMUNITY DEVELOPMENT 330 PASSAIC STREET PASSAIC, NEW JERSEY 07055 CASE NUMBER enter number (office use only) CITY OF PASSAIC DEPARTMENT OF COMMUNITY DEVELOPMENT 330 PASSAIC STREET PASSAIC, NEW JERSEY 07055 FIRST TIME HOMEBUYER ASSISTANCE PROGRAM AGREEMENT HUD # APPLICANT

More information

Important Information Regarding TILA-RESPA Integrated Disclosure (TRID) Rule

Important Information Regarding TILA-RESPA Integrated Disclosure (TRID) Rule Important Information Regarding TILA-RESPA Integrated Disclosure (TRID) Rule Notice to students: If your course contains information on the Truth in Lending Act (TILA) and the Real Estate Settlement Procedure

More information

Home Equity Conversion Mortgage (HECM) for Home Purchase

Home Equity Conversion Mortgage (HECM) for Home Purchase Home Equity Conversion Mortgage (HECM) for Home Purchase A Guide to HECM s Home Equity Conversion Mortgage (HECM) for Home Purchase A Home Equity Conversion Mortgage for Purchase can be life-changing for

More information

Mortgage Terms Glossary

Mortgage Terms Glossary Mortgage Terms Glossary Adjustable-Rate Mortgage (ARM) A mortgage where the interest rate is not fixed, but changes during the life of the loan in line with movements in an index rate. You may also see

More information

Cherokee County HOME Rehabilitation Program Eligibility Criteria

Cherokee County HOME Rehabilitation Program Eligibility Criteria Cherokee County HOME Rehabilitation Program Eligibility Criteria Cherokee County has funds available to provide loans for housing rehabilitation repairs to qualified homeowners. This money can be used

More information