The State of New York Mortgage Agency

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "The State of New York Mortgage Agency"

Transcription

1 The State of New York Mortgage Agency and You! Working together to provide New Yorker s safe, affordable and sustainable home financing opportunities. By PresenterMedia.com

2 SONYMA and Homebuyer Counselors Perfect Together SONYMA offers safe, affordable and sustainable home mortgage products and our non-profit partners offer the pre-purchase education necessary to sustain our borrowers. 2

3 Key Benefits of SONYMA Products Safe, affordable and sustainable home financing opportunities Competitive, 30-year, fixed rate loans. No points; no added fees based upon credit score or amount of down payment. Rates effective September 13, 2013: LIRP: 5.00% ATD: 4.50% Lower MI payments. MI can be offered through the Mortgage Insurance Fund. Single Premium MI funding available. 97% LTV with only 1% from borrower s own funds For one- and two-family homes, including condominiums. Cooperative units: 95% LTV with 3% from borrowers own funds. Three- and four-family homes: 90% LTV with 3% from borrower s own funds 3

4 Key Benefits of SONYMA Products Safe, affordable and sustainable home financing opportunities Down Payment Assistance available. Up to $15,000 of DPA available to all SONYMA borrowers. Flexibility with subordinate financing. No maximum TLTV/CLTV when subordinate financing is a qualified Grant/Subsidy. No limit to assistance. Liberal qualifying ratios: 40/45 4

5 Key Benefits of SONYMA Products Safe, affordable and sustainable home financing opportunities Favorable lending guidelines for Condominiums and Cooperatives Longer rate-lock periods: 100/240 days Up to $1,000 cash-on-hand (no seasoning) Useful online tools: SONYMA vs. FHA Comparison Chart and Loan calculator available on website 5

6 SONYMA Borrower Eligibility Who is a First-time Homebuyer? A person who has not had an ownership interest in his or her principal residence during the three years prior to the date of making application for a SONYMA mortgage loan; and at the time of closing does not have an ownership interest in another residential property Does the borrower qualify under the Income and Purchase price limits set for the county in which they are making their purchase? 6

7 Albany MSA Example Low-Interest Rate Program Albany MSA Income Limits: 1 or 2 person household $77,000 / $92,400* 3+ person household $88,500 / $107,800* Low-Interest Rate Program Albany MSA Purchase Price Limits: Single-family homes $284,810 / $348,100* Two-family homes $364,600 / $445,620* If property is located in a Federally-designated Target Area. See for 3- and 4-family units. 7

8 8 Key SONYMA Loan Programs Low Interest Rate Program for moderate-income households features up to 97% financing (1-4 family) Target Area & Veteran waivers apply Achieving The Dream Program for lower-income households features up to 97% financing at a lower rate 1-2 family homes only 2-family new construction, target areas only Must be a first-time homebuyer with exception of eligible Veterans.

9 Overlays to SONYMA s Standard Products 9 Homes for Veterans Provides DPAL with no rate adjustment. First-time homebuyer requirement waived for eligible veterans. Active duty personnel may now apply, but must be a first-time homebuyer. HFV borrowers receive the lower ATD rate (regardless of the program). Energy Star Program DPAL borrowers receive a reduced interest rate when purchasing new construction meeting NY Energy Star standards Own it, Fix it NY Combine the purchase and the cost of renovation into one loan. (1-2 units)

10 Down Payment Assistance Loan - DPAL Optional with ALL SONYMA loan programs: 0% interest; no monthly payment; second mortgage lien. Borrowers receive the GREATER of $3,000 or 3% of the purchase price, up to $15,000. Forgivable loan with a 10-year recapture period. Increases SONYMA s standard rate for most programs by 0.375%. (Exceptions: Habitat for Humanity; Homes for Veterans; Energy Star) 10 DPAL funds must be applied to down payment with two exceptions. If the DPAL exceeds a borrower s minimum down payment requirement (when the purchase price is less than $100,000), the excess DPAL may be credited to closing costs and to fund single premium mortgage insurance. Borrowers must make their minimum required contribution from their own funds toward their purchase, but it is based upon the net purchase price. (purchase price less the amount of DPAL and other grants/subsidy funds applied to down payment)

11 Down Payment Assistance Loan DPAL There is no separate set of underwriting guidelines Borrowers select or decline DPAL during the application process The DPAL will be approved during the SONYMA compliance review Borrowers will be subject to NYS mortgage tax & recording fees The loan is forgiven at the rate of 1/120th each month during the 10-year recapture period. Or in full if the financing stays in place for the 10-year period. Repayment will be based further on net equity. 11

12 What s New at SONYMA? SONYMA Express SONYMA has developed its own automated underwriting decision engine. SONYMA EXPRESS is currently in the final testing phase and is expected to speed up loan underwriting and approvals. Expected release date: November SONYMA Advisory Council Representatives from lenders, NYSAR and non-profit partners meet with us to provide valuable feedback to help SONYMA s. programs and processes. Welcome Home, New York Events In September 2011, SONYMA hosted its first ever homeownership event called Welcome Home, NY! in Jamaica, Queens. The next Welcome Home, NY events were in Rochester in September 2012 and Buffalo in May Next Stop: Brooklyn, October 12, 2013.

13 Loan Comparison Tool

14 Loan Comparison Tool

15

16 Helping NYS homebuyers put the pieces together! SONYMA and our non-profit partners, working together, piece-by-piece.

Financing Opportunities For First Time Home Buyers

Financing Opportunities For First Time Home Buyers Financing Opportunities For First Time Home Buyers The Petix Group Park Avenue Realtors February 13, 2010 Michael Catalino/Senior Mortgage Consultant TOPICS TO BE COVERED FHA USDA SONYMA General Qualifications/Income

More information

Comparison of SONYMA Mortgages vs. FHA

Comparison of SONYMA Mortgages vs. FHA Levels of loan approval FHA self insures Lenders Direct Endorsement Underwriters approve loans 3* Levels of loan approval Lender PMI/Pool Insurer *Pre Closing SONYMA compliance review will be eliminated

More information

Understanding Down Payment Assistance Programs. Sponsored by

Understanding Down Payment Assistance Programs. Sponsored by Understanding Down Payment Assistance Programs Sponsored by A Word of Thanks About ANDP Celebrating 25 th Year in 2016 Affordable Housing Advocacy Piece by Piece Foreclosure Response Initiative ANDP Loan

More information

The Homes for Veterans Program

The Homes for Veterans Program The Homes for Veterans Program State of New York Mortgage Agency New York State Division of Veterans Affairs Message from the President To US Military Veterans of New York State, We are proud to offer

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

Homeownership Division

Homeownership Division Michigan Credit Union League & Affiliates Annual Convention and Exposition Helping Credit Unions Serve, Grow and Remain Strong #mculace MSHDA s Homeownership Programs Delivering the Dream to Michigan Families

More information

SONYMA FHA Plus Correspondent Term Sheet

SONYMA FHA Plus Correspondent Term Sheet Product Type 30 Year Fixed Rate Mortgages Sales Focus This program provides the flexibility offered by FHA s 203(b) or 234(c) mortgages along with SONYMA s Down Payment Assistance Loan (DPAL). HUD Mortgagee

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

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

TOWN OF AMHERST Federal Home Loan Bank HomeBuyers Assistance Grant Program

TOWN OF AMHERST Federal Home Loan Bank HomeBuyers Assistance Grant Program TOWN OF AMHERST Federal Home Loan Bank HomeBuyers Assistance Grant Program The Town of Amherst, through the Federal Home Loan Bank's Affordable Housing Program, is offering loans for first-time homebuyers

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

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

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

Delaware State Housing Authority. DSHA Homeownership Loan Programs

Delaware State Housing Authority. DSHA Homeownership Loan Programs Delaware State Housing Authority DSHA Homeownership Loan Programs DSHA is committed to following all aspects of the Fair Housing Act in our efforts to promote responsible homeownership and obtaining competitive

More information

Fannie Mae DU Refi Plus Helping borrowers efficiently refinance Fannie Mae loans

Fannie Mae DU Refi Plus Helping borrowers efficiently refinance Fannie Mae loans Why DU Refi Plus Fannie Mae DU Refi Plus Helping borrowers efficiently refinance Fannie Mae loans 2 Why DU Refi Plus Provides a competitively-priced, streamline refinance option to qualified borrowers

More information

Mississippi Home Corporation. Betty Temple Vice President Single Family Program Operations (601) 718.4626 Betty.Temple@mshc.com www.mshomecorp.

Mississippi Home Corporation. Betty Temple Vice President Single Family Program Operations (601) 718.4626 Betty.Temple@mshc.com www.mshomecorp. Mississippi Home Corporation Betty Temple Vice President Single Family Program Operations (601) 718.4626 Betty.Temple@mshc.com www.mshomecorp.com Mortgage Credit Certificate [ MCC ] Program MCC Tax Credits

More information

Welcome to TSAHC Lender Training

Welcome to TSAHC Lender Training Welcome to TSAHC Lender Training About Us TSAHC is a 501(c)3 nonprofit organization. Our mission is to serve the housing needs of low income Texans and other underserved populations. We fulfill our mission

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

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

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

Down Payment Assistance Programs

Down Payment Assistance Programs Down Payment Assistance Programs Schedule an Appointment 6 8 hour Homebuyers Education Course 2-hour Pre-Purchase Counseling The Homeowners Employment Corporation SunTrust Bank Building - A 1530 Georgia

More information

Mortgage Credit Certificate Program Lender Application Package

Mortgage Credit Certificate Program Lender Application Package Thank You for Your Interest Mortgage Credit Certificate Program Lender Application Package Texas State Affordable Housing Corporation ( TSAHC ) is pleased to extend an invitation to its qualified lenders

More information

Variable Names & Descriptions

Variable Names & Descriptions Variable Names & Descriptions Freddie Mac provides loan-level information at PC issuance and on a monthly basis for all newly issued fixed-rate and adjustable-rate mortgage (ARM) PC securities issued after

More information

Bridget McNamara Citywide Home Loans 303.489.0221 Bridget.McNamara@chl.cc

Bridget McNamara Citywide Home Loans 303.489.0221 Bridget.McNamara@chl.cc FHA An FHA loan requires a minimum 3.5% down for a conventional 30 year purchase (Available in other terms as well, rate and MI factor will change). Mortgage Insurance is calculated at.89% (as of January

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

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

Arkansas Development Finance Authority

Arkansas Development Finance Authority Arkansas Development Finance Authority ADFA S MORTGAGE BOND PROGRAM Arkansas Development Finance Authority P.O. Box 8023 Little Rock, AR 72203 www.arkansas.gov/adfa Home ToOwn Staff Murray Harding-Manager

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

First Down Program Policy. August 2015

First Down Program Policy. August 2015 First Down Program Policy August 2015 Program Summary: The First Down program ( First Down ) is a second mortgage loan that provides down payment and closing cost assistance for first-time homebuyers.

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

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

Helping to make buying a home more affordable

Helping to make buying a home more affordable Helping to make buying a home more affordable 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

More information

Welcome to the TSAHC Lender Training

Welcome to the TSAHC Lender Training Welcome to the TSAHC Lender Training About Us TSAHC is a 501(c)3 nonprofit organization. Our mission is to serve the housing needs of low income Texans and other underserved populations. We fulfill our

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

Save the Dream Ohio and Ohio Housing Finance Agency. and OHFA Homeownership Programs. Ohio Award: $570.4 Million to prevent foreclosure

Save the Dream Ohio and Ohio Housing Finance Agency. and OHFA Homeownership Programs. Ohio Award: $570.4 Million to prevent foreclosure Save the Dream Ohio and Ohio Housing Finance Agency Homeownership Programs Ohio s Foreclosure Prevention Effort and OHFA Homeownership Programs Presentation to Ohio Benefits Bank Conference September 17,

More information

The New York State Association of REALTORS Housing Opportunities Foundation Individual Grant Program

The New York State Association of REALTORS Housing Opportunities Foundation Individual Grant Program The New York State Association of REALTORS Housing Opportunities Foundation Individual Grant Program NYSAR Housing Opportunities Foundation Grants The New York State Association of Realtors Housing Opportunities

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

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

HOW WILL I BENEFIT FROM USING THIS PROGRAM?

HOW WILL I BENEFIT FROM USING THIS PROGRAM? WHAT IS THE AT HOME IN QUINCY FIRST-TIME HOMEBUYER PROGRAM? The program can provide homebuyers living or working in Quincy with help to make the purchase of their first one to four-family home in Quincy

More information

Homeownership Counseling

Homeownership Counseling Background Section 106(c)(5) of the Housing and Urban Development Act of 1968 (12 USC 1701x(c)(5)) provides for homeownership counseling notification by creditors to eligible homeowners. The act has been

More information

5 Common Types of Home Loans

5 Common Types of Home Loans 5 Common Types of Home Loans Copyright 2015 Platinum Home Mortgage Corporation All Rights Reserved Feel free to email, tweet, blog, and pass this ebook around the web, but please don t alter any of its

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

Homebuyer Program Orientation

Homebuyer Program Orientation Homebuyer Program Orientation 1405 E. McDowell Rd, Suite 100 Phoenix, Arizona 85006 Telephone: (602) 258-1659 1 Website: www.nhsphoenix.org History of NHS Phoenix NHS Phoenix was founded in 1975 and is

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

WASHINGTON COUNTY HOMEBUYER ASSISTANCE PROGRAM CONSUMER GUIDELINES FOR HOMEBUYERS

WASHINGTON COUNTY HOMEBUYER ASSISTANCE PROGRAM CONSUMER GUIDELINES FOR HOMEBUYERS WASHINGTON COUNTY HOMEBUYER ASSISTANCE PROGRAM CONSUMER GUIDELINES FOR HOMEBUYERS The U.S. Department of Housing and Urban Development (HUD) has made Community Development Block Grant (CDBG) and Home Investment

More information

Iowa Finance Authority Overview. April 18, 2013

Iowa Finance Authority Overview. April 18, 2013 Iowa Finance Authority Overview April 18, 2013 Introduction Mission: To finance, administer, advance and preserve affordable housing and to promote community and economic development for Iowans. History

More information

This is a record of tremendous achievement for which every one of you should be very proud. You all deserve a healthy round of applause.

This is a record of tremendous achievement for which every one of you should be very proud. You all deserve a healthy round of applause. Remarks by Tonight, I want to talk about my objectives for the State s housing finance agencies, and then talk about how important it is for government to work with nonprofits like NHS since only by doing

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

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

SECTION 7003 REFINANCE PROGRAM

SECTION 7003 REFINANCE PROGRAM SECTION 7003 REFINANCE PROGRAM.01 INTRODUCTION The Refinance Program allows applicants to obtain new financing to improve the terms on their existing loan and/or finance renovations or home improvements.

More information

Homebuyer Education: What You Need to Know

Homebuyer Education: What You Need to Know Homebuyer Education: What You Need to Know Today s Objectives Prepare your finances for home ownership Steps to mortgage prequalification Shopping for a home- who are the major players? Choosing the correct

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

Southeast Texas Housing Finance Corporation! 5 Star Texas Advantage! Program Lender Training! Revised 10-11-12!

Southeast Texas Housing Finance Corporation! 5 Star Texas Advantage! Program Lender Training! Revised 10-11-12! Southeast Texas Housing Finance Corporation! 5 Star Texas Advantage! Program Lender Training! Revised 10-11-12! WHAT YOU RE GOING TO LOVE ABOUT THIS PROGRAM? NEW! THIS ISN T A BOND PROGRAM THIS PROGRAM

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

Part A, Section 1: 1-4 Family Residential Lending: Home Purchase and Refinance Mortgage Loans

Part A, Section 1: 1-4 Family Residential Lending: Home Purchase and Refinance Mortgage Loans Part A, Section 1: 1-4 Family Residential Lending: Home Purchase and Refinance Mortgage Loans General Instructions: What type of lending is reported in this section? This section of Part A of the survey

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

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

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

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

Maryland Mortgage Program Realtor Workshop

Maryland Mortgage Program Realtor Workshop Martin O'Malley GOVERNOR Anthony G. Brown LT. GOVERNOR Raymond A. Skinner SECRETARY Clarence J. Snuggs DEPUTY SECRETARY Maryland Mortgage Program Realtor Workshop May 8, 2013 1 Maryland Mortgage Program

More information

Desktop Originator /Desktop Underwriter Version 5.5

Desktop Originator /Desktop Underwriter Version 5.5 Desktop Originator /Desktop Underwriter Version 5.5 Release Notes May 20, 2005 Updated June 8, 2005 In July 2005, we will implement DU Version 5.5. This new version will contain a number of enhancements

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

Tips for Homebuyers: Working with Agents & Lenders

Tips for Homebuyers: Working with Agents & Lenders Tips for Homebuyers: Working with Agents & Lenders by The Connecticut Department of Consumer Protection and The Connecticut Housing Finance Authority What to Know Before You Buy CONNECTICUT DEPARTMENT

More information

Vacant Properties Rehabilitation Program

Vacant Properties Rehabilitation Program City of Columbus Department of Development Housing Division Vacant Properties Rehabilitation Program Redevelopment for Homeownership/ Lease-Purchase Guidelines Old Oaks City of Columbus Department of Development

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

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

CALIFORNIA HOUSING FINANCE AGENCY. Extra Credit Teacher Home Purchase Program (ECTP)

CALIFORNIA HOUSING FINANCE AGENCY. Extra Credit Teacher Home Purchase Program (ECTP) CALIFORNIA HOUSING FINANCE AGENCY Extra Credit Teacher Home Purchase Program (ECTP) LAST REVISED: OCTOBER 2015 Table of Contents I. Program Summary 1 a. Participating Lenders b. Target Markets c. Eligible

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

Overcoming the Down Payment Hurdle. Course #: 01 00 067 28889 Provider #: 0001

Overcoming the Down Payment Hurdle. Course #: 01 00 067 28889 Provider #: 0001 Overcoming the Down Payment Hurdle Course #: 01 00 067 28889 Provider #: 0001 Meet Ann & Doug Foxworth About TSAHC The Texas State Affordable Housing Corporation (TSAHC) is a nonprofit housing corporation

More information

PRE-APPLICATION PACKAGE (PHASE I)

PRE-APPLICATION PACKAGE (PHASE I) Lawrenceville Housing Corporation Welcome HOME Program PRE-APPLICATION PACKAGE (PHASE I) ***Note: We cannot process your application if required documentation is missing.*** THIS PRE-APPLICATION MUST BE

More information

By E mail. December 11, 2013. SONYMA FHA Plus Program. Dear Participating Lender:

By E mail. December 11, 2013. SONYMA FHA Plus Program. Dear Participating Lender: By E mail December 11, 2013 RE: SONYMA FHA Plus Program Dear Participating Lender: Last year, the State of New York Mortgage Agency ( SONYMA ) announced that, as a state housing finance agency, it had

More information

FHA MIP Rate and Duration Changes starting April 1, 2013 and June 3, 2013 By Bahman Davani, Member of CCAR s REALTOR /Lender Committee

FHA MIP Rate and Duration Changes starting April 1, 2013 and June 3, 2013 By Bahman Davani, Member of CCAR s REALTOR /Lender Committee FHA MIP Rate and Duration Changes starting April 1, 2013 and June 3, 2013 By Bahman Davani, Member of CCAR s REALTOR /Lender Committee The following changes to FHA Mortgage Insurance Premiums (MIP) will

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

EXPAND HOMEOWNERSHIP PROGRAM

EXPAND HOMEOWNERSHIP PROGRAM EXPAND HOMEOWNERSHIP PROGRAM Administrator Guidelines Published: March 12, 2015 Revised March 13, 2015 Updates are shown on Page 4! FANO EXPAND HOMEOWNERSHIP PROGRAM - Administrator Guidelines Page 2 Time

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

...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

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

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

Secure your financial future with a Reverse Mortgage today!

Secure your financial future with a Reverse Mortgage today! Steve Rivas President Call me with any questions always here to help. (888) 944-6262 steve@wphomeloans.com www.wphomeloans.com Secure your financial future with a Reverse Mortgage today! 1 What Are Your

More information

Principal Reduction Program

Principal Reduction Program 1. Overview The Principal Reduction ( PRP ) is one of CalHFA MAC s federally-funded programs developed with a goal to provide capital to homeowners that have suffered a hardship to reduce the outstanding

More information

City of Lansing Down Payment Assistance (DPA) Program Manual

City of Lansing Down Payment Assistance (DPA) Program Manual City of Lansing Down Payment Assistance (DPA) Program Manual Effective October 2013 THE CITY OF LANSING RESERVES THE RIGHT TO CHANGE REQUIRED DOCUMENTATION AS NECESSARY. PROGRAM ADMINISTRATION A. General

More information

NCLB. Development Resource Directory. Newburgh Community Land Bank www.newburghcommunitylandbank.org

NCLB. Development Resource Directory. Newburgh Community Land Bank www.newburghcommunitylandbank.org NCLB Development Resource Directory Newburgh Community Land Bank www.newburghcommunitylandbank.org Development Resource Directory The Newburgh Community Land Bank (NCLB) is a non-profit organization focused

More information

Lesson 13: Applying for a Mortgage Loan

Lesson 13: Applying for a Mortgage Loan 1 Real Estate Principles of Georgia Lesson 13: Applying for a Mortgage Loan 2 Choosing a Lender Types of lenders Types of lenders include: savings and loans commercial banks savings banks credit unions

More information

Tools Required? The Georgia Dream Program? Introduces the. 30 year first mortgage loans @ low fixed rates

Tools Required? The Georgia Dream Program? Introduces the. 30 year first mortgage loans @ low fixed rates Introduces the The Georgia Dream Program? 30 year first mortgage loans @ low fixed rates Down payment assistance loans $5,000 -$20,000 @No monthly payments @No interest Home buyer education & counseling

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

Housing Trust Silicon Valley ( HTSV ) Mortgage Assistance Program (MAP)

Housing Trust Silicon Valley ( HTSV ) Mortgage Assistance Program (MAP) Housing Trust Silicon Valley ( HTSV ) Mortgage Assistance Program (MAP) Program Description: Housing Trust Silicon Valley s Mortgage Assistance Program (MAP) is an amortizing second loan that is now available

More information

MAGNOLIA BANK FHA STANDARD REFINANCE OPTIONS MATRIX

MAGNOLIA BANK FHA STANDARD REFINANCE OPTIONS MATRIX RATE REDUCTION REFINANCES EQUITY (CASH OUT) REFINANCES 5. CACULATING THE MORTGAGE AMOUNT WITH A NEW APPRAISAL If the junior lien is a home equity line of credit, the maximum CLTV is based on the full credit

More information

Magnolia Bank VA Refinance Options

Magnolia Bank VA Refinance Options Interest Rate Reduction Refinance Loans (IRRRLS) Eligibility Cash Out Refinance 1. ELIGIBLE PRODUCTS VA Fixed Rate Product VA Hybrid ARMs VA High Balance Products VA Fixed Rate Product VA Hybrid ARMs VA

More information

www.fha.gov FHA s Role and Strategy to Help Vulnerable Homebuyers and Homeowners

www.fha.gov FHA s Role and Strategy to Help Vulnerable Homebuyers and Homeowners FHA s Role and Strategy to Help Vulnerable Homebuyers and Homeowners FHA Helping Vulnerable Homeowners & Homebuyers Refinance Options for Non-FHA Foreclosure Prevention for FHA Support for Housing Counseling

More information

February 27, 2014. Travis Wilbert Travis.wilbert@occ.treas.gov One Financial Place, Suite 2700 440 South LaSalle Street Chicago, IL 60605

February 27, 2014. Travis Wilbert Travis.wilbert@occ.treas.gov One Financial Place, Suite 2700 440 South LaSalle Street Chicago, IL 60605 February 27, 2014 Travis Wilbert Travis.wilbert@occ.treas.gov One Financial Place, Suite 2700 440 South LaSalle Street Chicago, IL 60605 RE: U.S. Bank National Association Acquisition of RBS Citizens Charter

More information

Home Builders' President welcomes CMHC mortgage insurance changes

Home Builders' President welcomes CMHC mortgage insurance changes Home Builders' President welcomes CMHC mortgage insurance changes OTTAWA, April 22, 2005 -- The Canadian Home Builders' Association (CHBA) today welcomed Housing Minister Joe Fontana's announcement of

More information

Understand the VA Loan Program. Serve the mortgage lending needs of borrowers who serve our country

Understand the VA Loan Program. Serve the mortgage lending needs of borrowers who serve our country Understand the VA Loan Program Serve the mortgage lending needs of borrowers who serve our country Eligible Borrowers A veteran is eligible for VA home loan benefits if he or she served in the Army, Navy,

More information

FHASecure Presented by: US Department of Housing and Urban Development (HUD)

FHASecure Presented by: US Department of Housing and Urban Development (HUD) FHASecure Presented by: US Department of Housing and Urban Development (HUD) Last Revision: 10/30/07 General Assist borrowers currently in a conventional loan Delinquent Result of the ARM reset Must meet

More information

Minnesota Housing Mortgage Loans Step Up Program Procedural Manual

Minnesota Housing Mortgage Loans Step Up Program Procedural Manual Minnesota Housing Mortgage Loans Step Up Program Procedural Manual August 17, 2015 The Minnesota Housing Finance Agency does not discriminate on the basis of race, color, creed, national origin, sex, religion,

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

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

Desktop Originator/Desktop Underwriter Release Notes DU Version 9.3

Desktop Originator/Desktop Underwriter Release Notes DU Version 9.3 Desktop Originator/Desktop Underwriter Release Notes DU Version 9.3 September 29, 2015 During the weekend of December 12, 2015, Fannie Mae will implement Desktop Underwriter (DU ) Version 9.3, which will

More information

Let me provide you a bit more detail of what we accomplished in 2009.

Let me provide you a bit more detail of what we accomplished in 2009. New York State Housing Finance Agency State of New York Mortgage Agency New York State Affordable Housing Corporation 641 Lexington Avenue, New York, NY 10022 (212) 688-4000 www.nyhomes.org Testimony by

More information

1-866-667-6724 Where homeownership education takes flight!

1-866-667-6724 Where homeownership education takes flight! 100% Financing Options for CalPERS Members Thank you for attending We will begin in a moment Class Scheduled to begin at 10:00am Homeownership Educator Scott Schang Branch Manager Broadview Mortgage Corporation

More information