City of Miami Department of Community Development Neighborhood Stabilization Program 1 (NSP1)
|
|
- Mark Gaines
- 5 years ago
- Views:
Transcription
1 City of Miami Department of Community Development Neighborhood Stabilization Program 1 (NSP1) The Neighborhood Stabilization Program (NSP1) provides up to $70,000 in deferred payment second mortgage subsidy to homebuyers seeking to acquire a foreclosed home which might require rehabilitation. Depending on the amount of rehab, it also provides funds for the purchase and rehabilitation of foreclosed residential properties by a developer on behalf of a pre qualified buyer, so that rehab can be done on the home before the closing with the buyer. To be eligible, you must: Have a household income at or below 120% of the area median income, adjusted for family size. Must contribute at least $500 of personal funds towards down payment/ closing costs. Must not hold title to another residential property at time of closing. Have a credit score acceptable to a first mortgage lender. Have a Homebuyers Education Certificate issued by a U.S. HUD approved counseling agency. Want to live within the City of Miami s NSP designated geography known as Areas of Greatest Need (AGN). How Do I Get Started? 1. Pick up an application for the NSP1 Program at the Department of Community Development. You can also download the application at 2. Gather all documents listed in the NSP1 Program Homebuyer Checklist (attached below), under the header Provided by Homeowner. 3. Attend a U.S. HUD approved Homebuyer Counseling 8 hour workshop. See list of participating agencies at: 4. Contact any of the Participating Lenders to obtain a loan commitment and to be prequalified for a mortgage loan. To obtain the Participating Lender s list, please visit 5. With the help of a Realtor, search for a foreclosed vacant home in the City of Miami s designated AGN based on your pre approved loan amount and within the maximum sales price limit of $236, Have your lender provide you with a full mortgage commitment. 7. Fill out the NSP1 Application for Subsidy form, include all proper documentation, and submit them to your lender. Have your lender submit your loan package to the City. 8. The terms of the City s loan are attached to this document. The assistance will be provided on a first ready, first served basis. The City of Miami reserves the right to cancel any and all applications based on lack of funding availability. For further information on the NSP1 Foreclosure Purchase/Rehab Program, please call (305)
2 The NSP maps can be located at:
3
4 Snapshot of the NSP1 Equity Sharing and Downpayment Assistance Programs Income Limits: Eligible Properties: Eligible Buyers: Maximum Sales Price: Discount Requirement: Loan Terms: Security: Current year s income limits may be downloaded from: Income limits change annually. Single Family Residences Townhomes Condominiums Property must be located in the City of Miami s Areas of Greatest Need (AGN). Property must be foreclosed and vacant. A 90 day vacancy certification from the lender holding title on the property is required. Property must meet Housing Quality Standards as per 24 CFR and obtain the City s environmental clearance. Households with income less than or equal to 120% of the area median income, adjusted for family size. Must contribute at least $500 of personal funds towards down payment/ closing costs. Buyer must not hold title to another residential property at time of closing. The Buyer s credit must be acceptable to a first mortgage lender. The maximum sales price is $236,000, including total acquisition and rehab costs. The property shall be purchased at a minimum 1% discount from the as is appraised value. An appraisal must be completed within sixty (60) days of the final purchase price offer. Total assistance will be the minimum amount necessary to meet credit underwriting. For the Equity Sharing program the amount cannot be less than 20% or greater than 50% of the purchase price, with a maximum cap of $70,000. For the Downpayment Assistance program, the amount will be the lesser of $70,000 or the amount necessary to meet the minimum credit underwriting standards. However, the minimum amount of assistance shall be $1,000. 0% interest rate Non amortizing deferred payment, 30 year loan Payment of principal will be forgiven at end of maturity period provided that the homeowner resided in the house as their primary residence for the 30 year affordability period. The loan will be secured by a second mortgage on the property. If necessary, the City will further subordinate to other subsidy sources. For the Equity Sharing Program the lien will be for $1,000, regardless of actual subsidy amount which could be up to $70,000. For the Downpayment Assistance Program the lien will be for the full City subsidy amount, up to $70,000.
5 First Mortgage Loan Restrictions: Period of Affordability: Other Restrictions: Resale Restrictions Equity Sharing Program: Resale Restrictions Downpayment Assistance Program: Term of the loan must be 30 years with a fixed interest rate, which cannot exceed more than 150 basis points over Freddie Mac s weekly average 30 year rate, as published in the Primary Mortgage Market Survey ( PMMS ); no prepayment penalties. Total percentage charged for Discount, Origination & Broker fees must not exceed 2 points. All other lending fees must be reasonable and cannot exceed $500 or 0.5% of the loan amount, whichever is greater. The required period of affordability compliance is thirty (30) years for the homebuyer. An affordable housing restrictive covenant will be placed on the property, restricting the future sales price of the property and the income limits of future buyers. Applicant must reside in the purchased unit at all times. The loan will be due at sale, transfer of property, or if the unit ceases to be the primary residence of the applicant. If the owner sells and/ or transfers the house prior to the end of the City's mortgage term, the following provisions will apply: 1. The sale of the property must be pre approved by the City, and the new buyers must meet the program s income limits in effect at the time AND the sales price must not exceed the maximum affordable sales price in effect at the time. 2. For any "early" sale or transfer, the City shall share in any gain realized, based on its pro rated share of participation in the original purchase. 3. The above shared gain proposal terminates in the event of a foreclosure, with the lender required to provide the City the right of first refusal to purchase the loan at a negotiated price. In the case of a foreclosure, the City will recapture any amount of net proceeds available from the sale of the property. If the owner sells and/ or transfer the house before the end of the City s 30 year mortgage term, the following provisions will apply: 1. The sale of the property must be pre approved by the City, and the new buyers must meet the program s income limits in effect at the time AND the sales price must not exceed the maximum affordable sales price in effect at the time. 2. For any early sale or transfer, the City shall share in any gain realized, based on its pro rated share of participation in the original purchase. Furthermore, if the sale occurs within the first 3 years, the City shall keep 100% of its pro rated share of the gain, from year 3 up to year 20, the City s share of its pro rated gain shall decrease by 5% every year, while in turn, the owner s share shall increase by 5% each year. At year 20 up to the City s loan maturity of year 30, the owner shall retain 100% of the City s gain. 3. The above share gain proposal terminates in the event of a foreclosure, with the lender required to provide the City the right of first refusal to purchase the loan at a negotiated price. In the event of a foreclosure, the City will recapture any amount of net proceeds available from the sale of the property.
6 Tax Benefits: The tax benefits under the Equity Sharing Program (see attached example), are represented by a reduction in the tax valuation basis of the property agreed to by the Property Appraiser s Office for the NSP Equity Sharing Program.
7 The Purchase Contract Riders The following describes language which must be added to the purchase contract to insure that the property being purchased would qualify for US HUD Neighborhood Stabilization Program 1(NSP1) funding. Riders in bold. ISSUE #1: Purchase Price Discount. The purchase price must be at least a 1% discount from an as is appraisal value, which must be performed within 60 days of the final offer. Discounts can be greater than the minimum 1%. Therefore, the Purchase price section of the contract should read: Purchase Price: The lesser of $(absolute dollar amount that you believe is a fair price) or a 1%* discount from an as is appraised value of the property. An appraisal shall be completed according to US HUD standards, and shall be dated within 60 days of the final offer. *As an FYI, the discount percentage can be greater than 1%. ISSUE #2: Environmental Review. No NSP1 monies can be committed or expended before a US HUD Release of Grant Conditions or a confirmation of exempt status has been issued for the property. This covers the environmental review which must be completed by the City before NSP funding can be used to acquire the property. Therefore, the contract should have an addendum which reads: This contract is contingent upon the purchaser obtaining City of Miami s Neighborhood Stabilization Program 1 financing and the purchaser obtaining a US HUD Release of Grant Conditions or the issuance of a confirmation of exempt status from the City of Miami and US HUD. ISSUE #3: Inspection Period. Only after the buyer s and City inspections, the cost of rehabilitation of the property can be estimated. In case that the rehab cost is higher than $10,000, the buyer should be able to break the contract and bring the developer as the new buyer who will renegotiate the purchase price with the seller. Therefore, the contract should have an addendum which reads: Buyer may, at Buyer s expense, by, ( Inspection Period ) (within 10 days from Effective Date if left blank) make any and all inspections of the Property. The inspection (s) will be by a person who specializes in and holds an occupational license (if required by law) to conduct home inspections or who holds a Florida license to repair and maintain the items inspected. Buyer may cancel this Contract by delivering written notice to Seller within days (within 5 days if left blank) from the end of the Inspection Period if the cost of treatment and repairs estimated by Buyer s inspector (s) is greater than $10,000 or if the Buyer s inspection (s) reveal open permits or that improvements have been made to the Property without required permits. For the cancellation to be effective, Buyer must include in the written notice a copy of the portions of the inspector s written report dealing with the items to be repaired, and treatment and repair estimates from the inspector of person (s) holding an appropriate Florida license to repair the items inspected or any written documentation of open permit (s) or permit (s) that have not been obtained if a permit is required.
8 ATTENTION BUYER: PLEASE READ CAREFULLY THE ATTACHED APPLICATION. ALL OF THE ITEMS IN THE CHECKLIST MUST BE COMPLETED BEFORE THE APPLICATION CAN BE RETURNED TO THE CITY OF MIAMI BY THE BANK.
9 NSP1 Program Homebuyer Checklist Please check every item submitted herein or provide an explanation and an anticipated date of submission. Failure to submit a complete file will result in delays or rejection of the file. Provided by Provided by Included Document Homebuyer Lender Reservation Letter Application for NSP1 Subsidy Uniform Residential Loan Application (URLA 1003) properly signed by the applicant(s). Uniform Underwriting and Transmittal Summary (form 1008) Good Faith Estimate and Truth in Lending forms (signed) Credit report Proof of income: i.e. VOE (required), paystubs (last 60 days), social security award letter, pension statement, etc Verification of applicant s funds available for minimum down payment contribution. Income Tax returns for the past two (2) years Affordability Study Bank statements for the last six (6) months. Rent verification (canceled rental payment checks or letter from landlord.) Sales contract Commitment letter from all other lenders. Copy of property appraisal. Certificate of Completion: Homebuyer Counseling Workshop. Copy of Social Security card for all adult (18 years and older) household members. Copy of State issued ID cards or Birth Certificates for all members of the household. Subordinate Commitment Letters to be received within 30 days of the City s Conditional Approval (if needed) All of the documents listed in the table above must be submitted to the City of Miami for your file to be reviewed.
10 This page has intentionally been left blank.
11 City of Miami Department of Community Development Neighborhood Stabilization Program NSP1 Application for Subsidy (Application - Page 1 of 2) I. PROPERTY INFORMATION Subject Property Address (street, city, state & ZIP) Apt. No. Applicant II. APPLICANT INFORMATION Co Applicant Applicant s Name (First Name, Middle Initial, Last Name) Co-Applicant s Name (First Name, Middle Initial, Last Name) Applicant s Address (street, city, state & ZIP) Co-Applicant s Address (street, city, state & ZIP) Home Phone (include area code) Work Phone (include area code) Home Phone (include area code) Work Phone (include area code) Applicant III. EMPLOYMENT INFORMATION Co Applicant Applicant s Employer Self Employed Co-Applicant s Employer Self Employed Employer Address (street, city, state & ZIP) Employer Address (street, city, state & ZIP) Monthly Income $ Dates (from - to) Monthly Income Dates (from - to) $ IV. OTHER INFORMATION Applicant Co Applicant Do you hold title on a real estate property at this time? (a mobile home, unless you own the land too, is titled as a personal property & not considered a home) YES NO YES NO Have you declared bankruptcy in the last 2 years? YES NO YES NO V. HOUSEHOLD INFORMATION Name Date of Birth SSN Relationship to Applicant Total Cash Value of Assets 1 $ 2 $ 3 $ 4 $ 5 $ 6 $ 7 $ Total $
12 (Application continuation - Page 2 of 2) Name VI. ANNUAL HOUSEHOLD INCOME Wages/ Salary ** Benefits/ Pensions Public Assistance Other Income Annual Income 1 $ $ $ $ $ 2 $ $ $ $ $ 3 $ $ $ $ $ 4 $ $ $ $ $ 5 $ $ $ $ $ 6 $ $ $ $ $ 7 $ $ $ $ $ Total $ $ $ $ $ ** include tips, commissions, & bonuses I hereby authorize the City of Miami to verify my past and present employment records, bank statements, stock holdings and any other asset balances that are needed to process this application. I further authorize the City to order a consumer credit report and verify other credit information, including past and present landlord references. It is understood that a copy of this form will also serve as my authorization. The information obtained here is only to be used to ascertain my eligibility to receive Neighborhood Stabilization Program subsidy. I further irrevocably grant to the City of Miami, its assigns and successors, my consent and full right to, use my name, photograph, likeness, image, voice, and biography in any and all media, publications, advertising, and publicity, in connection with my participation in the Neighborhood Stabilization Program Subsidy Program and any program related activity or project. I certify that (i) neither I, the applicant, nor the co-applicant, is employed by the City of Miami or by any agency/ developer which built the Subject Property in this application utilizing funds provided by the City of Miami, and that (ii) neither I, the applicant, nor the co-applicant, is related to any employee of the City of Miami or of the agency/ developer which built the Subject Property in this application utilizing funds provided by the City of Miami. Warning: Florida Statute 817 provides that willful false statements or misrepresentation concerning income and assets or liabilities relating to financial condition is a misdemeanor of the first degree and is punishable by fines and imprisonment provided under S or Name of Applicant (Print) Signature of Applicant Date Name of Witness (Print) Signature of Witness Date Name of Co-Applicant (Print) Signature of Co-Applicant Date Name of Witness (Print) Signature of Witness Date
13 NSP1 Participating Lenders Nery Torrent Robin Holley Ocean Bank Bank Atlantic 780 NW 42nd Ave, Suite W. Cypress Creek Road Miami, FL Ft. Lauderdale, FL (305) (office) (954) (office) (305) (fax) (954) (fax) Juan Rojas Martha Delgado Gibraltar Private Bank & Trust Total Bank 220 Alhambra Circle, 5th Floor 1100 NW 72 nd Avenue Coral Gables, FL Miami, FL (786) (office) (305) (office) (305) (fax) (305) Miriam Aspuru Gene Simmons Ann Latimer City National Bank Jennifer MacDonald 25 West Flagler Street Aniceto Carriedo Miami, FL Josie Hosein (305) (office) Aspuru Mortgage Corporation (305) (fax) 1535 SW 87 Avenue Miami, FL (305) (office) Rosandra Merchant (305) (fax) Wells Fargo Home Mortgage 1225 West 68th St Hialeah, FL (office) (fax) Bob Smith Tom Barbato Northern Trust Bank Republic Federal 700 Brickell Avenue Senior Vice President Miami, FL Residential Lending (305) (office) 1001 Brickell Bay Drive, Suite 1900 (305) (fax) Miami, FL (office)
14 NSP1 Participating Developers Prodesa Development, LLC Pointe Developers, Inc. Burgos Lanza and Associates, Inc Douglas Road, Suite SW 3 rd Avenue, suite 601 Miami, FL Miami, FL (305) (office) (305) (office) (305) (fax) (305) (fax) Jorge@pointedevelopers.com cgarcia@prodesa.us NSP1 Participating Homebuyer Counseling Agencies Acorn Housing Corporation Adamo Community Services 1439 W. Flagler Street, Suite C Orientations held at: Miami, FL NE 84 th St, Suite 150 (305) (office) Miami, FL (305) (fax) (305) (office) (305) (fax) Little Haiti Housing Association Miami Beach CDC 181 NE 82nd Street 945 Pennsylvania Avenue Miami, FL Miami Beach, FL (305) (office) (305) (office) (305) (fax) (305) (fax) Miami Dade Affordable Neighborhood Housing Services Housing Foundation, Inc. of South Florida 19 West Flagler Street, Suite NW 12th Avenue Miami, FL Miami, FL (305) (office) (305) (office) (305) (fax) (305) (fax) Opa Locka CDC Universal Truth CDC 490 Opa Locka Blvd., Suite NW 37 Avenue Opa Locka, FL Carol City, FL (305) , ext. 222 (office) (305) (office) (305) (fax) (305) (fax) Centro Campesino Farmworkers Center, Inc SW 186 Avenue Florida City, FL (305) (office) (305) (fax)
City of Miami Department of Community & Economic Development First-Time Homebuyer Program
City of Miami Department of Community & Economic Development First-Time Homebuyer Program The City s First-Time Homebuyer Program provides assistance up to the Basic Subsidy limits based on the number
More informationCity of Miami Department of Community & Economic Development First-Time Homebuyer Program. How Do I Get Started?
City of Miami Department of Community & Economic Development First-Time Homebuyer Program The City s First-Time Homebuyer Program provides assistance up to the Basic Subsidy limits based on the number
More informationCity of Miami. If you wish to apply for any of the following programs, please use the attached application.
Department of Application for Single Family Programs If you wish to apply for any of the following programs, please use the attached application. Single Family Rehabilitation Program Single Family Emergency
More informationNEIGHBORHOOD STABILIZATION PROGRAM HOME SALES PROGRAM GUIDANCE
NEIGHBORHOOD STABILIZATION PROGRAM HOME SALES PROGRAM GUIDANCE PROGRAM DETAILS... NSP SUMMARY... ELIGIBILITY CRITERIA... WAITING LIST... APPLICANT INTAKE... HOMEBUYER COUNSELING... CLOSING COST ASSISTANCE...
More informationPALM COAST NSP QUESTIONS and ANSWERS
PALM COAST NSP QUESTIONS and ANSWERS Updated March 21,2011 1. Developers and their agents find homes then what? The City inspects and rejects or recommends the unit for further consideration. A checklist
More informationFIRST TIME HOMEBUYER PROGRAM APPLICATION FOR PURCHASE ASSISTANCE
FIRST TIME HOMEBUYER PROGRAM APPLICATION FOR PURCHASE ASSISTANCE 2017-2018 THE CITY OF PLANTATION The Grass is always Greener The primary purpose of the City of Plantation is to provide purchase assistance
More informationYORK HOMEBUYER ASSISTANCE PROGRAM
Revised 12/16/2010 YORK HOMEBUYER ASSISTANCE PROGRAM Funding Source Program Description - This program is designed to provide down payment & closing cost assistance to low/moderate income households in
More informationPURCHASE ASSISTANCE PROGRAM COMMUNITY DEVELOPMENT DEPARTMENT
PURCHASE ASSISTANCE PROGRAM COMMUNITY DEVELOPMENT DEPARTMENT CITY OF NORTH LAUDERDALE 701 SW 71 AVENUE NORTH LAUDERDALE, FLORIDA 33068 If you have not owned a home in the past three years and are interested
More informationYORK HOMEBUYER ASSISTANCE PROGRAM GUIDELINES AND RULES. Funding Source. Program Code. Eligible States Minimum Loan Amount.
Revised 6/8/2015 YORK HOMEBUYER ASSISTANCE PROGRAM GUIDELINES AND RULES Funding Source Program Description - This program is designed to provide down payment & closing cost assistance to low/moderate income
More informationAffordable Housing Partner. Homebuyer Assistance & Neighborhood Stabilization Program Home Purchase. Program Manual of Procedures & Forms
Community Assistance Affordable Housing Partner Homebuyer Assistance & Neighborhood Stabilization Program Home Purchase Program Manual of Procedures & Forms Fiscal Year 2018-2020 AHP Manual of Procedures
More informationHomebuyer s Assistance Program (HAP) Program Guidelines
+ Homebuyer s Assistance Program (HAP) Program Guidelines PROGRAM OBJECTIVE To provide low to moderate-income families affordable homeownership opportunities within the City of Fort Worth. ASSISTANCE AVAILABLE
More informationCity of Chicago Department of Planning and Development TAXSMART MORTGAGE CREDIT CERTIFICATE PROGRAM SERIES Section Three - Borrower Application
City of Chicago Department of Planning and Development TAXSMART MORTGAGE CREDIT CERTIFICATE PROGRAM Section Three - Borrower Application Borrower Application: The Lender must have all applicable forms
More informationPreparing for your SHIP Monitoring Visit. Sponsored by the Florida Housing Finance Corporation s Catalyst Program Aida Andujar, Technical Advisor
Preparing for your SHIP Monitoring Visit Sponsored by the Florida Housing Finance Corporation s Catalyst Program Aida Andujar, Technical Advisor Catalyst Training Schedule www.flhousing.org 1 Library of
More informationCity of Carpinteria. Workforce Homebuyer. Down Payment Loan Program. Program Guide and Disclosure. City of Carpinteria
Housing Trust Fund of Santa Barbara County City of Carpinteria Workforce Homebuyer Down Payment Loan Program Program Guide and Disclosure 2017 City of Carpinteria 5775 Carpinteria Avenue Carpinteria, CA
More informationCity of Lompoc Homebuyer Assistance Program. Program Guidelines
City of Lompoc Homebuyer Assistance Program Down Payment Loans and Closing Cost Grants Program Guidelines Council Approved by Resolution No. 6177(18) May 1, 2018 City of Lompoc 100 Civic Center Plaza Lompoc,
More informationPASCO COUNTY COMMUNITY DEVELOPMENT HOMEBUYER ASSISTANCE PROGRAMS. Lender s Manual June 16, 2017
PASCO COUNTY COMMUNITY DEVELOPMENT HOMEBUYER ASSISTANCE PROGRAMS Lender s Manual June 16, 2017 Introduction Pasco County has been helping people purchase and repair homes since 1992. Both State Housing
More informationSELF-HELP ENTERPRISES CITY OF VISALIA Affordable Housing Program HOME funded 2 nd mortgage loan
SELF-HELP ENTERPRISES CITY OF VISALIA Affordable Housing Program HOME funded 2 nd mortgage loan (for families at or below 80% AMI) Program is administered by Self-Help Enterprises, and overseen by the
More informationCITY OF BOCA RATON SHIP APPLICATION PACKAGE WE ARE ACCEPTING SHIP APPLICATIONS ON AN ONGOING BASIS, UNTIL FURTHER NOTICE.
Courtesy of http://www.downpaymentsolutions.com CITY OF BOCA RATON SHIP APPLICATION PACKAGE WE ARE ACCEPTING SHIP APPLICATIONS ON AN ONGOING BASIS, UNTIL FURTHER NOTICE. BEFORE SUBMITTING YOUR APPLICATION,
More informationHouseCharlotte Homeowner Assistance Loan Submission
HouseCharlotte Homeowner Assistance Loan Submission City of Charlotte Housing Subsidy Program Please fill in all information completely Date: Lender Name: Lender Address: Contact Name(s): Phone Number:
More informationWelcome to another great Home Sweet Ogden home!
Welcome to another great Home Sweet Ogden home! REPC & Contract Notes: This home has been remodeled by Ogden City. This packet provides documents that must be included with an offer. Buyers must be owner-occupants
More informationHouston Housing Authority HOMEOWNERSHIP PROGRAM PLAN
Houston Housing Authority HOMEOWNERSHIP PROGRAM PLAN Revised June 2017 Houston Housing Authority HOUSING CHOICE VOUCHER HOMEOWNERSHIP PROGRAM PROGRAM GUIDE TABLES OF CONTENTS Program Description Eligibility
More informationCity of Eden Prairie First Time Homebuyer Program
Part I: GENERAL PROGRAM DESCRIPTION Program Overview City of Eden Prairie First Time Homebuyer Program The Eden Prairie Office of Housing & Community Services (OHCS) offers a financial assistance program
More informationAssistance Program: Miami Dade County PHCD Affordable Housing First Time Homebuyer Program Code: DFLMIAMCY
HOMEOWNERSHIP ASSISTANCE PROGRAM SUMMARY Product Description Allowable Origination Channel Program Name Second mortgage loan program to be used in conjunction with: FHA Fixed Rate Fannie Mae Fixed 30-year
More informationPalm Beach County State Housing Initiative Partnership Program (SHIP) SHIP 2 nd SUBSIDY PROGRAM CRITERIA (Purchase Assistance Program & HOME Match)
Palm Beach County State Housing Initiative Partnership Program (SHIP) SHIP 2 nd SUBSIDY PROGRAM CRITERIA (Purchase Assistance Program & HOME Match) ALL APPLICATION ARE SUBJECT TO FUNDING AVAILABIITY GENERAL
More informationFirst Time Homebuyers Assistance
RESIDENTIAL DOWNPAYMENT ASSISTANCE PROGRAM First Time Homebuyers Assistance GUIDELINES AND PROGRAM MANUAL January, 2017 9200 Basil Court, Suite 504, Largo, Maryland 20774 Office (301) 883-5300 TDD (301)883
More informationCITY OF SAN DIEGO SHARED APPRECIATION LOAN PROGRAM GUIDELINES
BUYERS EARNING 80% OR LESS OF AREA MEDIAN INCOME (AMI) Program Overview: The Shared Appreciation Loan Program is a homeownership program designed to make funds available to low -income households to help
More informationHOUSING TRUST SILICON VALLEY LOAN GENERAL UNDERWRITING GUIDELINES
HOUSING TRUST SILICON VALLEY LOAN GENERAL UNDERWRITING GUIDELINES The Housing Trust reserves the right to revise and change guidelines at its discretion. APPLICATION PROCESS An applicant may apply through
More informationSHELBY COUNTY DEPARTMENT OF HOUSING RESIDENTIAL DOWN PAYMENT ASSISTANCE PROGRAM
SHELBY COUNTY DEPARTMENT OF HOUSING RESIDENTIAL DOWN PAYMENT ASSISTANCE PROGRAM ****************************************************************************** The Shelby County Department of Housing (SCDH)
More informationFORECLOSURE REDEVELOPMENT PROGRAM Homebuyer Application Instructions
Kane County Office of Community Reinvestment FORECLOSURE REDEVELOPMENT PROGRAM Homebuyer Application Instructions All programs offered through the Office of Community Reinvestment are designed to assist
More informationHomebuyer s Assistance Program (HAP) Program Guidelines
Homebuyer s Assistance Program (HAP) Program Guidelines PROGRAM OBJECTIVE To provide low to moderate-income families affordable homeownership opportunities within the City of Fort Worth. ASSISTANCE AVAILABLE
More informationPASCO COUNTY COMMUNITY DEVELOPMENT HOMEBUYER ASSISTANCE PROGRAMS. Lender s Manual April 18, 2018
PASCO COUNTY COMMUNITY DEVELOPMENT HOMEBUYER ASSISTANCE PROGRAMS Lender s Manual April 18, 2018 Introduction Pasco County has been helping people purchase and repair homes since 1992. Both State Housing
More informationHOME Homebuyer Assistance Policy & Procedure Manual January 2014
HOME Homebuyer Assistance Policy & Procedure Manual January 2014 P.O. Box 1237 Pierre, SD 57501-1237 605/773-3181 TTY 605/773-6107 Fax 605/773-5154 Web site: www.sdhda.org Alternate formats of this document
More informationIF YOU HAVE ANY QUESTIONS, PLEASE DO NOT HESITATE TO CONTACT BETH NIEMEYER (863) EXT 3.
APPLICATION CHECKLIST Original, signed Household Certification/Consent Form with proof of dependant information attached - copy of Social Security Card(s) and/or Birth Certificate(s) DD Form 214 Copy of
More informationHome Purchase Assistance Program Application
Thank you for your interest in the City of West Palm Beach s Home Purchase Assistance Program. The Home Purchase Assistance Program is administered by the Department of Housing and Community Development
More informationAssistance Program: City of North Lauderdale Purchase Assistance Program Code: DFLLAUDER
HOMEOWNERSHIP ASSISTANCE PROGRAM SUMMARY Product Description Allowable Origination Channel Program Name Program Approval Expiration Housing Authority Second mortgage loan program to be used in conjunction
More informationHOME INVESTMENT PARTNERSHIP PROGRAM (HOME) 2017 PROGRAM DESCRIPTION
HOME INVESTMENT PARTNERSHIP PROGRAM (HOME) 2017 PROGRAM DESCRIPTION Use of Funds The City of Kenosha intends to use its 2017 HOME funds for Program Administration and for eligible HOME Program activities
More informationTHE NSP SUBSTANTIAL AMENDMENT
THE NSP SUBSTANTIAL AMENDMENT Jurisdiction(s): _Pasco County (identify lead entity in case of joint agreements) Jurisdiction Web Address: www.pascocountyfl.net (URL where NSP Substantial Amendment materials
More informationFIRST TIME HOMEBUYER PURCHASE ASSISTANCE PROGRAM DISCLOSURE
FIRST TIME HOMEBUYER PURCHASE ASSISTANCE PROGRAM DISCLOSURE The City of Plantation is pleased to provide purchase assistance for low-to-moderate income households to purchase a property to occupy as their
More informationSection 7. City of Modesto Homebuyer's Assistance Program MODESTO CALIFORNIA
Section 7 City of Modesto Homebuyer's Assistance Program CITY OF MODESTO CALIFORNIA City Of Modesto Community and Economic Development Department 1010 10 th Street, Suite 3100 Modesto, CA 95354 www.cityofmodesto.com
More informationOsceola County Purchase Assistance Program Guidelines
Osceola County Purchase Assistance Program Guidelines Purchase Assistance Program Objective The Osceola County Down payment Assistance Program (DPA) is made available through the State Housing Initiatives
More informationTAMPA BAY COMMUNITY DEVELOPMENT CORPORATION
TAMPA BAY COMMUNITY DEVELOPMENT CORPORATION 2139 NE Coachman Road, Suite 1, Clearwater, Florida 33765 (727) 442-7075 Fax (727) 451-3323 www.tampabaycdc.org Dear Prospective Homeowner: Congratulations!
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 informationMAGNOLIA BANK CORRESPONDENT FUNDING RURAL DEVELOPMENT PRODUCT SUMMARY
RURAL DEVELOPMENT FIXED RATE (DELEGATED CLIENTS ONLY) 1. PRODUCT DESCRIPTION USDA Fixed Rate Mortgage 30 year term Fully amortizing 2. PRODUCT CODE 3. INDEX 4. MARGIN 5. ANNUAL/ADJUSTMEN T CAP 6. LIFE
More informationDown Payment & Closing Cost Assistance Guidelines
Down Payment & Closing Cost Assistance Guidelines Program Description: In partnership with the City of Providence, the Housing Network of Rhode Island is offering a Down Payment and Closing Cost Assistance
More informationst.petershurg COMPLETION OF THIS APPLICATION DOES NOT OBLIGATE THE APPLICANT A. General Information: Applicant Co-Applicant
City of St. Petersburg HOUSING & COMMUNITY DEVELOPMENT DEPARTMENT (727) 893-7247 One Fourth Street North, Ninth Floor Municipal Services Building St. Petersburg, Florida 33701 st.petershurg www.stpete.org
More information2016 PROGRAM GUIDELINES
Nassau County HOME Down Payment Assistance Program For First-Time Homebuyers 2016 PROGRAM GUIDELINES All Applicants are required to read the below Guidelines and check the acceptance verification box under
More information[Address of Borrower] [Loan #] [Date] RE: Acknowledgement of Request for Short Sale
[Name of Servicer] [Address of Servicer] [Loan #] [Servicer FAX] [Servicer Email] [Name of Borrower] [Name of Co-Borrower] [Address of Borrower] [Borrower Phone] [Borrower Email] [Date] RE: Acknowledgement
More informationIncome Limits (Effective 6/1/2018) Household Size Maximum Household Income
Kane County First-Time Homebuyer Loan Program PROGRAM GUIDELINES Program Contact: Karen Zilly, Program Manager - zillykaren@co.kane.il.us; (630) 444-3027 Program Area: The Kane-Elgin Consortium Area (
More informationINSTRUCTIONS FOR SALE/RENTAL APPLICATIONS LISTED BELOW ARE PROCEDURES AND DOCUMENTS THAT WILL BE REQUIRED FOR APPROVAL OF SALE OR LEASE:
SHAMROCK BY THE GABLES CONDOMINIUM ASSOCIATION, INC. C/O LYNX PROPERTY SERVICES 12485 SW 137 th Ave. Suite 309, MIAMI, FLORIDA 33186 TELEPHONE: 305-251-2234 FAX: 305-252-6165 INSTRUCTIONS FOR SALE/RENTAL
More informationWyoming Rehabilitation and Acquisition Program
Wyoming Rehabilitation and Acquisition Program The Wyoming Rehabilitation and Acquisition Program () is funded federally under the Housing and Economic Recovery Act of 2008, more commonly known as the
More informationWorkforce Homebuyer. Down Payment Loan Program. Program Guide and Disclosure. Housing Trust Fund of Santa Barbara County
Housing Trust Fund of Santa Barbara County Workforce Homebuyer Down Payment Loan Program Program Guide and Disclosure 2013 Housing Trust Fund of Santa Barbara County P. O. Box 60909 Santa Barbara, CA 93160-0909
More informationBELOW MARKET PURCHASE (BMP) PROGRAM ELIGIBILITY REQUIREMENTS AND PURCHASE PROCESS
BELOW MARKET PURCHASE (BMP) PROGRAM ELIGIBILITY REQUIREMENTS AND PURCHASE PROCESS Program Overview The City of Santa is offering first time homebuyers an opportunity to purchase newly constructed homes
More informationOutline of The Road Home An on-line course for First Time Homebuyers
Outline of The Road Home An on-line course for First Time Homebuyers Module # 1 Steps to Becoming a First Time Home Owner Advantages & Disadvantages of Home Ownership Budgeting What is your current financial
More informationREHABILITATION PROGRAM
Marion County Board of County Commissioners Community Services 2631 SE Third St. Ocala, FL 34471 Phone: 352-671-8770 Fax: 352-671-8769 REHABILITATION PROGRAM APPLICATION Mobile Home Block/Frame Built Home
More informationCity of Clarksville FIRST-TIME HOMEBUYER PROGRAM
Program Overview: City of Clarksville FIRST-TIME HOMEBUYER PROGRAM The City of Clarksville s First-Time Homebuyer Program is a homeownership program designed to help income eligible households with down
More informationAssistance Program: Palm Beach County SHIP Purchase Assistance Program Code: DFLPBCSMS
HOMEOWNERSHIP ASSISTANCE PROGRAM SUMMARY Product Description Allowable Origination Channel Program Name Second mortgage loan program to be used in conjunction with: FHA Fixed Rate Fannie Mae Fixed 30-year
More informationCITY OF SAN DIEGO SHARED APPRECIATION LOAN PROGRAM GUIDELINES
CITY OF SAN DIEGO SHARED APPRECIATION LOAN PROGRAM GUIDELINES Program Overview: BUYERS EARNING 80% OR LESS OF AREA MEDIAN INCOME The Shared Appreciation Loan Program is a homeownership program designed
More informationTAMPA BAY COMMUNITY DEVELOPMENT CORPORATION
TAMPA BAY COMMUNITY DEVELOPMENT CORPORATION 2139 NE Coachman Road, Suite 1, Clearwater, Florida 33765 (727) 442-7075 Fax (727) 451-3323 www.tampabaycdc.org Dear Prospective Homeowner: Congratulations!
More informationLow Income $34,600 Low Income $36,850
Camden County 2009 NSP (Extended) Homebuyer Program Camden County has a Homebuyer Program to provide downpayment and closing cost assistance for low, moderate, and medium income persons interested in becoming
More informationDOWN PAYMENT ASSISTANCE PROGRAM FOR FIRST-TIME HOMEBUYERS
SUFFOLK COUNTY HOME CONSORTIUM DOWN PAYMENT ASSISTANCE PROGRAM FOR FIRST-TIME HOMEBUYERS 2017 PROGRAM GUIDELINES Important: Please retain this copy of the program guidelines after you send in the application
More informationCITY OF DEERFIELD BEACH PURCHASE ASSISTANCE APPLICATION
CITY OF DEERFIELD BEACH PURCHASE ASSISTANCE APPLICATION The City of Deerfield Beach, through the use of Community Development Block Grant (CDBG), State Housing Initiatives Partnership (SHIP) and Home Investment
More informationCounty of Orange Mortgage Assistance Program (MAP) Program Summary
County of Orange Mortgage Assistance Program (MAP) Program Summary Program Description: Silent second mortgage loan program for lowincome first-time homebuyers; principal and interest payments deferred
More informationS.H.I.P. (State Housing Initiative Partnership) Application Packet Union County
S.H.I.P. (State Housing Initiative Partnership) Application Packet Union County Return to SREC, Inc. POB 70 1171 Nobles Ferry Road Live Oak FL 32064 Fax 386/362-4078 Email sbarrington@suwanneeec.net Purchase
More informationMARTIN COUNTY HOUSING SHIP REHABILITATION ASSISTANCE APPLICATION (SHIP RH)
Martin County Board of County Commission ATTN: Community Service Division/Housing 435 SE Flagler Ave. Stuart, FL 34994 (772)-221-1362 (772) 288-5960 FAX MARTIN COUNTY HOUSING SHIP REHABILITATION ASSISTANCE
More informationChapter Objectives. Chapter 8. Housing. How much housing can you afford? What are the rental prices in your area?
Chapter Objectives Chapter 8. Housing To determine how much you can afford to spend on housing To compare whether it is financially more attractive to buy or rent To explain the real estate transaction
More informationNew Jersey Housing and Mortgage Finance Agency
New Jersey Housing and Mortgage Finance Agency Underwriting Submission Checklist First Time Home Buyer Program Borrower Name(S): HMFA Loan #: Smart Start Loan#: HomeSeeker Loan#: Address: _City: State:
More information2018 PROGRAM GUIDELINES
Nassau County HOME Down Payment Assistance Program For First-Time Homebuyers 2018 PROGRAM GUIDELINES All Applicants are required to read the below Guidelines and affix their signature to the Acknowledgment
More informationHYANNIS HOMEBUYER ASSISTANCE PROGRAM POLICY MANUAL
HYANNIS HOMEBUYER ASSISTANCE PROGRAM POLICY MANUAL Helping to make home ownership affordable Town of Barnstable Planning and Development Department 367 Main Street, 3 rd Floor Hyannis, MA 02601 Phone:
More informationKacey B. Flanery. Dear Interested Applicant,
Dear Interested Applicant, Thank you so much for your interest in the City of Ponca City s Homebuyer Assistance Program. Attached you will find a program overview, application and other important information
More informationTOWN OF BABYLON Community Development s HOME Down Payment Assistance Program. for First Time Homebuyers 2016 PROGRAM GUIDELINES
TOWN OF BABYLON Community Development s HOME Down Payment Assistance Program for First Time Homebuyers 2016 PROGRAM GUIDELINES PLEASE RETAIN THESE GUIDELINES AFTER YOU SEND IN YOUR APPLICATION AS THEY
More informationAssistance Program: City of Tampa Mortgage Assistance Program Code: DFLTAMPA
HOMEOWNERSHIP ASSISTANCE PROGRAM SUMMARY Product Description Allowable Origination Channel Program Name Second mortgage loan program to be used in conjunction with: FHA Fixed Rate Fannie Mae Fixed 30 year
More informationSAN FRANCISCO BELOW MARKET RATE (BMR) HOMEOWNERSHIP SUPPLEMENTAL APPLICATION
HOUSEHOLD MEMBER INFORMATION TODAY S DATE: BMR UNIT ADDRESS Street No. Street Name Street Type Unit Zip Code Primary Applicant (Household Member 1): HOUSEHOLD LEGAL NAME MEMBER #1 Primary OCCUPATION: Applicant
More informationEastern Panhandle HOME Consortium of West Virginia Homebuyer Assistance Program Overview
Eastern Panhandle HOME Consortium of West Virginia Homebuyer Assistance Program Overview Program Objective: Maximum Cost of Property: Loan Amount: Homebuyer Equity: Resale/Recapture Eligibility Requirements:
More informationHousing Trust Silicon Valley ( HTSV ) Closing Cost Assistance (CCAP) Program
Housing Trust Silicon Valley ( HTSV ) Closing Cost Assistance (CCAP) Program Program Description: The Housing Trust Silicon Valley s Closing Cost Assistance Program may be used for down payment and/or
More informationCOBB COUNTY HOME PROGRAM RESALE/RECAPTURE PROVISIONS Revised 12/15/2015
I. BACKGROUND COBB COUNTY HOME PROGRAM RESALE/RECAPTURE PROVISIONS Revised 12/15/2015 Section 215 of the HOME statute establishes specific requirements that all HOME-assisted homebuyer housing must meet
More informationPhone Number: Address: Contact of Realtor: Contact of Closing Attorney: Contact of Lending Bank:
191 NORTH STREET, SUITE 1, BUFFALO, NY 14201 PHONE - (716) 882-7661 FAX - (716) 882-7662 WWW.HOCN.ORG INFO@HOCN.ORG DOWN PAYMENT AND CLOSING COST ASSISTANCE DOCUMENTATION CHECKLIST Date Property Address:
More informationAssistance Program: Pima County HOME Down Payment Assistance Loan Code: DAZFHRDPA
HOMEOWNERSHIP ASSISTANCE PROGRAM SUMMARY Product Description Allowable Origination Channel Program Name Program Approval Expiration Housing Authority Second mortgage loan program to be used in conjunction
More informationCraig Nickerson, National Community Stabilization Trust (NCST) Rob Grossinger, Enterprise Community Partners (Enterprise)
Presenters Host: National Development Council Moderator: TBD Presenters: Craig Nickerson, National Community Stabilization Trust (NCST) Rob Grossinger, Enterprise Community Partners (Enterprise) 2 NSP
More informationThe Homebuyer s Team
The Homebuyer s Team Program Information For loan closings in St. Louis County, Jefferson County, St. Charles County, O Fallon, the City of St. Charles, City of Florissant, unincorporated St. Charles and
More informationHOMEOWNERSHIP ASSISTANCE PROGRAM SUMMARY
HOMEOWNERSHIP ASSISTANCE PROGRAM SUMMARY Product Description Allowable Origination Channel Program Name Second mortgage loan program to be used in conjunction with: FHA Fixed Rate Fannie Mae Fixed 30 year
More informationThe Homebuyer s Team
The Homebuyer s Team Program Information For loan closings in St. Louis County, Jefferson County, St. Charles County, O Fallon, the City of St. Charles, City of Florissant, unincorporated St. Charles and
More informationThank you for choosing Southeast CDC for Housing Counseling. We hope to help you make one of the most important purchases of your life.
HOMEBUYER INTAKE Dear Home Buyer, Thank you for choosing Southeast CDC for Housing Counseling. We hope to help you make one of the most important purchases of your life. Southeast Community Development
More informationLOAN OFFICER NAME: OFFICE PHONE: CELL PHONE: FAX: ADDRESS: AFFILIATE NAME: COMPANY NAME: BROKER NAME: BROKER PHONE: BROKER
Loan Application Complete the entire application. Failure to complete can cause delays in funding 701 E. Front Ave., Floor, Coeur d'alene, ID 83814 LOAN OFFICER NAME: OFFICE PHONE: CELL PHONE: FAX: EMAIL
More informationHallandale Beach Community Redevelopment Agency First Time Homebuyers Program
Hallandale Beach Community Redevelopment Agency First Time Homebuyers Program Program Overview Under the First Time Homebuyer Program, the Hallandale Beach CRA will provide up to $50,000 in assistance
More informationAssistance Program: City of Jacksonville Head Start to Homeownership Program Code: DFLJAHOME
HOMEOWNERSHIP ASSISTANCE PROGRAM SUMMARY Product Description Allowable Origination Channel Program Name Second mortgage loan program to be used in conjunction with: FHA Fannie Mae Fixed 30 year Conforming
More informationPRODUCT MATRIX. Effective as of February 13, 2017
PRODUCT MATRIX Effective as of February 13, 2017 The Finance of America Commercial LLC (FACo) Product Suite Matrix is for informational purposes only and is subject to change. FACo reserves the right amend
More informationCITY OF SAN DIEGO SHARED APPRECIATION LOAN PROGRAM GUIDELINES
BUYERS EARNING 80% OR LESS OF AREA MEDIAN INCOME (AMI) Program Overview: The Shared Appreciation Loan Program is a homeownership program designed to make funds available to low -income households to help
More informationU.S. Department of Housing and Urban Development Community Planning and Development IX. FIELD OFFICE REVIEW OF RESALE/RECAPTURE PROVISIONS...
U.S. Department of Housing and Urban Development Community Planning and Development Special Attention of: Notice: CPD 12-003 All Secretary's Representatives All State/Area Coordinators Issued: January,
More informationLPA HOME POSSIBLE. Home Possible
LPA HOME POSSIBLE Description: Product Term HPML Loan Purpose Acceptable Property Types Home Possible Home Possible (HP) is a Freddie Mac Community Lending program is designed to meet the needs of low-
More informationBUYERS EARNING 80% OR LESS OF AREA MEDIAN INCOME (AMI)
COUNTY OF SAN DIEGO DOWN PAYMENT & CLOSING COST ASSISTANCE (DCCA) PROGRAM GUIDELINES Program Overview: BUYERS EARNING 80% OR LESS OF AREA MEDIAN INCOME (AMI) The Down Payment and Closing Cost Assistance
More informationFirst-Time Homebuyer. Shared Appreciation Loan and Closing Cost Assistance Grant Comprehensive Program Manual Effective July 18, 2011
First-Time Homebuyer Shared Appreciation Loan and Closing Cost Assistance Grant Comprehensive Program Manual Effective July 18, 2011 FIRST TIME HOMEBUYER PROGRAM SUMMARY CHART SHARED APPRECIATION PROGRAM
More informationM&T s Guide for SONYMA Loans
M&T s Guide for SONYMA Loans 4/6/11-1 - TABLE OF CONTENTS I. SONYMA A. General Information 1. M&T Responsibilities 2. Broker Responsibilities 3. First-time Home-buyer Definition 4. Recapture Tax 5. SONYMA
More informationJuly 1, 2010 thru September 30, 2010 Performance Report
Grantee: Pembroke Pines, FL Grant: B-08-MN-12-0022 July 1, 2010 thru September 30, 2010 Performance Report 1 Grant Number: B-08-MN-12-0022 Grantee Name: Pembroke Pines, FL Grant Amount: $4,398,575.00 Grant
More information999 West Street, Rocky Hill, CT Phone: (860) Fax: (860) Website:
999 West Street, Rocky Hill, CT 06067-4005 Phone: (860) 721-9501 Fax: (860) 571-3550 Website: www.chfa.org Table of Contents Loan Program Outlines & Underwriting Guides......... Pages 2-7 203(k) - FHA
More informationCITY OF SAN DIEGO 3% INTEREST DEFERRED LOAN PROGRAM GUIDELINES
CITY OF SAN DIEGO 3% INTEREST DEFERRED LOAN PROGRAM GUIDELINES Program Overview: BUYERS EARNING 80% OR LESS OF AREA MEDIAN INCOME (AMI) The 3% Interest Deferred Loan Program is a homeownership program
More informationEastern Panhandle HOME Consortium of West Virginia Homebuyer Assistance Program.
Eastern Panhandle HOME Consortium of West Virginia Homebuyer Assistance Program. GOAL: To help make the American Dream of homeownership a reality for first-time low-tomoderate income homebuyers in the
More informationPARISH OF JEFFERSON DEPARTMENT OF COMMUNITY DEVELOPMENT 2017 FIRST-TIME HOMEBUYER ASSISTANCE PROGRAM DESCRIPTION WELCOME OVERVIEW
PARISH OF JEFFERSON DEPARTMENT OF COMMUNITY DEVELOPMENT 2017 FIRST-TIME HOMEBUYER ASSISTANCE PROGRAM DESCRIPTION WELCOME OVERVIEW Jefferson Parish has been designated as a Participating Jurisdiction for
More informationNSP Eligibility Application
NSP Eligibility Application The City of Mesquite has funded the purchase and rehabilitation of foreclosed upon or vacant single-family homes using a Neighborhood Stabilization Program (NSP) grant received
More informationDisclaimers and Notices
If you are experiencing a temporary or long term hardship and need help, you must complete and submit this form along with other required documentation to be considered for available solutions. On this
More informationKane County Foreclosure Redevelopment Program. Home Buyer Application
Kane County Foreclosure Redevelopment Program Home Buyer Application To apply to purchase a home that was redeveloped under the Kane County Foreclosure Redevelopment Program Please follow these three easy
More information