October 11, 2010 Meeting – Down payment Assistance Programs

Did you know:

• You can get from $4,000 to $8,000 in down payment assistance for a buyer (at 0% interest, re-paid upon sale or refinance)?

• How about a loan through NCHFA (North Carolina Housing Finance Agency) at low, low rates for your workforce homebuyer? (And, according to my notes, NCHFA has a new home purchase program that offers a $25,000 *forgivable* loan through a New Home Loan Pool — come see if my notes are accurate!)

• That there are areas within  the City of Raleigh where the City is encouraging stabilization of inner city neighborhoods experiencing transition (property disinvestment, increasing single family rentals, aging population) where a buyer can purchase a home for 0% interest on a first mortgage (income limits apply)?

• That the City of Raleigh will lend a second mortgage up to $20,000 (based on need) that is repaid by buyer Years 1-5 at $25/month (principal only payments); years 6-30 monthly principal and interest at 4% amortized over remaining 25 years? (First mortgage through participating private sector lending institutions.)

• That the City of Durham has first-time homebuyer programs that will lend a buyer $20,000 to $25,000 for a second mortgage at 2% in certain neighborhoods?

Cathy Edwards, Mortgage Loan Officer with Bank of America has over twenty years experience in mortgage lending. Her specialty is first-time buyers and work force buyers. She is quite knowledgeable about accessing down payment assistance programs and providing buyers a way to secure a home of their own when they thought they might not have been able to afford it. There will be lots of time for Q&A.