First Time Home Ownership Programs
May 17, 2007
On May 8, 2007, U.S. Housing and Urban Development Secretary Alphonso Jackson announced that communities around the country will receive nearly $1.8 billion to promote HUD's affordable housing and first-time homebuyers programs. The total funding will support HUD's HOME Investment Partnerships Program (HOME) and American Dream Downpayment Inititative (ADDI) in Fiscal year 2007.
Of these programs, of interest to homebuyers is the ADDI which helps with downpayment and closing costs. Of late we have seen many offers which request assistance from the seller to pay a buyer's closing costs. Sellers who have already seen an erosion in the market value of their property are reluctant to deduct even more from their net proceeds making it difficult for a buyer to get an offer accepted.
In addition to the federal government programs, local communities may also offer homeowner assistance. Communities that have redevelopment agencies must set aside a certain amount of the tax incrment dollars to fund low and moderate housing programs. Redlands recently reinstated their first time buyer program. I had used it with buyers in the past and am happy to see the funds available again.
To learn more about both federal and local programs, call one of our loan reps at Financial 2000, 909-748-7110. In the Redlands' program up to $75,000 in assistance could be available. If you want to take advantage of the plentiful supply of housing, check out how you might qualify for this assistance.
On May 8, 2007, U.S. Housing and Urban Development Secretary Alphonso Jackson announced that communities around the country will receive nearly $1.8 billion to promote HUD's affordable housing and first-time homebuyers programs. The total funding will support HUD's HOME Investment Partnerships Program (HOME) and American Dream Downpayment Inititative (ADDI) in Fiscal year 2007.
Of these programs, of interest to homebuyers is the ADDI which helps with downpayment and closing costs. Of late we have seen many offers which request assistance from the seller to pay a buyer's closing costs. Sellers who have already seen an erosion in the market value of their property are reluctant to deduct even more from their net proceeds making it difficult for a buyer to get an offer accepted.
In addition to the federal government programs, local communities may also offer homeowner assistance. Communities that have redevelopment agencies must set aside a certain amount of the tax incrment dollars to fund low and moderate housing programs. Redlands recently reinstated their first time buyer program. I had used it with buyers in the past and am happy to see the funds available again.
To learn more about both federal and local programs, call one of our loan reps at Financial 2000, 909-748-7110. In the Redlands' program up to $75,000 in assistance could be available. If you want to take advantage of the plentiful supply of housing, check out how you might qualify for this assistance.
posted by shirley harry at 8:17 AM
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