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Supportive Housing for the Elderly 202

Supportive Housing for the Elderly 202 This program provides assistance in expanding the supply of housing with supportive services for the elderly. The program is designed to give capital advances to eligible private, nonprofit sponsors to finance the development of rental housing that has supportive services for the elderly. The capital advance is interest free […]

Assisted Living Conversion Program

Assisted Living Conversion Program; (ALCP) This program gives grants to the owners of private nonprofit eligible developments; so that they can convert some of or all of their dwelling units into a assisted living facility for the elderly needing assistance. The program is designed to fund the costs of converting some or all of units […]

Emergency Capital Repairs Program

Emergency Capital Repairs Program This program provides grant money to eligible multifamily projects, with elderly tenants, that are owned by nonprofit private organizations. So that they can make substantial capital repairs to the property. In the way of rehabilitating and modernizing or retrofitting aging structures in the dwelling units or the common areas. These repairs […]

Manufactured Home Parks

Manufactured Home Parks (207) This is a program that helps provide federal mortgage insurance to finance the construction or rehabilitation of manufactured home parks. HUD will insure mortgages that are made by private lenders to help finance the construction or rehabilitation of manufactured home parks, that consist of 5 or more spaces. HUD must approve […]

Urban Renewal Areas

Mortgage & Major Home Improvement Loan Insurance for Urban Renewal Areas (220) This program is for Investors, developers, builders, individual homeowners, and apartment owners. This program offers federally insured mortgages for housing in urban renewal areas, were revitalization activities have been in process by local government. HUD will insure loans to finance the improvements that […]

Existing Multifamily Rental Housing

Existing Multifamily Rental Housing; (207/223f) This program is designed for investors, developers, builders, and others that meet HUD requirements. Under the National Housing Act section 207/223f was developed for the purchase or refinancing of a existing apartment, or cooperative housing project and or for the purchasing and conversion of a existing rental project to cooperative […]

Revitalization of Severely Distressed Public Housing

Revitalization of Severely Distressed Public Housing; HOPE VI The purpose of this program is the eradication of severely distressed public housing. This program was developed in 1993, its purpose has been to transform public housing; by encouraging the PHA to seek partnerships with private enterprises to create mixed finance and mixed income affordable housing. The […]

Family Self-Sufficiency Program

Family Self-Sufficiency Program This program is designed to help enable participating families to gain economic independence. This would be open to participants of the Housing Choice Voucher Programs, and public housing tenants. But using public and private resources. The Family Self-Sufficiency Program (FSS) is administered by Public Housing Agency (PHA’s) with the help of Program […]

Rural Housing Development

Rural Housing and Economic Development Program These are grants for and to meet the rural communities housing and economic development needs. This program is used to encourage new and innovative approaches to serving the housing and economic development needs of our nations rural communities. The eligibility for this program are for local rural nonprofit organizations, […]

Buying a HUD Home

Home Buying Guide from HUD   The home you’ve been Dreaming of could be a HUD home If you have been dreaming of your own home; a home for you and your family, a place of your own! HUD could help you attain your dream home! HUD is the United States Department of Housing and […]

Closing Costs

The Costs in Buying a HUD Home There are costs in buying a home. Its not just the cost of the purchase price. Here are some of the costs involved it purchasing a home. But keep in mind that with a HUD home the costs maybe lower than purchasing an other home. Down Payment A […]

Fixed Rate Refinancing

Refinancing into a FHA fixed rate mortgage, how it functions; the interest rate stays the same during the life of the loan period, the common terms are 15 year and 30 year mortgages. The advantages of a fixed rate mortgage is that your monthly payments stay the same for the life of the loan. Your […]

Convert Your ARM

The ARM is good when you know you will only be in the house for a short term, or you know your income will increase,  you should plan on refinancing to a fixed rate before the loan adjusts to a higher rate. With a ARM you mortgage will adjust, this can put you at a […]

Streamline Refinancing

Refinancing with a FHA Streamline; means that you are streamlining the amount of documentation you are required. Since you already have a FHA mortgage when you refinance into a streamline you would not be required to show documentation of income or have your credit run again. Also there is less scrutiny with your loan once […]

Home Improvement

Refinancing for a cash out: Cashing out refinance is were you ask for some of the homes equity; to do things like home improvement or pay some debit maybe even buy a car. Whatever you do it for the interest you pay on your mortgage is tax deductible. If you are taking cash out, your […]

Debt Consolidation

Cash out; Refinance for Debt Consolidation: Refinancing for cash out to pay debts; can be done for your credit cards, cars, college, and or for home improvements, etc., or even roll in your 2nd mortgage so you can have one low monthly payment. But if you are taking cash out, your loan will be limited […]

1 to 4 Family Home

1 to 4 Family Home Mortgage 203b With this program home buyers can obtain a FHA mortgage through HUD – Approved lenders, to purchase a home with a low down payment. HUD insures commercial lenders against loss. HUD does not lend the money for the mortgage; commercial lenders do under the HUDs guidelines through FHA. […]

Energy Efficient Mortgage

Energy Efficient Mortgage This program is designed to help with the extra costs of making the home energy efficient. The borrower may obtain a FHA mortgage that exceeds the amount of the mortgage. The borrower only needs to qualify for the amount of the sales price of the home. In other words this program lends […]

Good Neighbor Next Door

Good Neighbor Next Door This program is designed to help make the American community stronger and help build a safer nation. The goal of this program is to encourage persons whose daily professional responsibilities are in the community, to live and stay in the community. There for HUD has developed this program to help these […]

Manufactured Home Loan

Manufactured Home Loan (Title I) HUD does insure loans for the purchase of manufactured homes or lots. These loans are done by private lending institutions. There is a maximum loan amount of $48,600. for a manufactured home. The maximum for a manufactured home with a suitably developed lot is $64,800. and $16,200. for a developed […]

Home Equity Conversion Mortgage HECM

Home Equity Conversion Mortgage (HECM) 255 The Home Equity Conversion Mortgage; The HECM is a Reverse mortgage from FHA. This type of mortgage is for borrowers that are over 62 years of age, and own a home. Its like a refinance only thing is you would not be making payments; the lender would be making […]

Adjustable Rate Mortgages

Adjustable Rate Mortgages 251 With a ARM; HUD will insure the mortgage, but the interest rate and monthly payment may change during the life of the loan. When writing the loan your rate, discount points, and the term, are negotiated by the borrower and the lender. When the term is up and the rates are […]

Graduated Payment Mortgage

Graduated Payment Mortgage 245a With this program a borrower with limited income; but is expected for that income to rise may buy a home sooner; due to this programs mortgage payments, start small and increase gradually over time. This program was designed for 1st Time Home Buyers and also for Borrowers with limit income. This […]

HUD Homes

HUD Homes – Disposition Program 204g This program is designed to dispose (to sell) of properties that the FHA have acquired through foreclosure of FHA defaulted mortgages. These properties generally are 1 to 4 unit properties. Your real estate broker would have all the information you may need. You may submit your bid over the […]

Rehabilitation Mortgage

Rehabilitation Mortgage 203k This type of loan is structured to finance the rehabilitation or purchase to rehabilitate 1 to 4 family properties. HUD insures the rehabilitation mortgages (203k) for up to 110% of appraised value after rehabilitation. HUD insures the rehabilitation mortgage up to 98% of the lesser of appraised value before rehabilitation, plus the […]