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  • Mississippi Home Mortgage Assistance Programs

    The state of Mississippi, like the rest of the country, has fallen victim to the recent housing crash. Many homeowners are now upside down on their mortgages, behind on payments and facing foreclosure. Mississippi, however, has stepped up to the housing challenge and provided options to keep homeowners in their homes. Mississippi home mortgage assistance comes in many forms and can help achieve the dream of home ownership for low income families; some of these programs are also designed to help current homeowners take control of their own mortgages again. All of the main Mississippi mortgage assistance programs are run by the Mississippi Home Corporation. (more…)

       Save the Dream Ohio and Restoring Stability: A Save the Dream Ohio Initiative

    Since it was founded in 2008, Save the Dream Ohio has been serving homeowners by providing real foreclosure assistance to residents throughout the state.  Save the Dream Ohio is the state’s premier mortgage assistance program, helping thousands remain in their homes through various plans.

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    One such program, Restoring Stability: A Save the Dream Ohio Initiative, was launched (more…)

    Alabama Habitat for Humanity Programs

    Habitat for Humanity takes a group of dedicated volunteers,  who in turn builds simple decent houses in partnership with people in need in the community. Through generous donations of time, building materials and investment, Habitat houses are sold to families at no profit, financed with affordable no-interest loans.

    AHFA is a public entity committed to serving the housing requirements of low and average earnings Alabamians and was created by the Alabama Legislature. The following target is reached as a result of reasonable funding of risk-free, single family and multifamily housing.

    Utilizing the Synergy of the AHFA and Habitat for Humanity relationship, AHFA acquires home owner loans from Alabama’s Thirty seven Habitat affiliate sites. This action enables the associates to receive the loan amount beforehand in a one time payment while AHFA will get the monthly payments towards the lifespan of the loan. The affiliate then makes use of the initial funds to produce more real estate for low income individuals and their families. Because AHFA’s regulations prohibits purchasing home mortgages from organizations other than banks, the Habitat associate solicits the assistance of any local loan provider to provide a conduit for the transaction of the home loan. The associate promotes the house loan at par towards the local bank, which in turn provides the loan at par to AHFA. By way of this particular action, the partner is also in the position to cultivate a relationship with the neighborhood loan company and also position themselves for potential future economical aid. This kind of advantageous circle unites the regional Habitat members, the loaning community and AHFA to supply Alabama’s less privileged families help up straight into home ownership.

    AHFA has assigned $ 13 million dollars towards this method of providing housing, paying for three hundred and forty four mortgages since ’92


    Alabama American Dream Downpayment Initiative Guide

    What is the American Dream Downpayment Initiative?
    Alabama Housing Finance Authority together with the federal government is providing the American Dream Downpayment Initiative in reducing out of pocket expenses for 1st time home purchasers with reduced wages.  This program is trying to kick start the housing economy by allowing entrance into the housing market by low income earners who are not able to get a home now that he banks have tightened credit restrictions. (more…)

    Alabama Mortgage Credit Certificate (MCC)


    IF YOU are looking for the Alabama Housing then visit www.AHFA.com  or be  connected by calling 1-800-325-2432 or if you are looking for information then continue reading

    Home loan Credit Certificates are offers to aid lower to moderate income credit seekers by lowering their federal government tax bill through use of the Mortgage Credit Certificates which act to reduce income taxes. The MCC Program safely and effectively improves the credit seekers income, which could be put on towards paying out for the property costs .

    The Alabama  Mortgage Credit Certificate Plan

    The Mortgage Credit Certificate is really a Government Income Taxation Credit plan. A Mortgage Credit Certificate increases the amount of home you be considered for (by increasing your after tax income)  plus it helps you to take home additional hard earned cash for each payroll check. The idea grants you with a federal government earnings tax-credit of thirty five % (35%) for the total annual interest fee you pay out on your own home mortgage loan. Because the MCC will reduce ones u . s . taxes and also raises your net revenue, it is really a fantastic way to assist you in being approved for your first home loan. The benefits don’t end there ! (more…)

    Alabama Mortgage Help using the First Step Program

    The Program IS NOT Readily available AT This Moment
    First Step is actually a property program directed at low to moderate income individuals, that is funded through tax exempt house loan income bonds. The Program offers Thirty year house loans with competitively priced rates and flexible to be eligible benchmarks. Financing difficulties currently have set this offer for the foreseeable future  on hold, but the program is predicted to return online soon, depending on financing by the Alabama and Obama Government.


    US Dept of Agriculture or RAMP home owner loanprogramsRURAL ALABAMA

    Alabama RAMP PROGRAM

    The Rural Alabama
    Home owner loan Program (RAMP) offers reduced interest house loans and entry cost help to rural house buyers. RAMP is actually a combination of the Alabama Real estate Finance Authority’s low-interest rate funding and down payment assistance and USDA Rural Development’s 5-0-2 Direct Home loan Program.

    You’ll find several segments for a RAMP mortgage:
    AHFA and Rural Development
    may each pay for 50 % of the amount of a all new or current residence, pairing their own resources to offer the smallest rate readily available.


    One of many programs The AHFA provides is called Step Up.

    What is Alabama Step Up?

    AHFA’s program is the first downpayment help program created particularly for Alabama’s medium earningsresidence purchasers. The Alabama Step Up is really a program aimed for , people that may manage to pay for a house loan, but may want assistance with the deposit. Step Up likewise helps individuals whose salary can support a market-rate home loan but whose personal savings are not enough on the amount needed for admittance expenses like a deposit, closing expenditures and pre-paid items. (more…)

    Alabama Mortgage Help

    Alabama Mortgage Help

    Are You Looking for Alabama Mortgage Help? If you’re finding it tough to pay your current mortgage or maybe you are searching for your 1st mortgage to buy your new house, you’re in the right place. There are a small boatload of opportunities out there to inhabitants in Alabama.The Alabama Housing Finance Authority helps a lot more than 85,000 families realize their dream of owning a property. They provide a variety of loan programs that suit the requirements of many purchasers. AHFA enables low to moderate income purchasers to buy a house with low interest and down payment support, not forgetting the favorable sales price and earnings limits help to make qualifying easy for many.   Keep reading for more information



    Who qualify for FHA´s HECM reverse mortgages? 

    Homeowners over 62 years old with a low mortgage balance or who own the property outright and who live in the home. Successful applicants are required to receive consumer information (this service is provided for a small fee or free from a HECM counselor and prior to the loan) Whether you bought your home with an FHA-insured mortgage or not you may still apply for a HECM. The home you own has to be a single family home or a 2-4 unit home –one unit must be occupied by the borrower. Also eligible are HUD approved condominiums and manufactured homes meeting FHA standards.

    About repayment 

    A normal second mortgage or home equity loan is one where you would need adequate income in order to qualify because you have to make the monthly payments on the principle as well as on the interest. This is different from a reverse mortgage in which you don’t have to repay the loan until you no longer use the house as your primary residence or if you fail to meet the obligations of the mortgage. There are no monthly principal and interest payments, however, you have of course the responsibility of paying real estate taxes, utilities, and hazard and flood insurance premiums. When you sell the home or it is no longer used as a primary residence then you have to repay the cash, the interest, and other HECM finance charges. This is important for those borrowers who are concerned about leaving an estate to their heirs because any equity remaining after these payments are made can be transferred as an inheritance and no debt will be passed down to the heirs.

    Concerning The Amount That You Need To Borrow

    The amount you borrow from a reverse mortgage will depend on what you need the money for. Maybe you want more financial security, you have a sudden medical emergency or maybe you need to make some home improvements. Whatever the circumstances the HECM is a product that could work for you.

    Your age has a bearing on the amount you may borrow as does the current interest rate. Another consideration here is whichever is the lesser appraised value—the HECM FHA mortgage limit of $625,500 or the sales price. The Initial Mortgage Insurance Premium is a factor too.

    You can opt for HECM Standard or HECM SAVER. If you choose the HECM Standard you can borrow more capital. In fact the older you are and the lower the interest rate, the more you can borrow. Sometimes there is more than one borrower and if that is the case the amount you may borrow depends on the age of the younger of the borrowers. In order to get an estimate of the amount you could borrow you could go to the HECM Home Page and select a calculator. It is definitely better not to use a fee charging service to be referred to an FHA lender.

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