First Time Home Buyer Programs By Town And City Throughout Illinois

Research What’s Available Near You

First time home buyers in Illinois have many options available to them for help in purchasing their first residence. In addition to the statewide down payment assistance programs offered by the Illinois Housing Development Authority, there are local housing agencies that provide grants and other forms of financial assistance to 1st time property buyers as well.




Contact Info For Local Programs

Follow the various resources below to determine 1st time homebuyer program amounts and requirements in multiple locations throughout Illinois:

Homeownership Assistance: Illinois

Need help buying a home? You may qualify for one of these programs.

Statewide and Regional Programs

Programs by City/Town

The cities listed below offer various incentives for Homebuying. Contact the city for details.

City Phone Contact
Aurora (630) 844-3627 Bill Wiet
Champaign (217) 351-4427 Dorothy David
Decatur (217) 424-2797 Linda Love
DeKalb (815) 748-2060 Sue Guio
Joliet (815) 724-4100 Bob Listner
Kankakee (815) 933-0421 Larry Nolan
Madison Co. (618) 692-7040 Dorothy Hummel
McHenry Co. (815) 334-4560 Dennis Sandquist
Moline (309) 797-0710 Frankie Atwater
Mount Prospect (847) 818-5328 Janet Saewert
Normal (309) 545-9557 Steve Westerdahl
Rockford (815) 987-5690 General information
Springfield (217) 789-2377 Chet Schneider
Urbana (217) 384-2335 Jen Gonzalez/HOME Coordinator
Will County (815) 722-0722 ext. 225 Andrea Buechel

Program funding and availability is constantly changing. Keep up to date by visiting first time home buyers in Illinois.

Illinois first time home buyers

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First Time Home Buyer Programs By Town And City In Texas

Choose Your Location

First time home buyers in Texas have many options available to them for help in purchasing their first residence. In addition to the statewide programs offered by the Texas Department of Housing & Community Affairs, there are local programs that can be tapped into for assistance.




Get Information Regarding Local Programs

Follow the resources below to determine 1st time homebuyer program amounts and requirements:

Program funding and availability is constantly changing. Keep up to date by visiting Texas First Time Home Buyer.

 

Texas first time home buyers

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$15,000 Down Payment Grants Still Available In Oregon

It was November of 2013 when Wells Fargo committed $5.15 million to expand its NeighborhoodLIFT program to help Oregon first time home buyers come up with the needed funds for a down payment. That program is still in existence, and Portland, Or 1st time buyers can still tap into this assistance.

Oregon Live reported:

Wells Fargo is offering up to $15,000 in down payment assistance for about 227 moderate-income homebuyers buying homes in Portland.

The nation’s largest mortgage originator committed $5.15 million to expand its NeighborhoodLIFT program to Portland, it announced Tuesday at Portland City Hall. Portland is the 22nd market where Wells Fargo and the nonprofit NeighborWorks America have brought the program.

The grants are intended to help homebuyers who may struggle to save enough for a down payment. Even though low mortgage rates and home prices have made homes more affordable, most loans now available to first-time homebuyers require a down payment of at least 3.5 percent.

“That’s a lot of cash out-of-pocket for first-time homebuyers,” said Peg Malloy, director of the Portland Housing Center, a local partner of NeighborWorks.

>> read more at oregonlive.com

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Texas Couple Describe How $15,000 Down Payment Grant Made Home Buying Possible

Joshua and Emily Robbins had their lives changed by a $15,000 down payment grant provided by the NeighborhoodLIFT program, which has received $6 million from Wells Fargo to help Texas first time home buyers enter the world of property ownership.

The San Antonio Express-News reports:

Joshua and Emily Robbins debated whether to attend an event last month at the Convention Center at which prospective home buyers could try to qualify for a $15,000 grant to use as a down payment on a house.

Joshua Robbins is glad they went. The University of Incarnate Word English professor and his wife, a stay-at-home mom, were among about 170 prospective buyers that got commitments to receive a grant. The couple will use the money to purchase their first home, in Monticello Park, by the end of the month.

“It really has changed our lives,” Joshua Robbins, 35, said of the grant. “There’s no way we could get into a house at this point in our lives without this assistance. We just thought that we would rent for a long time until we got more money set aside.”

The NeighborhoodLIFT program, funded with $6 million from Wells Fargo and administered by Alamo Community Group, was created to boost homeownership. San Antonio is the 32nd market in which the program has been introduced.

It’s one of about a half-dozen local and state programs available to help consumers to afford homes in Bexar County, according to a recent analysis by RealtyTrac and Down Payment Resource. Some of the programs include numerous variables, such as a home’s location, a buyer’s occupation and military history, and whether it’s a first-time purchase.

>> read the full story at expressnews.com

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Neighborhood Housing Services Looks Back At 10 Years Of Helping Ohio Homebuyers

Neighborhood Housing Services of Cleveland, Ohio (NHSGC), is one of the oldest Neighborhood Housing Services programs in the country. The executive director, Lou Tisler, has been with the NHSGC for 10 years now, and in an interview just declared that CityLIFT, a down payment program to help Ohio first time home buyers, was the most successful program in both the organization’s and Cleveland’s history.

Cleveland.com reports:

Incorporated in1975, Neighborhood Housing Services of Greater Cleveland (NHSGC) is one of the oldest community development corporations in Cleveland. It is also one of the first Neighborhood Housing Services program in the country.

Its mission is to “provide ongoing programs and services for achieving, preserving and sustaining the American dream of homeownership.” Funding comes from grants, public and private institutions and individual donations.

lou 2_10-25-15--Sunday Cover--NHS--Tisler and Rush.jpgNHSGC’s Executive Director Lou Tisler and the organization’s board president, Tanisha Rush, share the same mission of helping northeast Ohioans become homeowners. Families in northeast Ohio are able to buy homes, keep and maintain them, thanks for the work of the Neighborhood Housing Services of Greater Cleveland. Photo Credit: NHSGC

10-25-15--Sunday Cover--NHS--Group.jpg

Lou Tisler, executive director of the NHSGC for the past 10 years, reflects on the past and looks to the future.

Q. What has been NHSGC’s most successful program during the past 10 years of your leadership?

A. “There have been many successes for our agency, which at times, means there has been some major economic struggles for families in northeast Ohio. The program that has celebrated home and made it more accessible for many was our Cleveland CityLIFT program. This was the largest citywide down payment assistance program in the history of the City of Cleveland.

“Through our partners, NeighborWorks America and Wells Fargo, we were able to provide a total of $3.7 million in assistance for those purchasing homes in Cleveland. This resulted in 270 new homeowners and over $18 million of new investment. Sixty new homeowners were under the age of 35 and almost 60 of the new homeowners moved from someplace else into the City of Cleveland.

“This program showed that there is not only pent-up demand for homeownership in a tight credit market, but that Cleveland is a city of choice for many. Look for more innovative down payment programs in the future.”

>> read the full interview at cleveland.com

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Ohio Bank Launches New Program To Help Low Income Homebuyers

A new program has just been launched by an Ohio bank, and it’s not just for Ohio first time home buyers. This program is exclusively for low-income homebuyers, whether they be first-timers or not.

The Columbus Dispatch reports:

Fifth Third Bank has launched a program to help boost home sales in depressed neighborhoods and among low-income buyers.

The bank unveiled its “Community Reinvestment Mortgage Special,” which pays some closing costs for low-income buyers and for any buyers in low-income neighborhoods.

Under the program, Fifth Third will pay processing, underwriting and application fees for qualifying buyers. Savings could range from $600 to $2,000, but most central Ohio borrowers will save $1,050, said Bob Brokaw, senior vice president for mortgage with Fifth Third in central Ohio.

“We’re trying to lend in the community we serve and we think this will help some people overcome barriers to buying,” Brokaw said.

Buyers can qualify for the help in two ways:

By purchasing a home in a low-income neighborhood. Buyers can learn if a home is in a low-income neighborhood by speaking with a Fifth Third lender or by entering an address into the map function of the Federal Financial Institutions Examination Council website, www.ffiec.gov.

By having a household income less than 50 percent of the area’s median income. In central Ohio, the median income is $71,000, so those earning less than $35,500 are eligible, assuming they otherwise qualify for a loan.

>> read the full article at dispatch.com

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Wells Fargo Now Offering Up To $15,000 Down Payment Help To Michigan Homebuyers

Michigan first time home buyers can now tap into a new down payment assistance program offered by Wells Fargo that can provide them up to $15,000 in the form of a down payment grant. The program is called the “Home Lift program” and begin offering funds in October. Residents in Detroit, Highland Park, Hamtramck, Dearborn and Livonia are eligible to participate.

The Detroit Free Press reports:

Potential home buyers in Detroit and other communities will soon have a new source of down payment assistance from a Wells Fargo bank special program.

Wells Fargo next month will offer its Home Lift program that includes $15,000 down payment assistance grants to first-time home buyers and others who do not own their own home. With $5.25 million earmarked, Wells Fargo says about 250 grants can be made. The program includes home buying counseling.

Residents in Detroit, Highland Park, Hamtramck, Dearborn and Livonia are eligible. The bank is looking for home buyers with annual incomes that do not exceed 120% of the local area median income — about $81,250 for a family of four in the five Wayne County cities, according to Wells Fargo.

Applicants must meet certain other criteria, including completing an eight-hour home buyer education session with Southwest Solutions, a U.S.-government-approved counselor. Participants also must commit to live in the home for five years and qualify for a first mortgage on the property.

>> read the full story at freep.com

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Maryland Homebuyer Program Gets New Infusion Of Funds

Maryland first time home buyers who have more than $25,000 in student debt can breathe a big sigh of relief as a program designed specifically for them has just had a new infusion of funding after running out in only two months.

The Baltimore Sun reports:

A state incentive program for aspiring homebuyers with more than $25,000 in student debt ran out of money in less than two months, officials said Monday.

With a new infusion of money, the You’ve Earned It program is now in its second phase and could be extended still further as the state tries to encourage millennials to buy homes.

“It’s really turned the negative of student debt into a positive of homeownership,” said Tiffany P. Robinson, the assistant secretary of development finance in the state Department of Housing and Community Development. “We want to allow them to participate in the American dream.”

The state announced You’ve Earned It in May and allocated $20 million to its first phase to help individuals with high student debt and veterans buy homes.

The money was used to make loans at a fixed rate of 2.75 percent, down payment assistance and a tax credit for the life of the loans to buyers whose debt loads might have made it difficult for them to buy a home on their own. It was not used to help participants pay down student debt.

Of the 81 loans made through the program, Robinson said, about 77 percent were made to buyers under the age of 35. The median age was 30.

The incentive is available only for those who buy in designated “sustainable communities,” or those deemed in need of reinvestment. The designation includes all of Baltimore.

The second phase of You’ve Earned It was funded with $70 million. The state has spent about $14 million so far, Robinson said.

In its second phase, the program is offering a 0.25 percent discount on the standard Maryland Mortgage Program rate, which varies daily, and $5,000 in down payment assistance.

>> read the full story at baltimoresun.com

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New Program In Indiana Provides Up To $15,000 Down Payment Assistance

Maria Wright is one happy Indiana first time home buyer. She’s got a lot to smile about, now that she has tapped into a program offered by Wells Fargo that is providing her with $15,000 in down payment assistance to help her purchase her first home.

Fox 59 reports:

Owning a home used to seem like a dream for Maria Wright. She started saving up for a down payment four years ago while she waited for the right time to buy. Wright is receiving a little extra help, she recently qualified for $15,000 in down payment assistance from Wells Fargo.

“It was a dream because at that point I didn’t have the funds to do that, I actually didn’t have the credit to do it and I didn’t even know where to start.”

Wells Fargo is making $4.5 million dollars available for down payment assistance. Homebuyers can apply for $15,000 to put down on a home. Like any program promising free money there are a few catches. In order to qualify, a single person would needs to make no more than $54,050 and a family of four no more than $77,150. The home must be located in Marion County and once someone qualifies for the assistance they must buy a home within 60 days.

>> read the full story at fox59.com

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5 Wisconsin Organizations Receive Awards For Promoting Home Ownership

Wisconsin first time home buyers have benefited from various grants, programs, awards and other forms of help provided by a handful or organizations within the state. Five of those organizations have recently been presented an award for their contribution towards promoting home ownership.

The Green Bay Press Gazette reports:

NeighborWorks Green Bay honored five of its community partners this week with awards for their efforts to promote home ownership and strengthen neighborhoods.

Greater Green Bay Habitat for Humanity received the Home Builder Award for its work to help families own a home. NeighborWorks provide Habitat families homebuyer education, housing counseling, down payment assistance, closing cost assistance and post-purchase services.

Gina M. Jury received the Block Builder Award for her service through the Marshfield Clinic Volunteer Wisconsin AmeriCorps program. Jury helped develop the NeighborWorks Green Bay volunteer program that generated more than 2,000 hours of assistance.

>> read more at greenbaypressgazette.com

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Rhode Island Governor Introduces $7,000 Down Payment Grant

As of September 8, 2015, a certain segment of Rhode Island first time home buyers can get a down payment grant of up to $7,000. RI Governor Gina Raimondo and Rhode Island Housing have joined forces to attract young professionals to Rhode Island by offering the Ocean State Grad Grant Program, in which graduates may qualify for down payment assistance of up to $7,000.

Details from Rhode Island Housing:

Congratulations graduate and best wishes on your next adventure! If that adventure includes owning your first home, we have the tools and incentives to help. Our Ocean State Grad Grant program was developed to help you make Rhode Island your home.

The Ocean State Grad Grant is helping college graduates make Rhode Island home by offering a special first-time homebuying grant.

The Ocean State Grad Grant:

  • is available to qualified borrowers who have graduated within the last 36 months from an accredited academic institution

  • up to $7,000 in down payment assistance

  • can be combined with our closing cost assistance

>> read full criteria at gradgrant.org

 

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Up To $5,000 Grants For Florida 1st Time Buyers

Florida first time home buyers can tap into the 2015 Matching Grant Program and receive $4 for every $1 they contribute towards their down payment, up to the maximum of $5,000. Unlike some other programs in which the assistance comes in the form of an initial loan that is forgiven over time, this is an outright cash grant.

PRWeb has the details:

DOWN PAYMENT ASSISTANCE FLORIDA GRANTSDOWN PAYMENT ASSISTANCE FLORIDA GRANTS

Earn up to $7,500 in Down Payment Assistance Florida Programs.

Florida (PRWEB) October 23, 2015

The 2015 Matching Grant Program for Florida residents now offers a $5000 maximum subsidy for down payment assistance. This increase will further help new homebuyers to subsidize their down payment costs. Complete updated information on these new Grant limits are available on their website.

Most programs will use income and purchase price limits to determine eligibility. Please call or fill out inquiry form for additional information. It’s free and simple.

MATCHING GRANT – First time home buyer grant

  • $5000 maximum subsidy (updated limit to be used for down payment assistance & closing costs)
  • 4 to 1 ratio. For every $1, grant provides up to $4, up to the maximum of $5,000
  • Minimum contribution is $1,000
  • Owner-occupied, 1 unit properties
  • Town homes or Condos (condos must be approved beforehand)
  • New construction or foreclosures OK
  • Must be first time home buyer – not have owned a home in the last 3 years
  • Available statewide
  • Income limits and purchase price limits apply

>> read the full press release at prweb.com

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10 Families In Arkansas To Get Help Purchasing Their First Home

Ten lucky Arkansas first time home buyers will be the beneficiaries of a $70,000 Affordable Housing Program (AHP) grant from the Federal Home Loan Bank of Dallas (FHLB Dallas) and Bank of the Ozarks. The money was awarded to the Habitat for Humanity of Pulaski County, which will disburse the funds to help 10 Arkansas families purchase their first home.

Real Estate Rama reports:

Habitat for Humanity of Pulaski County recently received a $70,000 Affordable Housing Program (AHP) grant from the Federal Home Loan Bank of Dallas (FHLB Dallas) and Bank of the Ozarks, an FHLB Dallas member institution. The funds will be used to reduce the mortgage principal for 10 low-income, first-time homebuyers, thus lowering their monthly payments.

Eric Gustafson, vice president and director of Community Development at Bank of the Ozarks, said the partnership with Habitat works to support deserving families who otherwise might not afford a home.

“Habitat for Humanity of Pulaski County provides an incredibly valuable service by helping people who have low incomes and/or challenged credit,” Mr. Gustafson said. “Habitat also works for a long time, if needed, to help people get into their homes”

FHLB Dallas annually returns 10 percent of its profits in the form of AHP grants to the communities served by its member institutions. AHP grants fund a variety of projects, including home rehabilitation and modifications for low-income, elderly, and special-needs residents; down payment and closing cost assistance for qualified first-time homebuyers; and the construction of low-income, multifamily rental communities and single-family homes.

Kelley Sims, chief operating officer, Habitat for Humanity of Pulaski County, highlighted the need for affordable housing in the county, which is centrally located within the state and is home to more than 390,000 people, according to 2014 estimates from the U.S. Census Bureau.

>> read the full article at realestaterama.com

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Mississippi Couple Purchases 1st Home With Grant Assistance

Mississippi first time home buyers should follow in the footsteps of Lora and Michael Gallion of Greenwood, Mississippi. Living on a very low income, they thought purchasing a home was something they’d never be able to afford. However, with assistance from a $4,000 Homebuyer Equity Leverage Partnership (HELP) grant, they were able to turn their dream of home ownership into reality.

PRNewswire has the details:

Lora and Michael Gallion were lifelong renters and living on a fixed income. The only houses the couple could afford were run-down spaces that were almost uninhabitable.

Then one day, the Gallions saw a sign about the Baptist Town Cottages, a revitalized neighborhood in Greenwood, Mississippi, with new homes for families earning less than 50 percent of the area median income.

“I’m so glad we saw the sign,” said Mrs. Gallion, 50, a former certified nursing assistant now living on disability. “We had looked at other homes to rent, but even at $400 a month, the condition of them was not good.”

The Gallions were introduced to Emily Roush Elliott, a Rose Architectural Fellow and Baptist Town Cottages’ project manager. The couple attended a homeownership class, where Ms. Roush Elliott discussed the home-buying process, but the Gallions’ fixed income did not provide money for a down payment. Ms. Roush Elliot said they might qualify for a Homebuyer Equity Leverage Partnership (HELP) grant.

HELP is offered by the Federal Home Loan Bank of Dallas (FHLB Dallas) through its member financial institutions. In this case, the grant was made available through Planters Bank & Trust Company. HELP provides grants to income-qualified, first-time homebuyers for down-payment or closing-cost assistance on new or existing homes.

The Gallions were awarded a $4,000 HELP grant, which was applied toward their down payment. Eric Miller, first vice president at Planters Bank & Trust Company, said the HELP program is a valuable asset. “With HELP grant funding, we are able to assist deserving homebuyers with getting into their first homes. It is very rewarding,” Mr. Miller said.

>> read the full story at prnewswire.com

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CHFA Introduces New Mortgage Assistance Program

There’s some good news for California first time home buyers. The California Housing Finance Agency has just launched a new program to help 1st time purchasers overcome the hurdles of coming up with the down payment and closing costs.

Businesswire reports:

The California Housing Finance Agency has launched the MyHome Assistance Program for first-time homebuyers who may need help with down payment or closing costs when purchasing a home.

Buyers can receive up to 5% in assistance, low interest rates and deferred payments through MyHome. The program is available to first-time employed buyers with good credit, and can be combined with all CalHFA first mortgage programs and the Mortgage Credit Certificate program, which provides a federal income tax credit that may lower taxes and increase disposable income.

“The lack of savings for a down payment is often the barrier to purchase for first-time homebuyers, even though they can afford the monthly payments,” said CalHFA’s Executive Director, Tia Boatman Patterson. “This new program bundles the first mortgage with down payment and closing cost assistance for our borrowers to make the home buying process simple, affordable and, most importantly, attainable.”

Since 1975, CalHFA has partnered, promoted and preserved safe, affordable housing for Californians, expanding opportunities to hundreds of thousands of residents. CalHFA’s line-up of programs and products demonstrates its commitment to lending with a purpose.

>> read the full story at businesswire.com

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Colorado Woman Describes Her First Time Home Buying Experience

For one Colorado first time home buyer, purchasing a property for the first time was a challenge, but she persistently overcame all hurdles due to her desire to escape “unaffordable rent pricing.”

The Durango Herald has the story:

The golden principles associated with first-time home buying are basic ones: Set a realistic budget, run a credit report and save enough money to cover a down payment and then some. But signing the paperwork still can be daunting for many first-time buyers who may be wary of brokers and have some doubts about ending years of renting.

Kristin Hoff, a 40-year-old health insurance agent and single parent, moved into her first independently purchased home off U.S. Highway 550 North with her three girls this past spring.

Size, location, quality and opportunity to build equity contributed to her selecting her new north Durango townhouse and vacating her two-bedroom apartment on Florida Road where she paid $1,000 a month to live with her three kids. The purchase was prompted by a single factor, she said: “unaffordable rent pricing in Durango, Colorado.”

Hoff was “entirely uncertain” about the buying process but had two critical takeaways since she began searching for a house in spring 2014 – the first was that there are multiple housing organizations locally and in the state that can assist in home buying, and, secondly, that establishing or fixing your credit record is a lengthy process even when an outside organization is providing financial assistance.

“Some people think if they go through the Regional Housing Alliance, the process will be quicker, but it took me a year,” Hoff said. “You have to be dedicated.”

Another common trap that ensnares many buyers is failure to investigate the resale value of affordable dwellings. For example, there are dwellings such as mobile homes that federal agencies will not finance after the home reaches a particular age.

“If a low-income family could only afford a mobile home, depending on the particular mobile home, another low-income family could not get a loan to purchase it in the future after a certain amount of time,” Hoff said, adding that she was surprised to learn that fact. “That isn’t disclosed. You have to inquire about the future sale of anything you’re thinking of purchasing.”

Hoff leaned heavily on the RHA, which can move buyers into their new homes with less than a 3 percent down payment, when she began the home-buying process in 2014 by enlisting in the alliance’s Homebuyer Assistance Program. The program offers mortgage assistance on the stipulation of attending a free, eight-hour education class that covers what buyers need to know before and after to make an educated purchase.

>> read the full story at durangoherald.com

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High Cost Of Homes In California Becoming An Affordability Crisis

First time home buyers in California have more hurdles than their brethren in other states. Not only to they face the typical hurdles – which are burdensome enough- they also have to deal with mind-numbing home prices that would make any first time home owner‘s head spin.

Point Reyes Light has the story:

Marin is considering a host of measures to address the county’s growing affordable housing shortage as rents and home prices continue to skyrocket.

The county hosted a workshop to discuss ways to address the problem on Tuesday, focusing on three general strategies: turning existing housing into afffordable housing, new construction such as second units, and tenant’s rights including rent stabilization—which limits rent increases—and requiring just cause for evictions.

County staffers painted a bleak picture in a memo prepared before the workshop. The average price of a rental in Marin in 2005 was $1,478 a month. This past June, the average was $2,465—an increase of about 66 percent. To meet the conventional standard of affordability, often defined as spending less than 30 percent of income on rent, a household needs to make almost $100,000 a year. To buy a home requires an income of at least $200,000.

Thirty-seven percent of responders to a county-sponsored survey of renters and landlords this past spring said their rent had risen by at least $100 a month in the past year, and 59 percent said they were planning to move out because of the cost of rent. Many respondents also said they have already been forced to move because rents rose so high and so quickly. Many teachers and civil servants said they struggled or simply could not afford to buy homes or rent in Marin.

Planners came up with a host of theoretical ways that the county could address the problem. For example, ideas for converting existing housing into affordable housing include buying up houses at market rate value, offering landlords incentives to accept Section 8 vouchers by committing to help pay for repairs or rent lost if the unit goes vacant. Planners also suggested adopting a program implemented in Napa County, which offers assistance—such as contributing a down payment—to help some people who work in Marin buy a home.

One Legal Aid of Marin employee called for increased tenants rights during public testimony, saying that there were few ways to help clients without protections. “Without laws…we can’t do our jobs effectively,” she said.

But many solutions come with big problems. Buying up market-rate houses or offering incentives to landlords are pricey solutions. A county fund for affordable housing projects currently has about $5 million—not much given that the average price of a home in Marin is about $1 million.

>> read the full story at ptreyeslight.com

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Mortgage Brokers Can Now Access All California Housing Finance Agency Loan Programs

More mortgage avenues have just opened up for California first time home buyers as the California Housing Finance Agency will now be allowing mortgage brokers to participate in all residential loan programs offered by the agency. The mortgage broker community was previously deemed ineligible to participate.

Marketwatch reports:

On September 25, 2015, CalHFA announced that they will be allowing mortgage brokers to participate in all residential loan programs offered by the agency.  Provident Bank Mortgage will initially be the exclusive Wholesale Lender for the CalHFA programs.  Effective October 15, 2015 CalHFA’s first mortgages, both FHA and conventional, and subordinate loan programs will become available to the California broker community, including the newly implemented My Home Assistance program which takes the place of the recently discontinued CHDAP program.  Any broker who is interested in offering a competitive down payment assistance program for low-moderate income borrowers located in the state of California should contact Provident Bank Mortgage to become eligible for the programs.  For further information, please contact David Seaton, Vice President of Wholesale and Correspondent Lending at (925) 621-2645. Southern California brokers can contact Christina Hosseini, Provident Bank Mortgage Regional Wholesale Manager at (909) 980-3657 x17150.

>> read the full article at marketwatch.com

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The Maryland Mortgage Program Supplied $13.5 Million Down Payment Assistance In 2015

Maryland first time home buyers had a record year in 2015, receiving $444 million worth of mortgages in Fiscal Year 2015 from the Maryland Mortgage Program (MMP). The program also offered 2,233 families down payment assistance totaling more than $13.5 million.

The Baynet.com reports:

Governor Larry Hogan announced Sept. 24 that for the first time since the creation of the Maryland Mortgage Program (MMP) in 1977, the state finished a fiscal year helping families obtain a home in all 24 of the state’s jurisdictions.

Administered by the Maryland Department of Housing and Community Development (DHCD), the program has been widely accessed throughout Central Maryland, and has been active on the Eastern Shore, and in the D.C. Metro area and Southern Maryland.

However, MMP had never purchased a mortgage in each of the state’s 23 counties and Baltimore City— that is, until the state closed the books on Fiscal Year 2015.

“I want every corner of Maryland to know that state government is working for them,” Governor Larry Hogan said.

>> read the full article at thebaynet.com

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Arkansas Habitat for Humanity Awarded Grant To Help Low-Income Homebuyers

Arkansas first time home buyers will benefit from a newly-announced grant from the Bank of the Ozarks and the Federal Home Loan Bank of Dallas which will provide assistance for low-income families to help reduce their mortgage payments.

The press release has the details:

HOT SPRINGS, Ark., Oct. 16, 2015 /PRNewswire-USNewswire/ – Garland County Habitat for Humanity (Garland County Habitat) has been awarded a $35,000 Affordable Housing Program (AHP) grant from Bank of the Ozarks and the Federal Home Loan Bank of Dallas (FHLB Dallas). The grant will reduce project costs of five homes, resulting in lower mortgage payments for low-income homebuyers.

This is Garland County Habitat’s fourth AHP grant since 2006, bringing the nonprofit’s total award amount to more than $572,000.

“The mission of FHLB Dallas to support affordable housing dovetails nicely with what Habitat for Humanity promotes: empowering homeowners and transforming lives,” said Evan Tuchinsky, development director at Garland County Habitat. “September 18 marked our 20th anniversary, and by the end of the year, we’ll have built our 119th and 120th homes — both, fortuitously, supported by this FHLB Dallas grant.”

FHLB Dallas annually returns 10 percent of its profits in the form of AHP grants to the communities served by its member institutions, such as Bank of the Ozarks. AHP grants fund a variety of projects, including home rehabilitation and modifications for low-income, elderly, and special needs residents; down payment and closing cost assistance for qualified first-time homebuyers; and the construction of low-income, multifamily rental communities and single-family homes.

“We have been able to better support our community through the AHP. FHLB Dallas will bend over backwards to come up with solutions,” said Eric Gustafson, vice president and director of Community Development at Bank of the Ozarks. “The Garland County Habitat provides a tremendous service to Hot Springs and Garland County. This type of housing is more needed here than in some other parts of Arkansas.”

In 2015, FHLB Dallas and its member financial institutions have awarded more than $7.4 million in AHP grants to 32 projects that will result in 965 new or renovated housing units. The amount includes $1.1 million for 163 new or renovated units in Arkansas.

“We are very pleased at FHLB Dallas to be improving the quality of life for low-income families in communities served by our members,” said Greg Hettrick, vice president and director of Community Investment at FHLB Dallas. “

July 2015 marked the 25th anniversary of the Affordable Housing Program. Since the program’s inception, FHLB Dallas has awarded more than $237 million in AHP grants to help approximately 44,000 families obtain affordable, quality housing.

About Bank of the Ozarks

Bank of the Ozarks is a bank holding company with $8.7 billion in total assets as of June 30, 2015 and trades on the NASDAQ Global Select Market under the symbol “OZRK.” The Company owns a state-chartered subsidiary bank that conducts banking operations through 174 offices in Arkansas, Georgia, Texas, North Carolina, Florida, Alabama, South Carolina, New York, and California. The Company may be contacted at (501) 978-2265 or P.O. Box 8811, Little Rock, Arkansas 72231-8811. The Company’s website is www.bankozarks.com.

About the Federal Home Loan Bank of Dallas

The Federal Home Loan Bank of Dallas is one of 11 district banks in the FHLBank System created by Congress in 1932. FHLB Dallas, with total assets of $42.6 billion as of June 30, 2015, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to approximately 865 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas. For more information, visit our website at fhlb.com.

About Garland County Habitat for Humanity

Garland County Habitat for Humanity (GCHFH) is the Affiliate of Habitat for Humanity International serving the Central Arkansas county containing the city of Hot Springs. Established in 1995, GCHFH has constructed 117 single-family houses and renovated another 15 houses for first-time homebuyers with lower incomes. Through the non-profit organization’s overseas mission, GCHFH has served 78 additional families. GCHFH is the only provider of affordable housing — public or private — in Garland County and also has embarked on Neighborhood Revitalization, helping residents transform communities one block at a time.

Contact:

Corporate Communications
Federal Home Loan Bank of Dallas
www.fhlb.com
(214) 441-8445

>> read the original press release at prnewswire.com

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