5.0 HRSR 12-01-2008 - Laserfiche WebLink

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Community Activity-Set Aside Program (CASA~ The (CASA) program is another low/mod Ist mortgage financing program offered by Minnesota Housing. In addition to low interest, fixed rate Ist mortgage financing buyers are also eligible for to apply for MN Housing programs that provide entry cost assistance. More info at: http://www.mnhousing.gov/consumers/home-buyers/loans/MHFA 000469 aspx HUD -Good Neighbor Next Door program HUD's Good Neighbor Next Door Initiative is designed to encourage neighborhood renewal by providing law enforcement officers, firefighters, emergency medical technicians and teachers an opportunity to purchase homes. HUD provides a fifty percent discount off the list price of eligible properties. Eligible properties are typically those with FHA loans that have gone into foreclosure so this could work well with NSP funds. More info at: http://www.hud.gov/offices/hsg/sfh/reo/goodn/gnndabot cfm Lease Purchase & Contract for Deed Some communities including one CDC in Minneapolis are developing Lease Purchase and Contract for Deed models as a way to assist buyers purchase REO properties after they are rehabbed. While program designs vary most require that buyers have 12-months of steady employment, and must demonstrate they could be mortgage ready within a 3-5 year time frame. These programs are more hands so may require multiple partners to provide financial counseling, homebuyer education classes and other support services. More info at: htto://www.nw2.org/WinningStrategies/display asp strategy= 1154&offset-6 DOWNPAYMENT ASSISTANCE Homeownership Assistance Fund (HAFT Buyers who meet eligibility criteria can access programs through MN Housing that provide up to $3,000 to help borrowers with down payment or closing costs or monthly payment assistance of up to $75 per month to help pay a portion of the monthly mortgage payment in the early years of the mortgage More info at http://www.mnhousing.gov/consumers/home-buyers/loans/MHFA 003407 aspx f'j _ / i '. y, o ~ Compiled by Greater Minr~esoTa Nausin~ Fund. PEaverrri}er 21, 2C1(?8.