5.0 HRSR 12-01-2008 - Laserfiche WebLink

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Streamlined 203(k) -Limited Repair Program FHA's Streamlined 203(k) program allows homebuyers to finance up to an additional $35,000 into their mortgage to improve or upgrade their home before move-in. This program is particularly useful for homes who may not need a lot of repair allowing homebuyers quick access to funds to pay for property repairs or improvements, such as those identified by a home inspector or FHA appraiser. Any FHA-approved lender may originate a Streamlined 203(k) mortgage. More info at: http://www.hud.gov/offices/hs~/sfh/2031c/203kslrp.cfm American Dream Downpavment Initiative (ADDI ADDI helps first-time homebuyers with downpayment and closing costs however it can also be used for rehabilitation carried out in conjunction with the home purchase. ADDI assistance is capped at $10,000 or six percent of the purchase price of the home, whichever is greater. To qualify buyers must be first-time homebuyers with incomes not exceeding 80% of area median income. More info at: http://www.hud.gov/offices/cpd/affordablehousing/programs/home/addi/ END LOAN FINANCING FHA 203b This loan is widely used by first time buyers because it has a fixed rate, low downpayment requirements (which can be a gift or from a relative or local housing agency) and closing costs can be wrapped into the mortgage. 203b loans are funded by local FHA approved lenders and insured by FHA. More info at: http://www.fhatoday.com/2036.htm Minnesota Mortgage Program The Minnesota Mortgage Program (MMP) is a statewide first time homebuyer loan program. The program offered by Minnesota Housing through a network of participating lenders offers low fixed interest rate Ist mortgage financing to eligible homebuyers statewide. More info at: http://www.mnhousing.gov/consumers/home-buyers/loans/MHFA 000445 aspx m Compiled by Greater Minnesota Housing Fund. November 2i, 2D08.