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 www.homerochester.org 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
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
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 585-389-4048 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
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 email, 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 email 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 14621 Contact: Elhenio Marlin Affordable Homes For First Time Buyers Web Link www rochesterhomelink com.doc 4
Phone: (585) 467-6410 http://iaal.org/divisions/iadc/index.html Isla Housing and Development Corporation 1168 N. Clinton Avenue Rochester, New York 14621 Contact: Sonia Nunez Phone: (585) 544-3486 Group 14621 1171 N. Clinton Avenue Rochester, New York 14621 Contact: Eugeno Cotto Phone: (585) 266-4693 Marketview Heights Association 308 North Street Rochester, New York 14605 Contact: Francisco Rivera-Mohammed Phone: (585) 423-1540 http://www.marketviewheights.org/index.html NeighborWorks Rochester 570 South Avenue Rochester, NY 14620 Phone: (585) 325-4170 Fax: (585) 325-2587 Email: nwinfo@nwrochester.org http://www.nwrochester.org/index.html Affordable Homes For First Time Buyers Web Link www rochesterhomelink com.doc 5
North East Area Development (NEAD) 360 Webster Avenue Rochester, New York 14609 Contact: George Moses Phone: (585) 482-7320 http://www.marketviewheights.org/index.html Northwest Community Services (NCS) 275 Driving Park Avenue Rochester, New York 14613 Contact: Frank Cornier Phone: (585) 254-8090 PathStone (Formerly Rural Opportunities, Inc.) 400 East Avenue Rochester, NY 14607 Contact: Chris Raymond Phone: 585-442-2030 ext. 210 http://www.pathstone.org/english/index.html Providence Housing Development Corporation Monroe County Homeownership & Credit Repair Program 1136 Buffalo Road Rochester, NY 14624 Phone: (585) 328-3210 Ext. 1319 Fax: (585) 529-9525 http://www.providencehousing.org/programs.html South Wedge Planning Committee 224 Mt. Hope Avenue Affordable Homes For First Time Buyers Web Link www rochesterhomelink com.doc 6
Rochester, New York 14620 Contact: George Lorson Phone: (585) 256-1740 http://swpc.org/ Urban League of Rochester Economic Development Corporation (ULREDC)* 312 State Street Rochester, New York 14608 Contact: James Brown Phone: (585) 454-5711 http://www.ulr.org/programs_homestore_hpap.aspx 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 585-2616 Citizens Bank* Rosalie Rivera-Arzuga 235 E. Main St. Rochester, NY 13604 585-423-7317 HSBC Bank USA* Laura Smith 120 Corporate Woods, Suite 250 Rochester, NY 14623 585-292-1220 x 303 Affordable Homes For First Time Buyers Web Link www rochesterhomelink com.doc 7
Mobile: 585-749-9687 Fax: 585-292-1225 M & T Mortgage Company* Miggie Concepcion Email: mconcepcion@mandtbank.com 585-258-8470 Nothnagle Home Securities Christine Nothnagle 1501 Monroe Avenue Rochester, NY 14618 585-461-4110 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 585-764-7355 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