Clarification of Answer by
adiloren-ga
on
26 Apr 2004 16:38 PDT
I apologize for the confusion. I understand that you are seeking a
seller's perspective, but as you note, these sites are marketed
primarily to home buyers. I have done my best to compile as much
information as was available. I hope this helps.
Real Estate Help Desk For Home Buyers and Home Sellers in Maryland
Zero Down Home Loans
http://www.luxurymarylandhomes.com/fsbo/zero_down_loans.htm
Home Seller's Report
http://zerodownhomemortgages.com/sellers.html
Partners in Charity
http://www.partnersincharity.org/homebuyer.htm
Down Payment Assistance: Nehemia Program
http://www.getdownpayment.com/
Zero Down Loan Programs
http://www.vegasvalleyhomesource.com/forbuyers/zerodown.html
<<Partners in Charity down payment assistance dream program
www.partnersincharity.org/homebuyer.htm
Zero money down-Partners in Charity will provide gift for down
payment-no repayment of gift! Fha/conventional/no documentation loans
eligible
No income restrictions
Condo/single family home/multi-unit
Property not required to be in targeted area
Call Jerry Tribuzio at 312/851-2123 for more details!
Neighborhood Advantage Program
Zero money down
Condo/single family home
Only 25% pre-sold requirement on new condos!
Good credit-660 score
Income restriction unless property located in targeted area-Please
call to check income limit and property status.
30 year fixed loan program
Fannie Flex 100% program
Zero money down
Condo/single family home
Good credit-700 score
No income restrictions
15 or 30 year fixed loan programs
3% Down Loan Programs
Fannie 97 Program
3% down payment can be 100% gift
Condo/single family homes
Good credit
No income restrictions
30 year fixed loan program
Aggressive Series 97 Program
3% down payment borrower's own funds
Single family/Low rise condo-less than 4 stories
Good credit-620 score
No income restrictions
Higher maximum loan amount of $325,000
Credit Flex Loan Program
3% down-1% borrower's own funds
Condo/single family home
Only 25% pre-sold requirement on new condos!
Income restriction unless property located in targeted area-call to check.
2-unit properties also eligible
Minimum credit score 620
Credit Flex Plus Loan Program
3% down-$500 borrower's own funds
Low minimum credit score of 580
Income restriction unless property located in targeted area-call to check.
30 year fixed loan program
FHA Loan Program
3% down payment can be 100% gift
Condo/ 1-4 unit properties eligible
No income restrictions
No minimum credit score
30 year fixed or 1 year arm loan programs
Kiddie Condo-Parents can co-sign for child who is full-time student
with no income or credit history.
VA Loan Program
Veterans and members of the National Guard. Must have certificate of
eligibility. In service vets have additional requirements.
0% down payment
Approved condo/1-4 unit properties
No minimum credit score
30 year fixed loan program
5% Down Loan Programs
First Time Home Buyer Credit Challenge Loan Program
5% down payment borrower's own funds
Condo/Single family home
No income restrictions
Low minimum credit score of 580
24-48 Hour Underwriting response
Easy MI Loan Program-No Pmi
5% down payment borrower's own funds
Pmi built into interest rate-tax deductible
Condo/Single family home
No income restrictions
15 or 30 year fixed loan programs
2-1 Buydown Loan Program
5% down payment borrower's own funds
No income restrictions
30 year fixed loan-not adjustable rate mortgage
Qualify at initial rate well below market rate
See 2-1 Buydown Loan example
Piggyback Loan Program-No Pmi
1st and 2nd mortgage combination loan
5-10% down payment/ 80-15-5 or 80-10-10 program
No Pmi
Condo/Single family home
Call for further details on program
Kiddie Condo Loan Program-No Pmi
Parents can co-sign and not occupy property
Qualify for loan using combined income
10% down payment-5% borrower's own funds
No Pmi option available>>
New York:
Adding Retail and Homeownership to the Mix
www.abtassoc.com/attachments/ Wellington_Ridge_CS_R1.pdf
StateNotes
www.ecs.org/clearinghouse/39/16/3916.pdf
The Post-Standard (Syracuse, NY)
July 14, 2002 Sunday Final Edition
SECTION: REAL ESTATE; Pg. I1
LENGTH: 462 words
HEADLINE: GRANT LETS LOW-INCOME FAMILIES BUY HOMES
<<There's now a new grant of $399,200 available to help 40 low-income
home buyers move into their own homes.
The grant from the Federal Home Loan Bank of New York is being made to
support the Syracuse Homebuyer Assistance Program of Home Headquarters
Inc. in response to an application by HSBC Bank, said Kerry Quaglia,
executive director of Home Headquarters.
Part of the grant will go to reduce down payment and closing costs and
to reduce the interest rate paid by the home buyers, Quaglia said.
Altogether, it amounts to about $10,000 in assistance per family, he
said.
"It is trying to help the very low-income population," he said.
The program is open now to home buyers who meet the annual income
limits. Quaglia gave as an example the limit for a family of four,
which would be annual income of $25,150.
They must complete Home Headquarters' certified First-Time Homebuyer
Education Course and contribute $500 of their own money toward the
purchase within the city of Syracuse. HSBC will supply the financing.
To learn more about the program, call Home Headquarters at 474-1939.
Rural home developments
USDA Rural Development has low-interest loans available to help
low-income homeowners manage home repairs.
The office offers loans of up to $20,000 that can be financed for up
to 20 years at an interest rate of 1 percent.
Applicants must meet very low income guidelines, own the home and be
in an eligible rural area.
For more information about its programs, call Donna Rugino at 677-3552, ext. 4.
USDA Rural Development also offers foreclosed properties for sale.
Its next sale is scheduled for 10 a.m. July 25 at the Cayuga County
Courthouse, 154 Genesee St., Auburn.
The property to be auctioned is located at 12087 Slab City Road,
Jordan. The winning bid must be over the $60,005 that the government
will offer for the property. For terms of the sale, call the office or
go to Web site www.rurdev.usda.gov/ny/ .
Home sales match 2001
Sales of homes in Onondaga County in June were just about on a par
with those in 2001, according to figures compiled by the Greater
Syracuse Association of Realtors.
There were 462 single-family existing homes sold in the county in
June, just five fewer than the 467 sold in June 2001.
The median price on those homes was $91,000, less than 1 percent lower
than a year earlier. Median means half the homes sold for more and
half for less.
Homes are selling faster, however. The average number of days on the
market in June was 48.1, down from 49.5 in June 2001.
Staff writer Dee Klees reports on Central New York real estate news
for The Post-Standard. You can call her at 470-2174, send a fax to
470-2142 or send e-mail to her attention at business@syracuse.com.>>
The New York Times
April 2, 2000, Sunday, Late Edition - Final
<<Among major lenders now offering the zero-down loans are Countrywide
Home Loans, GMAC Mortgage, Bank of America and Norwest, according to
HSH, which provides a list on its Web site, www.hsh.com.
Dorcas Helfant, who runs Coldwell Banker-Helfant Realty in Virginia
Beach, Va., estimates that about 3 percent of the buyers who deal with
her office choose zero-down loans. "It's not a huge market program,
but it's picking up steam," she said.
Down payments are typically the biggest barriers to home ownership,
said Robert Brown, an executive vice president at Countrywide, which
began offering zero-down mortgages in January, and where the Walkers
obtained their mortgage. "The borrower may have the ability to make a
mortgage payment," Mr. Brown said, "but coming up with the cash up
front may be a problem."
Countrywide, based in Calabasas, Calif., markets three zero-down
mortgages: a standard 30-year fixed-rate loan; a 103 percent loan,
which finances the full purchase price plus 3 percent for closing
costs; and an 80/20 loan, in which 80 percent is financed with a first
mortgage and the remaining 20 percent from a second mortgage (or home
equity line of credit), eliminating the need for private mortgage
insurance.
THE Walkers, who got a 100 percent loan for $150,000 from Countrywide,
at 8.5 percent, are among a growing number of borrowers with higher
incomes who prefer to keep their wealth in stocks, bonds or options.
Their household income is close to six figures; Mr. Walker is a
command sergeant major in the Army, and Mrs. Walker is a mental health
therapist.??>>
<<AS many aspiring home buyers know, to their regret, the biggest
obstacle to ownership can often be the down payment. And while the
percentage needed for a mortgage has dropped in the last 20 years from
the traditional 20 percent to 10, 5 and in some cases even 3 percent,
the prices of homes have doubled, tripled and even quadrupled.
Now some large lenders have started to offer zero down payment
mortgages that also allow financing of the closing costs. Some lenders
even make it possible for new owners to leave the closing with more
cash than they had when they walked in -- at the price of course, of
more debt.
Paul Reddam, chief executive officer of DiTech.com, a mortgage lender
in Costa Mesa, Calif., said that what his company calls a Dream Loan
allows home buyers to obtain a mortgage for up to 125 percent of the
purchase price.
"This loan is for people who have good credit and strong income but
who have never been able to save enough for a down payment," he said.
"It's also for people who feel they have a better use for their money
than tying it up in their home.">>
<<Another company aggressively marketing zero-equity loans is
Countrywide Home Loans in Calabasas, Calif. "We give you a choice,"
said Stephen Brandt, the company's senior vice president. "You can get
either a Zero Down Plus with P.M.I. or an 80/ 20 No Down, No P.M.I."
Mr. Brandt said that the Zero Down Plus mortgage is a 103 percent
first mortgage that requires private mortgage insurance. The 80/20
mortgage, he said, is actually two loans -- an 80 percent first
mortgage plus a 20 percent home equity loan.
With the Zero Down Plus mortgage, he said, the extra 3 percent usually
covers the borrower's closing costs. Private mortgage insurance,
typically referred to as P.M.I., is required on first mortgages for
more than 80 percent of a home's value. The insurance -- paid for by
the borrower as part of the monthly mortgage costs -- provides the
additional security needed for lenders to be able to sell such loans
to institutional investors on the secondary market.
Mr. Brandt said that the principal and interest payments on a $250,000
Zero Down Plus mortgage for 30 years at 8.875 percent -- the current
rate -- would be $1,989 a month. Private mortgage insurance on the
part of the mortgage that exceeds 80 percent of the home's value, he
said, would add $203 a month, making the total payment $2,192.>>
CHIGrants
http://chigrants.org/newsletter/html/06_03.html
Heritage Center
http://essexny.net/housing/housing.htm
NYSAR
http://www.nysar.com/files/affordable.html
North County Affordable Housing
http://www.northcountryaffordablehousing.com/firsthomeclub/jchap.html
New York State Housing Trust Fund Corporation HOME Program
www.dhcr.state.ny.us/ocd/pubs/pdf/homemg.pdf
Pennsylvania:
Neighborhood Transformation Initiative
http://www.phila.gov/mayor/jfs/mayorsnti/news/releases/releases_19.html
Wells Fargo
https://ilnet.wellsfargo.com/ildocs/whole/DAP_States/PA.htm
Community and Economic Development
www.budget.state.pa.us/budget/lib/budget/2004-2005/
exec_budget/E11_Community&EconDev.pdf
LANCASTER NEW ERA (LANCASTER, PA.)
January 23, 2004, Friday
<<FHA might allow zero-down mortgages this fall Zero-down home loans
have gone so mainstream that the federal government wants to get into
the act. Borrowers would be able to take out no-money-down mortgages
insured by the Federal Housing Administration under a proposal by the
housing department. Right now, FHA-insured loans are limited to a
maximum of 97 percent of the homes price, meaning that homeowners have
to come up with a 3 percent down payment. FHA-insured, zero-down loans
wont be available until October at the earliest because the proposal
will be included in the Department of Housing and Urban Developments
fiscal 2005 budget proposal. The fiscal year begins Oct. 1. Allowing
zero-down, FHA-insured mortgages would require congressional approval.
Under the proposal, home buyers not only would be able to get
FHA-insured loans with no money down, but they could roll some closing
costs into the loan. The maximum loan size, then, would be 103 percent
of the homes price. The proposed change would remove the biggest
obstacle facing first-time home buyers, said John Weicher, the federal
housing commissioner. This initiative would not only address a major
hurdle to homeownership and allow many renters to afford their own
home, it would help these families build wealth and become true
stakeholders in their communities, Weicher said. Not many years ago,
zero-down loans for consumers were rare. They are riskier for lenders.
But as mainstream mortgage lenders have found that they can make money
by lending to shaky borrowers at high rates, zero-down loans have
become widely available. Now, under HUDs proposal, lenders would be
able to offer zero-down loans and let the FHA insurance pool assume
the risk. The insurance pool is funded by borrowers, not by taxpayers.
FHA borrowers would pay more, both up-front and monthly, for the
privilege of not making a down payment. On a $100,000 loan where the
base interest rate is 6 percent, a zero-down borrower would pay $750
more at closing than a borrower who put 3 percent down, and monthly
payments for the first five years would be about $16 more. By
encouraging zero-down loans, the FHA would step onto the turf of the
down payment assistance industry. The down payment assistance industry
consists of nonprofit corporations that allow home buyers to leap
through a loophole and circumvent the FHAs requirement to make a 3
percent down payment. The loophole can be found in a rule that lets
FHA borrowers receive gifts of money with which to make down payments
or pay closing costs. Gift money can come from relatives, employers
and nonprofit organizations. It cant come directly from sellers. But
sellers can contribute money to nonprofits that then pass along the
money in the form of gifts to homebuyers. A thriving network of
nonprofits among them Ameridream and Nehemiah Corp. of America takes
advantage of this loophole and allows homebuyers to get FHA mortgages
with no out-of-pocket money down. HUD tried to close the loophole a
few years ago but backed off. Now it appears that the federal
government has gone full circle. Its a pure vindication of Nehemiahs
pioneering down payment assistance, said Scott Syphax, president of
Nehemiah. Understand that when we first started, the work that we do
was seen as being completely outside the mainstream, Syphax added.
Governments adoption of the Nehemiah approach to homeownership is the
purest evidence that our position not only has been vindicated, but
also embraced. He calls the FHA proposal a very important step in
democratizing the access to homeownership in this country. Ann
Ashburn, president of Ameridream, calls the proposal a major policy
shift for HUD and the FHA that needs to be fine-turned with help from
the down payment assistance industry. I see where we can work together
and come up with a better product and use the experience weve gained
working with low- to moderate-income home buyers, she said. Thats why
I would push forward the public-private partnership. As Ashburn sees
it, the main flaw in the FHAs proposal is that borrowers will move
into their homes with no equity. In contrast, recipients of down
payment assistance move into their homes with some equity, albeit a
small amount. Another flaw can be found in the higher insurance
premium and interest rate. People who cant save enough for a 3 percent
down payment feel the effects of higher payments immediately, Ashburn
said. *** The benchmark 30-year fixed-rate mortgage fell 1 basis point
to 5.67 percent, according to the Bankrate.com national survey of
large lenders. A basis point is one-hundredth of 1 percentage point.
The mortgages in this weeks survey had an average total of 0.42
discount and origination points. One year ago, the mortgage index was
5.96 percent. The 15-year fixed-rate mortgage fell 2 basis points to
4.99 percent. The one-year adjustable-rate mortgage fell 2 basis
points to 3.68 percent. Holden Lewis writes for Bankrate.com.>>
Erie, Pa
http://www.ci.erie.pa.us/how_are_we_doing.htm
Maryland:
Housing Should Be Part of Stimulus Package, Survey Finds
http://www.nlihc.org/press/pr10302001.htm
Compliance Matters Newsletter
www.taxforms.com/Newsletters/ComplianceMatters/ pdf/December2002.pdf
Delaware:
The Daily Star
Area families to get funding for housing
http://www.thedailystar.com/news/stories/2000/06/29/fund.html
New Jersey:
Homebuyer Assistance Program News
http://www.car.org/index.php?id=MjUwOA==
