City of Perris First Time Homebuyer Homebuyer Assistance Program (HAP) Lender Training
|
|
- Christian Godfrey Booth
- 8 years ago
- Views:
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 HOMEBUYERS ASSISTANCE PROGRAM F.A.Q S for Buyers What is the Homebuyer Assistance Program (HAP)?
More informationCITY 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 informationCITY 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 informationAPPLICATION 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 informationCityLIFT 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 informationNeighborhood 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 informationCounty "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 informationQ. 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 informationCity 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 informationTri-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 informationCity 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 informationHOMEBUYER 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 informationMortgage 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 informationCity 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 informationDown 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 informationHOME 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 informationCITY 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 informationFirst 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 informationHOME 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 informationQuick 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 informationSection 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 informationMICHIGAN 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 informationWest 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 informationCALHOME 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 informationCITY 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 informationBUYER'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 informationEstes 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 informationHOUSING 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 informationPreparing 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 informationInsert 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 informationWorkforce 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 informationMORTGAGE 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 informationCity 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 informationSingle 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 informationFIRST 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 informationBORROWER 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 informationWHY 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 informationBridge 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 informationUSDA 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 informationCity 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 informationMORTGAGE 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 informationCity 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 informationDefinitions. 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 informationLake 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 informationHomebuyers 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 informationNEIGHBORHOOD 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 informationRed 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 informationThe 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 informationEXPLANATION 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 informationHabitat 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 informationCity 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 informationMortgage 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 informationNeighborhood 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 informationAffordable 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 informationOWN 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 informationReNew 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 informationCITY 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 informationEHLP 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 informationMORTGAGE 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 informationHUD 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 informationRegion 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 informationPIMA 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 informationHow To Get A Reverse Mortgage
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 informationBORROWER 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 informationWhat 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 informationPARTICIPATION 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 informationSection 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 information2014 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 informationBokern 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 informationDavis 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 informationFIRST 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 informationCHAPTER 10: LEVERAGED LOANS SECTION 1: UNDERSTANDING LEVERAGED LOANS
CHAPTER 10: LEVERAGED LOANS SECTION 1: UNDERSTANDING LEVERAGED LOANS 10.1 OVERVIEW A leveraged loan is an Agency loan that is supplemented by an affordable housing loan or grant from another funding source
More information2015 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 informationRIVERSIDE 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 informationRialto 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 informationCity 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 informationCOEUR 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 informationEnergy 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 informationDOWN 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 informationBECOME 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 informationCITY 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 informationNORTH 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 informationBrooklyn Park Economic Development Authority
Brooklyn Park Economic Development Authority Neighborhood Stabilization Program NSP HOMEBUYER ASSISTANCE PROGRAM FOR CITY/PARTNER ACQUISITION AND REHAB Program Description & Guidelines July 2011 TABLE
More informationInformation 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 informationHOMEBUYER 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 informationMy 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 informationAppreciation 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 informationReverse 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 informationHOUSTON HOUSING AUTHORITY SECTION 8 HOMEOWNERSHIP PROGRAM ADMINISTRATIVE PLAN
HOUSTON HOUSING AUTHORITY SECTION 8 HOMEOWNERSHIP PROGRAM ADMINISTRATIVE PLAN HOUSTON HOUSING AUTHORITY HOUSING CHOICE VOUCHER HOMEOWNERSHIP PROGRAM PROGRAM GUIDE TABLES OF CONTENTS Program Description
More informationAppraisal Standards and Guidelines chapter
Appraisal Standards and Guidelines chapter Union Capital requires appraisers and appraisal reports to meet USPAP and applicable Union Capital, FNMA, FHLMC, FHA and VA policies and requirements, as applicable.
More informationCity 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 informationFROM: Tammye Treviño (Signed by Tammye Treviño) Administrator Housing and Community Facilities Programs
RD AN No. 4635 (1980-D) April 2, 2012 TO: State Directors Rural Development ATTENTION: Rural Housing Program Directors, Guaranteed Loan Coordinators, Area Directors and Area Specialists FROM: Tammye Treviño
More informationHOME 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 informationHousing 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 informationHOME 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 informationHOME 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 informationHome 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 informationThe 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 informationThe Chase Guaranteed Rural Housing Refinance Program Features
PROGRAM ELIGIBILITY Borrower Eligibility In order to be eligible for a Rural Development guaranteed loan, the Borrowers adjusted household income cannot exceed the maximum allowable income limit set forth
More informationHome 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