Affordable homes for first time buyers with low and moderate incomes

Transcription

1 Affordable homes for first time buyers with low and moderate incomes Affordable home ownership opportunities are available for first time home buyers with low and moderate incomes. Individuals or families may purchase single family homes within the City of Rochester. Homes are available in many different city neighborhoods. Some may also be fully renovated (see for more information, qualifications and listings). Grants of up to $10,000 and other subsidies are available to buy homes for income-qualified homebuyers who are first time home buyers. All Homebuyers Must be Income-Qualified - In most cases homebuyers may not earn more than 80% of Median Family Income to qualify for a grant. Affordable Homes For First Time Buyers Web Link www rochesterhomelink com.doc 1

2 Some houses receive financing through the National Stabilization Program (NSP) and may be sold to buyers with income of up to 120% of the Median Family Income. Here are income guidelines by family size for homebuyers to qualify for up to two grants while buying homes in the City of Rochester. One grant can help buyers to reduce their mortgage rates from the Federal Home Loan Bank (FHLB) and a second grant can help them reduce their closing costs: Income Guidelines Home Rochester 2010 Income Guidelines HOME Rochester 2010 Closing FHLB NSP Cost Eligible Only Eligible Family 65% 80% 120% Size 1 $30,300 $37,350 $55,950 2 $34,650 $42,650 $63,950 3 $38,950$48,000 $71,950 4 $43,300 $53,300 $79,900 5 $46,750 $57,600 $86,300 6 $50,200 $61,850 $92,700 7 $53,700$66,100 $99,100 8 $57,150 $70,400 $105,500 HOMEBUYERS MUST QUALIFY FOR A LOAN Homebuyers must be able to qualify for a conventional, fixed rate Affordable Homes For First Time Buyers Web Link www rochesterhomelink com.doc 2

3 mortgage. They must also contribute a minimum of $1,500 toward the purchase of their home. There is a list on pages 7 and 8 of local banks and mortgage brokers who are prepared to help you get qualified for a loan. EDUCATION AND TRAINING FOR HOMEBUYERS Homebuyers are also required to attend up to four (4) free classes (one pre-purchase and three post purchase classes). These classes help folks become successful homeowners while lowering the chance for foreclosure failures in the future. HOMEOWNERS RESIDENCY REQUIREMENTS The subsidies to support the grants come from a variety of sources. Each subsidy source has a different requirement for the length of owner-occupancy by the homebuyer. Homebuyers are required to occupy their home for between five (5) years and fifteen (15) years. The typical residency requirement ranges from 5 to 10 years. These subsidies and owner-occupancy requirements further strengthen City neighborhoods. Folks become dedicated homeowners and feel invested in their community for the long term. WORK WITH A REAL ESTATE AGENT TO CHOOSE HOMES Call Mel Diamond at for more information about the organizations and programs that help with grants for affordable first Affordable Homes For First Time Buyers Web Link www rochesterhomelink com.doc 3

4 time home ownership. He also has the real estate listings of available renovated houses that have grants for eligible buyers. He can provide you with continuous detailed listings by , fax or first class mail. Mel Diamond can also make appointments with you to visit any homes that appeal to you. NEIGHBORHOOD ORGANIZATIONS THAT CAN HELP HOMEBUYERS For folks who meet the income guidelines the following organizations provide: Counseling Education Training Grants Technical assistance Many have staff with multiple language skills to explain the grants. You may also visit, call or the organizations listed in alphabetical order below: Ibero-American Development Corporation 954 Clifford Avenue Home ownership opportunities for families with low and moderate incomes Rochester, New York Contact: Elhenio Marlin Affordable Homes For First Time Buyers Web Link www rochesterhomelink com.doc 4

5 Phone: (585) Isla Housing and Development Corporation 1168 N. Clinton Avenue Rochester, New York Contact: Sonia Nunez Phone: (585) Group N. Clinton Avenue Rochester, New York Contact: Eugeno Cotto Phone: (585) Marketview Heights Association 308 North Street Rochester, New York Contact: Francisco Rivera-Mohammed Phone: (585) NeighborWorks Rochester 570 South Avenue Rochester, NY Phone: (585) Fax: (585) Affordable Homes For First Time Buyers Web Link www rochesterhomelink com.doc 5

6 North East Area Development (NEAD) 360 Webster Avenue Rochester, New York Contact: George Moses Phone: (585) Northwest Community Services (NCS) 275 Driving Park Avenue Rochester, New York Contact: Frank Cornier Phone: (585) PathStone (Formerly Rural Opportunities, Inc.) 400 East Avenue Rochester, NY Contact: Chris Raymond Phone: ext Providence Housing Development Corporation Monroe County Homeownership & Credit Repair Program 1136 Buffalo Road Rochester, NY Phone: (585) Ext Fax: (585) South Wedge Planning Committee 224 Mt. Hope Avenue Affordable Homes For First Time Buyers Web Link www rochesterhomelink com.doc 6

7 Rochester, New York Contact: George Lorson Phone: (585) Urban League of Rochester Economic Development Corporation (ULREDC)* 312 State Street Rochester, New York Contact: James Brown Phone: (585) Local banks and mortgage brokers who can help low and moderate prospective home buyers qualify for a loan (In Alphabetical Order) Chase Home Finance Debbie M. Falbo Citizens Bank* Rosalie Rivera-Arzuga 235 E. Main St. Rochester, NY HSBC Bank USA* Laura Smith 120 Corporate Woods, Suite 250 Rochester, NY x 303 Affordable Homes For First Time Buyers Web Link www rochesterhomelink com.doc 7

8 Mobile: Fax: M & T Mortgage Company* Miggie Concepcion [email protected] Nothnagle Home Securities Christine Nothnagle 1501 Monroe Avenue Rochester, NY The above individuals have attended a HOME Rochester Bank Training Seminar and have successfully provided mortgages for HOME Rochester participants. HOME Rochester homebuyers are not required to use the banks listed above. Banks marked with an asterisk participate in the Federal Loan Bank grant program for buying down the customers mortgage loan interest rate. Please call the designated mortgage originator to verify your eligibility and if funding is currently available. Again, call Mel Diamond at for more information and to schedule an appointment to see any home of interest to you. Affordable Homes For First Time Buyers Web Link www rochesterhomelink com.doc 8