Chris Posey, SRA, MBA’s Post

Applications for a California program that assists in purchasing your first home will open on April 3rd. Last year, the California Dream for All Shared Appreciation Loan program, aimed at first-time homebuyers, utilized its $300 million funding. This year, the down payment assistance program is set to reopen on April 3rd with a reduced fund of approximately $250 million. The California Housing Finance Agency (CalHFA) estimates this funding will aid around 1,600 to 2,000 new applicants. The initiative targets individuals without generational wealth to support them in buying their initial home, as mentioned by CalHFA Spokesperson Eric Johnson. Under this plan, the state contributes up to 20% of the home's value or a maximum of $150,000. Repayment occurs upon selling the home, along with a 20% share of any increase in the property's value. Qualified applicants must be California residents earning up to 120% of the area's median income and first-generation homebuyers, meaning their parents do not own a home in the United States. Learn more at https://lnkd.in/dXGUtR8n. #californiahomes #housingmarket #firstimehomebuyers #homeassistance #realestate #californiarealestate #homeownershipdreams #buyingahome

Rowing in the Same Direction - Scotsman Guide ... Loans , Government Loans , Residential Real Estate . For many individuals, buying a home is one of life's most significant milestones, representing a ... Read more on the link below. #realestate #mortgage #news

Housing affordability initiatives launched this spring Initiatives that aimed to reduce costs involved with purchasing a home were a key portion of the White House's activities both before and after President Biden's State of the Union speech earlier this spring. But creating affordable housing access has long been a focus of the mortgage lending community, albeit mandated for depositories as part of the Community Reinvestment Act. For example, prior to gaining notoriety for contributing to the excesses that created the Great Financial Crisis, Countrywide Financial and its CEO Angelo Mozilo were known as being the largest boosters of affordable housing programs. In 1999, he announced a $30 billion increase in the company's five-year commitment to serve low-income and minority borrowers, to a total of $80 billion. The first year of the commitment, Countrywide originated $20 billion of these loans. Here are some of the latest items, both government announcements as well as from within the industry, aimed to aid people who need assistance buying a home: Continue reading... https://lnkd.in/g-mpUxsd

1. Tennessee Housing Development Agency (THDA) Great Choice Home Loan Program - The THDA offers the Great Choice Home Loan program for first-time home buyers, which includes down payment assistance. - This comes in the form of a second mortgage loan worth up to 5% of the home's purchase price. - The program requires completion of a homebuyer education course. 2. Homeownership for the Brave - This THDA program offers reduced interest rates on Great Choice Home Loans for military members, veterans, and their spouses. - Additional down payment assistance is available. - The program is also available to reservists and active duty service members. 3. Hardest Hit Fund (HHF) Down Payment Assistance - Available in certain zip codes within Tennessee, the HHF offers down payment assistance for qualified buyers. - It provides up to $15,000 in assistance and serves to rejuvenate neighborhoods affected by the economic downturn. 4. Mortgage Interest Tax Credit - Mortgage Credit Certificate (MCC) - First-time home buyers in Tennessee may also be eligible for a Mortgage Credit Certificate, which allows them to claim a tax credit for a portion of the mortgage interest paid per year. - This can provide substantial savings over the life of the loan. 5. Local Community Grants and Assistance Programs - Cities such as Nashville, Murfreesboro, Franklin, and Brentwood may have their own local grants and financial assistance programs for first-time home buyers. - These are often funded by local housing initiatives and may offer additional funds or matched savings programs for those looking to purchase their first home. 6. Nonprofit and Federal Programs - Programs such as those offered by Habitat for Humanity can assist low-income first-time buyers in constructing and purchasing their own homes. - Additionally, USDA loans, available in certain rural areas, and VA loans for veterans can provide avenues to homeownership with no down payment requirements. Reach out to Team George Weeks real estate to learn more about these grants and to determine eligibility. Team George Weeks Real Estate 401 W. Main St Murfreesboro, TN 37130 ☎️ 615.948.4098 #realestate #nashville #tennesseehomes #realtor #realestatetennessee #realestate #incentives #grantsandloans

HUD proposes permanent program for sale of seriously delinquent mortgages  https://ift.tt/mnqXVFf The U.S. Department of Housing and Urban Development (HUD) on Wednesday proposed a new rule that would implement a permanent program to sell seriously delinquent single-family mortgages insured by the Federal Housing Administration (FHA).  These sales have been tested by HUD since 2002, but HUD said that the proposed rule will improve community stability and expand the availability of affordable homes for families as the market faces a supply challenge. The proposed rule requires all note purchasers to adhere to mission-oriented post-sale requirements, including the establishment of exclusive first-look opportunities for prospective homeowners.  For example, when the property associated with the note is sold, a first look will be offered to owner occupants, nonprofit organizations and government entities. In addition, according to the proposed rule, HUD must also prioritize awarding these loans to nonprofits and governmental entities.  “This proposed rule will help struggling homeowners, stabilize neighborhoods, and make more affordable homes available for the people we serve,” HUD acting secretary Adrianne Todman said in a statement. FHA Commissioner Julia Gordon added that the proposal “creates a permanent, standardized set of rules for note sales in the future that incorporates our learnings from previous sales that have taken place as part of the demonstration program.”  “The new rules underscore the importance of loss mitigation and promote owner occupancy and neighborhood stabilization,” Gordon said.   HUD is requesting public comments by Sept. 16, 2024. via HousingWire https://ift.tt/yPmoAc3 July 17, 2024 at 08:34AM

Unlock Homeownership with Community Lending Program! This program is designed to empower underserved customers and increase homeownership in designated census tracts. Here's the program benefits: 1. **Automatic Pricing** : Enjoy eligible loan pricing through specific pricing engines. 2. **Streamlined Approval** : Simplified criteria for new clients to get approved faster. 3. **No Underwriting Fee** : Save more with no fees for underwriting. 4. **Expanded Credit Box** : More flexibility with a wider credit range. 5. **Priority Underwriting** : Fast-track your loan with priority in the underwriting queue. Whether you're looking to purchase, refinance, or cash out, we've got you covered. This program is exclusively for primary residences (no second homes or investment properties), and even includes co-ops in NY! Best part? It's based on the property itself, not the applicant's income. Let's make your dream of homeownership a reality! Ready to explore the possibilities? Reach out to @bonflynn22 for all information to best understand how the Community Lending Program can work for you! #RaveisMortgage #MoreIn24 #LearnMoreGetMore #WRM #NationalHomeownershipMonth #LoanpProgramSpotlight #MortgageLoans #MortgageExperts #FinancialFreedom #CommunityLending #Homeownership #HomeSweetHome #InclusiveFinance #HousingForAll

Build-to-rent communities surge in Phoenix amid high home interest rates - AZ Big Media 🏠🔥 As interest rates for home loans continue to rise, more and more people are turning to the convenience and affordability of build-to-rent communities in Phoenix. These communities offer a sense of community and luxury amenities at a fraction of the cost of owning a home. Plus, with the housing market becoming increasingly competitive, build-to-rent communities provide a stress-free alternative for those looking to find their perfect home. Don't miss out on this growing trend in Phoenix! #buildtorent #phoenixrealestate #affordableluxury #communityliving #rentdontown #phoenixliving #homeownershipalternative #azbigmedia via @azbigmedia

🏡 Exciting news for homebuyers in Placer County and Truckee! 🌲 If you're part of the local workforce and dreaming of owning a home in the beautiful Lake Tahoe area, there are two fantastic grant programs available that could dramatically reduce your costs and make homeownership a reality. 🎉 1️⃣ The Martis Fund Homebuyer Assistance Program offers up to $75,000 in down payment assistance for families earning up to 180% of the median income in Placer County. Say goodbye to mortgage insurance and hello to better loan programs! 🏠 2️⃣ Placer County's Workforce Housing Preservation Program provides grants up to $150,000 or 16% of the home's list price. The best part? It's a grant, not a loan, so no repayment is required! Plus, these homes are deed-restricted to ensure they remain affordable for local workers for generations. 🌟 🔗 Dive deeper into how these programs can help you and your family secure a home in one of the most coveted regions in California. Check out my latest blog post for all the details and find out how to apply. Let's make your dream home a reality! [Link to blog] #LakeTahoeRealEstate #HomeOwnership #AffordableHousing #MartisFund #PlacerCounty #TruckeeHomes #RealEstateTips https://lnkd.in/gsCf3iwa

Dive into the world of homeownership with zero down! 🏡💰 These loan programs and assistance options make buying a home accessible w/o the need for a down payment. 1. VA Loans: If you qualify as a military service member, veteran, or eligible spouse, you may be eligible for a VA loan guaranteed by the U.S. Department of Veterans Affairs. VA loans often offer competitive interest rates and do not require a down payment. 2. USDA Loans: The U.S. Department of Agriculture (USDA) offers loans through its Rural Development program to eligible rural and suburban homebuyers. USDA loans typically do not require a down payment and offer low-interest rates to qualified borrowers. 3. Down Payment Assistance Programs: Many state and local governments, as well as nonprofit organizations and housing agencies, offer down payment assistance programs to help homebuyers with upfront costs. They may provide grants, forgivable loans, or low-interest loans that can be used toward a down payment. 4. First-Time Homebuyer Programs: Some lenders and government agencies offer special mortgage programs specifically designed for first-time homebuyers. These programs may offer low down payment options or assistance with closing costs to help make homeownership accessible. Contact me to get started.