The Yampa Valley Housing Authority is continuously seeking out and developing possible sources for mortgage financing and assistance. Provided set income restrictions and other qualifications are met, a potential homeowner can take advantage of some of the following programs for help in acquiring a home. BIG NEWS...
We currently have over $200,000 in Down Payment Assistance call for more information. |
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| United States Department of Agriculture-Rural Development (USDA-RD) |
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Direct Loans - These amazing loans help those of us with less than perfect credit obtain homeownership! This program allows for a person to buy a house at or below with a managable monthly payment. Many of our Fox Creek owners are recipiants of these direct loans. Contact P.J. Howe at the Craig USDA office today and go for it!
870-824-3476.
Gauranteed Loans - The goal of this program is to assist eligible applicant in buying their homes by gauranteeing private lenders' loans.
How does it work?
USDA gaurantees loans made by approved mortgate lenders.
Who can apply?
Families/individuals of moderate income or less apply directly to an approved mortgage lender. Applicants adjusted annual family income must not exceed 115% of the AMI which is up to 73,600 for a family of four and is dependant on the number of people in your household.
This loan can typically be used for up to 100% of market value of a home.
RATES and TERMS (rates subject to change)-
Mortgage lender's interest rate is negotiated, but is a fixed 30 year loan. The gaurantee fee is 1.5% for new loans and 0.5% for refinances. PITI must not exceed 29% of gross monthly income and Total Debt must not exceed 41% of gross monthly income.
The key to success is to have good credit and be able to repay the loan.
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Helpfull Documents
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| Mortgage Credit Certificates (MCC) |
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The Mortgage Credit Certificate Program provides financial assistance in the form of a federal income tax credit to qualified first-time home buyers purchasing a new or existing home. Income tax credits reduce an individual's tax payment by an amount equal to the credit. Under the MCC program, the maximum tax credit available is equal to 20 percent of the annual interest paid on the borrower's mortgage. By reducing the borrower's federal tax liability, the tax credit essentially provides additional income which can be used for mortgage payments.
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| Down Payment Assistance |
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Money from the Federal and State governments, as well as other private sources, is available to the Yampa Valley Housing Authority to help eligible families with home buying expenses, such as a down payment, closing costs, or prepaid expenses. This assistance is in the form of a deffered loan which must be repaid at a later time.
By attending our Homebuyers Education class you qualify for this assistance. You must have the certificate in order to apply. Your loan officer will do this for you. Your certificate is good for NINE MONTHS.
One of our Fox Creek owners recieved $30,000 in assistance!!!br
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Down Payment Assistance Link
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| Housing and Urban Development (HUD) and Fannie Mae |
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HUD insures mortgage loans to help people buy or refinance their current homes with a low down payment. Provided credit qualifications are met, a home buyer may be eligible for HUD's FHA Loan which offers a low down payment of 3 percent. HUD also insures loans to buy or refinance a principal residence in a condominium development with down payments as low as 3 percent as well. For both types of loan, closing costs and fees can be wrapped into the mortgage. Only HUD-approved banks, mortgage companies, or savings and loan associations can provide HUD-insured mortgage loans.
The Housing Authority is Fannie Mae approved. Talk to your lender to find out the benifits of getting a Community Loan through Fannie Mae.
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Fannie Mae
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Financing partners are local lenders (banks and mortgage companies) who have expressed an interest in working with the Yampa Valley Housing Authority and its clients. These lenders are eager to work with first time home buyers who qualify for conventional mortgage loans.
For more information on any of these financing opportunities, please call YVHA at 870-0167.
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Related Pages
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This page last updated on 5/10/2007.
