I'm searching for a program that helps with the down payment of a home and/or the program that forgives a portion of the home loan for each year the owner lives there, similiar to the officer next door or teacher next door but the program would be for regular people not in those fields.
2006-07-28 08:58:25 · 3 answers · asked by greatdame53209 1 in Business & Finance ➔ Renting & Real Estate
Try HUD. They give block grants to cities for just that sort of help, but you will have to live in one of their designated areas to take advantage of it.
Try looking at www.naca.com
They are a non-profit housing advocacy group and they do their own lending. the process can be a little slower, but the interest rate is usually under market rate and it's a fixed rate. They got their money from taking on a predatory lender some years ago and they won the lawsuit and now use that money to help people buy homes.
2006-07-28 09:37:55 · answer #1 · answered by Anonymous · 1⤊ 0⤋
There is no such animal that I know of.
I am a mortgage professional for the last 10 years. If you find one let me know!
2006-07-28 09:13:44 · answer #2 · answered by golferwhoworks 7 · 0⤊ 0⤋
why corner yourself into this type of arrangement?
If you credit is decent and you have approximatly 1% of the purchase price to cover closing costs, why not just get a conventional loan and keep FULL control over your own home?
Let me know if you want to get prequalified.
2006-07-28 09:17:51 · answer #3 · answered by drhomeloan 2 · 0⤊ 1⤋