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FHA-ZERO-DOWN-NO-DOWN-PAYMENT-WITH-fha-DOWN-PAYMENT-ASSISTANCE-PROGRAMS

Indiana FHA mortgage, Alexandria FHA mortgage, Anderson FHA mortgage, Angola FHA mortgage, Attica FHA mortgage, Auburn FHA mortgage, Aurora FHA mortgage, Batesville FHA mortgage, Bedford FHA mortgage, Beech Grove FHA mortgage, Berne FHA mortgage, Bicknell FHA mortgage, Bloomington FHA mortgage, Bluffton FHA mortgage, Boonville FHA mortgage, Brazil FHA mortgage, Butler FHA mortgage, Cannelton FHA mortgage, Carmel FHA mortgage, Charlestown FHA mortgage, Clinton FHA mortgage, Columbia City FHA mortgage, Columbus FHA mortgage, Connersville FHA mortgage, Covington FHA mortgage, Crawfordsville FHA mortgage, Crown Point FHA mortgage, Decatur FHA mortgage, Delphi FHA mortgage, Dunkirk FHA mortgage, East Chicago FHA mortgage, Elkhart FHA mortgage, Elwood FHA mortgage, Evansville FHA mortgage, Fort Wayne FHA mortgage, Frankfort FHA mortgage , Franklin FHA mortgage, French Lick FHA mortgage, Garrett FHA mortgage, Gary FHA mortgage, Gas City FHA mortgage, Goshen FHA mortgage, Greencastle FHA mortgage, Greendale FHA mortgage, Greenfield FHA mortgage, Greensburg FHA mortgage, Greenwood FHA mortgage, Hammond FHA mortgage, Hartford City FHA mortgage, Hobart FHA mortgage, Huntingburg FHA mortgage, Huntington FHA mortgage, Indianapolis FHA mortgage, Jasonville FHA mortgage, Jasper FHA mortgage, Jeffersonville FHA mortgage, Jonesboro FHA mortgage, Kendallville FHA mortgage, Knox FHA mortgage, Kokomo FHA mortgage, Lafayette FHA mortgage, Lake Station FHA mortgage, La Porte FHA mortgage, Lawrence FHA mortgage, Lawrenceburg FHA mortgage, Lebanon FHA mortgage, Ligonier FHA mortgage, Linton FHA mortgage, Logansport FHA mortgage, Loogootee FHA mortgage, Madison FHA mortgage, Marion FHA mortgage, Martinsville FHA mortgage, Michigan City FHA mortgage, Mishawaka FHA mortgage, Mitchell FHA mortgage, Monticello FHA mortgage, Montpelier FHA mortgage, Mount Vernon FHA mortgage, Muncie FHA mortgage, Nappanee FHA mortgage, New Albany FHA mortgage, New Castle FHA mortgage, New Haven FHA mortgage, Noblesville FHA mortgage, North Vernon FHA mortgage, Oakland City FHA mortgage, Peru FHA mortgage, Petersburg FHA mortgage, Plymouth FHA mortgage, Portage FHA mortgage, Portland FHA mortgage, Princeton FHA mortgage, Rensselaer FHA mortgage, Richmond FHA mortgage, Rising Sun FHA mortgage, Rochester FHA mortgage, Rockport FHA mortgage, Rushville FHA mortgage, Salem FHA mortgage, Scottsburg FHA mortgage, Seymour FHA mortgage, Shelbyville FHA mortgage, South Bend FHA mortgage, Southport FHA mortgage, Sullivan FHA mortgage, Tell City FHA mortgage, Terre Haute FHA mortgage, Tipton FHA mortgage, Union City FHA mortgage, Valparaiso FHA mortgage, Vincennes FHA mortgage, Wabash FHA mortgage, Warsaw FHA mortgage, Washington FHA mortgage, West Lafayette FHA mortgage, Whiting FHA mortgage, Winchester FHA mortgage, Indiana ,Woodburn FHA mortgage

                                                                                        Indiana FHA Mortgage loan limits    

FHA-ZERO-DOWN-NO-DOWN-PAYMENT-WITH-fha-DOWN-PAYMENT-ASSISTANCE-PROGRAMS

Indiana FHA mortgage, Alexandria FHA mortgage, Anderson FHA mortgage, Angola FHA mortgage, Attica FHA mortgage, Auburn FHA mortgage, Aurora FHA mortgage, Batesville FHA mortgage, Bedford FHA mortgage, Beech Grove FHA mortgage, Berne FHA mortgage, Bicknell FHA mortgage, Bloomington FHA mortgage, Bluffton FHA mortgage, Boonville FHA mortgage, Brazil FHA mortgage, Butler FHA mortgage, Cannelton FHA mortgage, Carmel FHA mortgage, Charlestown FHA mortgage, Clinton FHA mortgage, Columbia City FHA mortgage, Columbus FHA mortgage, Connersville FHA mortgage, Covington FHA mortgage, Crawfordsville FHA mortgage, Crown Point FHA mortgage, Decatur FHA mortgage, Delphi FHA mortgage, Dunkirk FHA mortgage, East Chicago FHA mortgage, Elkhart FHA mortgage, Elwood FHA mortgage, Evansville FHA mortgage, Fort Wayne FHA mortgage, Frankfort FHA mortgage , Franklin FHA mortgage, French Lick FHA mortgage, Garrett FHA mortgage, Gary FHA mortgage, Gas City FHA mortgage, Goshen FHA mortgage, Greencastle FHA mortgage, Greendale FHA mortgage, Greenfield FHA mortgage, Greensburg FHA mortgage, Greenwood FHA mortgage, Hammond FHA mortgage, Hartford City FHA mortgage, Hobart FHA mortgage, Huntingburg FHA mortgage, Huntington FHA mortgage, Indianapolis FHA mortgage, Jasonville FHA mortgage, Jasper FHA mortgage, Jeffersonville FHA mortgage, Jonesboro FHA mortgage, Kendallville FHA mortgage, Knox FHA mortgage, Kokomo FHA mortgage, Lafayette FHA mortgage, Lake Station FHA mortgage, La Porte FHA mortgage, Lawrence FHA mortgage, Lawrenceburg FHA mortgage, Lebanon FHA mortgage, Ligonier FHA mortgage, Linton FHA mortgage, Logansport FHA mortgage, Loogootee FHA mortgage, Madison FHA mortgage, Marion FHA mortgage, Martinsville FHA mortgage, Michigan City FHA mortgage, Mishawaka FHA mortgage, Mitchell FHA mortgage, Monticello FHA mortgage, Montpelier FHA mortgage, Mount Vernon FHA mortgage, Muncie FHA mortgage, Nappanee FHA mortgage, New Albany FHA mortgage, New Castle FHA mortgage, New Haven FHA mortgage, Noblesville FHA mortgage, North Vernon FHA mortgage, Oakland City FHA mortgage, Peru FHA mortgage, Petersburg FHA mortgage, Plymouth FHA mortgage, Portage FHA mortgage, Portland FHA mortgage, Princeton FHA mortgage, Rensselaer FHA mortgage, Richmond FHA mortgage, Rising Sun FHA mortgage, Rochester FHA mortgage, Rockport FHA mortgage, Rushville FHA mortgage, Salem FHA mortgage, Scottsburg FHA mortgage, Seymour FHA mortgage, Shelbyville FHA mortgage, South Bend FHA mortgage, Southport FHA mortgage, Sullivan FHA mortgage, Tell City FHA mortgage, Terre Haute FHA mortgage, Tipton FHA mortgage, Union City FHA mortgage, Valparaiso FHA mortgage, Vincennes FHA mortgage, Wabash FHA mortgage, Warsaw FHA mortgage, Washington FHA mortgage, West Lafayette FHA mortgage, Whiting FHA mortgage, Winchester FHA mortgage, Indiana ,Woodburn FHA mortgage.

Zero Money Down, First Time Buyers program, 0% Down,Down Payment assistance,internet mortgage loans, no money down mortgage loans, non-traditional credit, self-employed, JUMBO loans, construction loans, GIFT programs, NEW:MTA loan, FHA automated or manual underwriting, FHA 100%, mortgages, manufactured and modular home loans, collections, Debt Consolidation loans, Refinance, Mortgage refinance, Refi, with Bad credit, After Bankruptcy ,

Indiana FHA zero down mortgage, Alexandria FHA zero down mortgage, Anderson FHA zero down mortgage, Angola FHA zero down mortgage, Attica HA zero down mortgage, Auburn FHA zero down mortgage, Aurora FHA zero down mortgage, Batesville FHA zero down mortgage, Bedford FHA zero down mortgage, Beech Grove FHA zero down mortgage, Berne FHA zero down mortgage, Bicknell FHA zero down mortgage, Bloomington FHA zero down mortgage, Bluffton FHA zero down mortgage, Boonville FHA zero down mortgage, Brazil FHA zero down mortgage, Butler FHA zero down mortgage, Cannelton FHA zero down mortgage, Carmel zero down mortgage, Charlestown FHA zero down mortgage, Clinton FHA zero down mortgage, Columbia City FHA zero down mortgage, Columbus FHA zero down mortgage, Connersville FHA zero down mortgage, Covington FHA zero down mortgage, Crawfordsville FHA zero down mortgage, Crown Point FHA zero down mortgage, Decatur FHA zero down mortgage, Delphi FHA zero down mortgage, Dunkirk FHA zero down mortgage, East Chicago FHA zero down mortgage, Elkhart zero down mortgage, Elwood FHA zero down mortgage, Evansville FHA zero down mortgage, Fort Wayne FHA zero down mortgage, Frankfort FHA zero down mortgage, Franklin FHA zero down mortgage, French Lick FHA zero down mortgage, Garrett FHA zero down mortgage, Gary FHA zero down mortgage, Gas City zero down mortgage, Goshen FHA zero down mortgage, Greencastle FHA zero down mortgage, Greendale FHA zero down mortgage, Greenfield FHA zero down mortgage, Greensburg FHA zero down mortgage, Greenwood FHA zero down mortgage, Hammond FHA zero down mortgage, Hartford City FHA zero down mortgage, Hobart FHA zero down mortgage, Huntingburg FHA zero down mortgage, Huntington FHA zero down mortgage, Indianapolis FHA zero down mortgage, Jasonville FHA zero down mortgage, Jasper FHA zero down mortgage, Jeffersonville FHA zero down mortgage, Jonesboro FHA zero down mortgage, Kendallville zero down mortgage, Knox zero down mortgage, Kokomo FHA zero down mortgage, Lafayette FHA zero down mortgage, Lake Station zero down mortgage, La Porte zero down mortgage, Lawrence FHA zero down mortgage, Lawrenceburg FHA zero down mortgage, Lebanon FHA zero down mortgage, Ligonier zero down mortgage, Linton zero down mortgage, Logansport zero down mortgage, Loogootee zero down mortgage, Madison zero down mortgage, Marion zero down mortgage, Martinsville zero down mortgage, Michigan City zero down mortgage, Mishawaka zero down mortgage, Mitchell zero down mortgage, Monticello zero down mortgage, Montpelier zero down mortgage, Mount Vernon zero down mortgage, Muncie zero down mortgage, Nappanee zero down mortgage, New Albany zero down mortgage, New Castle zero down mortgage, New Haven zero down mortgage, Noblesville zero down mortgage, North Vernon zero down mortgage, Oakland City zero down mortgage, Peru zero down mortgage, Petersburg zero down mortgage, Plymouth zero down mortgage, Portage zero down mortgage, Portland zero down mortgage, Princeton zero down mortgage, Rensselaer zero down mortgage, Richmond zero down mortgage, Rising Sun zero down mortgage, Rochester zero down mortgage, Rockport zero down mortgage, Rushville zero down mortgage, Salem zero down mortgage, Scottsburg zero down mortgage, Seymour zero down mortgage, Shelbyville zero down mortgage, South Bend zero down mortgage, Southport zero down mortgage, Sullivan zero down mortgage, Tell City zero down mortgage, Terre Haute zero down mortgage, Tipton zero down mortgage, Union City zero down mortgage, Valparaiso zero down mortgage, Vincennes zero down mortgage, Wabash zero down mortgage, Warsaw zero down mortgage, Washington zero down mortgage, West Lafayette zero down mortgage, Whiting zero down mortgage, Winchester zero down mortgage, Indiana ,Woodburn zero down mortgage,

Indiana bad credit mortgage, Alexandria bad credit mortgage, Anderson bad credit mortgage, Angola bad credit mortgage, Attica bad credit mortgage, Auburn bad credit mortgage, Aurora bad credit mortgage, Batesville bad credit mortgage, Bedford bad credit mortgage, Beech Grove bad credit mortgage, Berne bad credit mortgage, Bicknell bad credit mortgage, Bloomington bad credit mortgage, Bluffton bad credit mortgage, Boonville bad credit mortgage, Brazil bad credit mortgage, Butler bad credit mortgage, Cannelton bad credit mortgage, Carmel bad credit mortgage, Charlestown bad credit mortgage, Clinton bad credit mortgage, Columbia City bad credit mortgage, Columbus bad credit mortgage, Connersville bad credit mortgage, Covington bad credit mortgage, Crawfordsville bad credit mortgage, Crown Point bad credit mortgage, Decatur bad credit mortgage, Delphi bad credit mortgage, Dunkirk bad credit mortgage, East Chicago bad credit mortgage, Elkhart bad credit mortgage, Elwood bad credit mortgage, Evansville bad credit mortgage, Fort Wayne bad credit mortgage, Frankfort bad credit mortgage, Franklin bad credit mortgage, French Lick bad credit mortgage, Garrett bad credit mortgage, Gary bad credit mortgage, Gas City bad credit mortgage, Goshen bad credit mortgage, Greencastle bad credit mortgage, Greendale bad credit mortgage, Greenfield bad credit mortgage, Greensburg bad credit mortgage, Greenwood bad credit mortgage, Hammond bad credit mortgage, Hartford City bad credit mortgage, Hobart bad credit mortgage, Huntingburg bad credit mortgage, Huntington bad credit mortgage, Indianapolis bad credit mortgage, Jasonville bad credit mortgage, Jasper bad credit mortgage, Jeffersonville bad credit mortgage, Jonesboro bad credit mortgage, Kendallville bad credit mortgage, Knox bad credit mortgage, Kokomo bad credit mortgage, Lafayette bad credit mortgage, Lake Station bad credit mortgage, La Porte bad credit mortgage, Lawrence bad credit mortgage, Lawrenceburg bad credit mortgage, Lebanon bad credit mortgage, Ligonier bad credit mortgage, Linton bad credit mortgage, Logansport bad credit mortgage, Loogootee bad credit mortgage, Madison bad credit mortgage, Marion bad credit mortgage, Martinsville bad credit mortgage, Michigan City bad credit mortgage, Mishawaka bad credit mortgage, Mitchell bad credit mortgage, Monticello bad credit mortgage, Montpelier bad credit mortgage, Mount Vernon bad credit mortgage, Muncie bad credit mortgage, Nappanee bad credit mortgage, New Albany, New Castle, New Haven, Noblesville, North Vernon, Oakland City, Peru, Petersburg bad credit mortgage, Plymouth bad credit mortgage, Portage bad credit mortgage, Portland bad credit mortgage, Princeton bad credit mortgage, Rensselaer bad credit mortgage, Richmond bad credit mortgage, Rising Sun bad credit mortgage, Rochester bad credit mortgage, Rockport bad credit mortgage, Rushville bad credit mortgage, Salem bad credit mortgage, Scottsburg bad credit mortgage, Seymour bad credit mortgage, Shelbyville bad credit mortgage, South Bend bad credit mortgage, Southport bad credit mortgage, Sullivan bad credit mortgage, Tell City bad credit mortgage, Terre Haute bad credit mortgage, Tipton bad credit mortgage, Union City bad credit mortgage, Valparaiso bad credit mortgage, Vincennes bad credit mortgage, Wabash bad credit mortgage, Warsaw bad credit mortgage, Washington bad credit mortgage, West Lafayette bad credit mortgage, Whiting bad credit mortgage, Winchester bad credit mortgage, Indiana ,Woodburn bad credit mortgage,

Indiana First time home buyer mortgage, Alexandria First time home buyer mortgage, Anderson First time home buyer mortgage, Angola First time home buyer mortgage, Attica First time home buyer mortgage, Auburn First time home buyer mortgage, Aurora First time home buyer mortgage, Batesville First time home buyer mortgage, Bedford First time home buyer mortgage, Beech Grove First time home buyer mortgage, Berne First time home buyer mortgage, Bicknell First time home buyer mortgage, Bloomington First time home buyer mortgage, Bluffton First time home buyer mortgage, Boonville First time home buyer mortgage, Brazil First time home buyer mortgage, Butler First time home buyer mortgage, Cannelton First time home buyer mortgage, Carmel First time home buyer mortgage, Charlestown First time home buyer mortgage, Clinton First time home buyer mortgage, Columbia City First time home buyer mortgage, Columbus First time home buyer mortgage, Connersville First time home buyer mortgage, Covington First time home buyer mortgage, Crawfordsville First time home buyer mortgage, Crown Point First time home buyer mortgage, Decatur First time home buyer mortgage, Delphi First time home buyer mortgage, Dunkirk First time home buyer mortgage, East Chicago First time home buyer mortgage, Elkhart First time home buyer mortgage, Elwood First time home buyer mortgage, Evansville First time home buyer mortgage, Fort Wayne First time home buyer mortgage, Frankfort First time home buyer mortgage, Franklin First time home buyer mortgage, French Lick First time home buyer mortgage, Garrett First time home buyer mortgage, Gary First time home buyer mortgage, Gas City First time home buyer mortgage, Goshen First time home buyer mortgage, Greencastle First time home buyer mortgage, Greendale First time home buyer mortgage, Greenfield First time home buyer mortgage, Greensburg First time home buyer mortgage, Greenwood First time home buyer mortgage, Hammond First time home buyer mortgage, Hartford City First time home buyer mortgage, Hobart First time home buyer mortgage, Huntingburg First time home buyer mortgage, Huntington First time home buyer mortgage, Indianapolis First time home buyer mortgage, Jasonville First time home buyer mortgage, Jasper First time home buyer mortgage, Jeffersonville First time home buyer mortgage, Jonesboro First time home buyer mortgage, Kendallville First time home buyer mortgage, Knox First time home buyer mortgage, Kokomo First time home buyer mortgage, Lafayette First time home buyer mortgage, Lake Station First time home buyer mortgage, La Porte First time home buyer mortgage, Lawrence First time home buyer mortgage, Lawrenceburg First time home buyer mortgage, Lebanon First time home buyer mortgage, Ligonier First time home buyer mortgage, Linton First time home buyer mortgage, Logansport First time home buyer mortgage, Loogootee First time home buyer mortgage, Madison First time home buyer mortgage, Marion First time home buyer mortgage, Martinsville First time home buyer mortgage, Michigan City First time home buyer mortgage, Mishawaka First time home buyer mortgage, Mitchell First time home buyer mortgage, Monticello First time home buyer mortgage, Montpelier First time home buyer mortgage, Mount Vernon First time home buyer mortgage, Muncie First time home buyer mortgage, Nappanee First time home buyer mortgage, New Albany First time home buyer mortgage, New Castle First time home buyer mortgage, New Haven First time home buyer mortgage, Noblesville First time home buyer mortgage, North Vernon First time home buyer mortgage, Oakland City First time home buyer mortgage, Peru First time home buyer mortgage, Petersburg First time home buyer mortgage, Plymouth First time home buyer mortgage, Portage First time home buyer mortgage, Portland First time home buyer mortgage, Princeton First time home buyer mortgage, Rensselaer First time home buyer mortgage, Richmond First time home buyer mortgage, Rising Sun First time home buyer mortgage, Rochester First time home buyer mortgage, Rockport First time home buyer mortgage, Rushville First time home buyer mortgage, Salem First time home buyer mortgage, Scottsburg First time home buyer mortgage, Seymour First time home buyer mortgage, Shelbyville First time home buyer mortgage, South Bend First time home buyer mortgage, Southport First time home buyer mortgage, Sullivan First time home buyer mortgage, Tell City First time home buyer mortgage, Terre Haute First time home buyer mortgage, Tipton First time home buyer mortgage, Union City First time home buyer mortgage, Valparaiso First time home buyer mortgage, Vincennes First time home buyer mortgage, Wabash First time home buyer mortgage, Warsaw First time home buyer mortgage, Washington First time home buyer mortgage, West Lafayette First time home buyer mortgage, Whiting First time home buyer mortgage, Winchester First time home buyer mortgage, Indiana ,Woodburn First time home buyer mortgage,

posted 01-03-06

DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

MEETING PRESIDENTIAL GOALS

Promoting Economic Opportunity and Ownership

• Supporting the President’s ambitious agenda for expanded homeownership by assisting approximately 40,000 low-income families with the downpayment on their first home.
• Preparing families for homeownership, identifying predatory lending practices, and helping current homeowners avoid default.
• Proposing two new mortgage programs that would help more than 250,000 families achieve homeownership.
• Supplying tax credits to increase the supply of single family affordable homes.

Supporting a Compassionate Society

• Working to end chronic homelessness through innovative local strategies to move chronically homeless individuals from the street to permanent supportive housing.
• Helping ex-offenders get a second chance at employment.

Making Government More Effective

• Reforming Housing Vouchers to improve results and better serve two million low-income households.
• Expanding outreach to faith-based and community organizations to level the playing field for the Department of Housing and Urban Development’s formula and competitive grants.
• Reducing improper payments in rental assistance programs.

PROMOTING ECONOMIC OPPORTUNITY AND OWNERSHIP

    More Americans have achieved the dream of homeownership than at any time in our Nation’s history: Sixty-nine percent of households own their homes. For the first time ever in 2004, a majority of minority households own their own homes. The 2006 Budget supports ambitious goals to:

• Add 5.5 million new minority homeowners by 2010 (goal set in 2002)—1.9 million new minority homeowners were added by 2004; and
• Increase the supply of affordable homeownership units by seven million over the next 10 years (goal set in 2004).

American Dream Downpayment Initiative

    Saving enough cash for the downpayment and closing costs is the greatest obstacle to homeownership for many. To help overcome this obstacle, the President proposed new Department of Housing and Urban Development (HUD) funding to help low-income families purchase their first homes. On December 16, 2003, President Bush signed the American Dream Downpayment Act. Six months later, HUD distributed $161.5 million in downpayment funds to over 400 State and local Governments. These funds have already helped over 4,000 families purchase their first homes; 50 percent of those families are minorities. The 2006 Budget provides $200 million to continue this initiative.

On December 16, 2003, President Bush signed the American Dream Downpayment Act. As a result of this initiative, on October 29, 2004, Taryn Ramos was able to purchase her first home with the downpayment assistance grants administered by Fresno, California.

Housing Counseling

    The Budget proposes $40 million for Housing Counseling to prepare families for homeownership, identify predatory lending practices, and help current homeowners avoid default. In 2006, HUD will assist approximately 800,000 families to become homeowners or avoid foreclosure, using faith-based and community organizations in this effort.

Ensuring Government-Sponsored Enterprises Promote Affordable Housing

    Government-sponsored enterprises (GSEs) were chartered to help low- and moderate-income families secure mortgages. HUD recently published a rule that requires Fannie Mae and Freddie Mac to increase their purchases of mortgages for low- and moderate-income households and underserved communities. These new goals will push the GSEs to genuinely lead the market in creating homeownership opportunities for less advantaged Americans.

    In addition to increasing the annual housing goals through 2008 (see accompanying chart), HUD’s rule establishes new home purchase sub-goals in each of the three goal areas. This is intended to focus the GSE’s efforts on purchases of homes rather than refinancings. HUD projects that over the next four years, the GSEs will purchase an additional 400,000 home loans that meet these new and more aggressive goals as a result of the new rule.

FHA Zero Down Payment and Payment Incentives

    To remove two large barriers to homeownership—the down payment and impaired credit—the Budget proposes two mortgage programs. The Zero Down Payment mortgage allows first-time buyers with a strong credit record to finance 100 percent of the home purchase price and closing costs. For borrowers with limited or weak credit histories, a second program, Payment Incentives, initially charges a higher insurance premium and reduces premiums after a period of on-time payments. In 2006, these new mortgage programs would assist more than 250,000 families achieve homeownership.

Single Family Homeownership Tax Credit

    The President proposes a new Single Family Homeownership Tax Credit that will increase the supply of single family affordable homes by up to an additional 50,000 homes annually. Under the President’s plan, builders of affordable homes for middle-income purchasers will receive a tax credit. State housing finance agencies will award tax credits to single family developments located in a census tract with median income equal to 80 percent or less of area median income and will be limited to homebuyers in the same income range. The credits may not exceed 50 percent of the cost of constructing a new home or rehabilitating an existing property. Each State would have a homeownership credit ceiling adjusted for inflation each year and equal to the greater of $1.75 times the State population or $2 million. In total, the tax credit will provide $2.5 billion over five years.

Homeownership Vouchers

    The Homeownership Voucher program, while still new, has successfully paved a path for low-income Americans to become homeowners. Strong and committed collaboration among public housing agencies, local non-profits, and lenders, as well as pre- and post-homeownership counseling for families has proven essential in making the program work. The greatest challenge to the success of the program is finding lenders who are willing to participate.

    Although the Homeownership Voucher program is voluntary, a Program Assessment Rating Tool analysis completed on the program shows that it has over-achieved its annual goals consistently since the program began. In its first four years, the program helped over 2,000 low-income families that were renting through the Section 8 program to become homeowners. In 2006, the program plans to assist 5,000 families achieve homeownership.

Neighborhood Reinvestment Corporation

    The Budget increases funding for the Neighborhood Reinvestment Corporation to $118 million. The Corporation, a public nonprofit organization chartered by the Congress in 1978 and independent of HUD, is also working to expand minority homeownership. The Corporation is pledging to provide direct assistance to over 170,000 families in 2006 through affordable mortgage and rehabilitation lending, comprehensive homebuyer education, and counseling services.

A I MORTGAGE Inc dba AMERICAN INDEPENDENT MORTGAGE ©2005

Corporate Headquarter: 417 Welshwood Dr. Suite 210, Nashville, TN 37211

Indiana,

Reprint from www.HUD.gov
100 Questions & Answers
About Buying A New Home
Dear Future Homeowner:Homeownership is becoming a reality for more and more Americans. During 2000, the US homeownership rate reached 67.7%, the highest rate ever. Yet many Americans don't realize that homeownership is within their grasp.A home is a financial asset and more: it's a place to live and raise children; it's a plan for the future; it's an investment in your community. That's why we at the U.S. Department of Housing and Urban Development want all Americans to have an opportunity to enjoy the benefits of owning a home. And we are especially proud of our work to help first-time homebuyers: thanks to our special programs, more than 81% of FHA-insured loans went to first-time homebuyers during 2000.Knowledge is said to open doors. This is literally true when it comes to buying a home. To become a first-time homebuyer, you need to know where and how to begin the homebuying process. The following questions and answers have been carefully selected to give you a foundation of basic knowledge. In addition to helping you begin, this brochure will give you the tools necessary to navigate the entire process - from deciding whether you're ready to buy, all the way to that final proud step, getting the keys to your new home.Calling for this brochure was your first step. Now you can use this information to determine if you're ready to buy a home. if you are ready, contact a real estate agent, lender, or a housing counseling agency. They can help you decide your next step.HUD's FHA has helped more than 30 million people become homeowners since 1934. We want to help you open the door to your own home. After all, HUD and FHA are on your side.Good Luck!

WWW.HUD.GOV

yGETTING STARTED 1. HOW DO I KNOW IF I'M READY TO BUY A HOME? You can find out by asking yourself some questions:
-   Do I have a steady source of income (usually a job)? Have I been employed on a regular basis for the last 2-3 years? Is my current income reliable? -   Do I have a good record of paying my bills? -   Do I have few outstanding long-term debts, like car payments? -   Do I have money saved for a down payment? -   Do I have the ability to pay a mortgage every month, plus additional costs? If you can answer "yes" to these questions, you are probably ready to buy your own home.2. HOW DO I BEGIN THE PROCESS OF BUYING A HOME? Start by thinking about your situation. Are you ready to buy a home? How much can you afford in a monthly mortgage payment (see Question 4 for help)? How much space do you need? What areas of town do you like? After you answer these questions, make a "To Do" list and start doing casual research. Talk to friends and family, drive through neighborhoods, and look in the "Homes" section of the newspaper.3. HOW DOES PURCHASING A HOME COMPARE WITH RENTING? The two don't really compare at all. The one advantage of renting is being generally free of most maintenance responsibilities. But by renting, you lose the chance to build equity, take advantage of tax benefits, and protect yourself against rent increases. Also, you may not be free to decorate without permission and may be at the mercy of the landlord for housing.Owning a home has many benefits. When you make a mortgage payment, you are building equity. And that's an investment. Owning a home also qualifies you for tax breaks that assist you in dealing with your new financial responsibilities- like insurance, real estate taxes, and upkeep- which can be substantial. But given the freedom, stability, and security of owning your own home, they are worth it.4. HOW DOES THE LENDER DECIDE THE MAXIMUM LOAN AMOUNT THAT CAN AFFORD? The lender considers your debt-to-income ratio, which is a comparison of your gross (pre-tax) income to housing and non-housing expenses. Non-housing expenses include such long-term debts as car or student loan payments, alimony, or child support. According to the FHA,monthly mortgage payments should be no more than 29% of gross income, while the mortgage payment, combined with non-housing expenses, 4 should total no more than 41% of income. The lender also considers cash available for down payment and closing costs, credit history, etc. when determining your maximum loan amount.5. HOW DO I SELECT THE RIGHT REAL ESTATE AGENT? Start by asking family and friends if they can recommend an agent. Compile a list of several agents and talk to each before choosing one. Look for an agent who listens well and understands your needs, and whose judgment you trust. The ideal agent knows the local area well and has resources and contacts to help you in your search. Overall, you want to choose an agent that makes you feel comfortable and can provide all the knowledge and services you need.6. HOW CAN I DETERMINE MY HOUSING NEEDS BEFORE I BEGIN THE SEARCH? Your home should fit way you live, with spaces and features that appeal to the whole family. Before you begin looking at homes, make a list of your priorities - things like location and size. Should the house be close to certain schools? your job? to public transportation? How large should the house be? What type of lot do you prefer? What kinds of amenities are you looking for? Establish a set of minimum requirements and a 'wish list." Minimum requirements are things that a house must have for you to consider it, while a "wish list" covers things that you'd like to have but aren't essential.FINDING YOUR HOME 7. WHAT SHOULD I LOOK FOR WHEN DECIDING ON A COMMUNITY?Select a community that will allow you to best live your daily life. Many people choose communities based on schools. Do you want access to shopping and public transportation? Is access to local facilities like libraries and museums important to you? Or do you prefer the peace and quiet of a rural community? When you find places that you like, talk to people that live there. They know the most about the area and will be your future neighbors. More than anything, you want a neighborhood where you feel comfortable in.8. WHAT SHOULD I DO IF I'M FEELING EXCLUDED FROM CERTAIN NEIGHBORHOODS? Immediately contact the U.S. Department of Housing and Urban Development (HUD) if you ever feel excluded from a neighborhood or particular house. Also, contact HUD if you believe you are being discriminated against on the basis of race, color, religion, sex, nationality, familial status, or disability. HUD's Office of Fair Housing has a hotline for reporting incidents of discrimination: 1-800-669-9777 (and 1-800-927-9275 for the hearing impaired).9. HOW CAN I FIND OUT ABOUT LOCAL SCHOOLS? You can get information about school systems by contacting the city or county school board or the local schools. Your real estate agent may also be knowledgeable about schools in the area.10. HOW CAN I FIND OUT ABOUT COMMUNITY RESOURCES? Contact the local chamber of commerce for promotional literature or talk to your real estate agent about welcome kits, maps, and other information. You may also want to visit the local library. It can be an excellent source for information on local events and resources, and the librarians will probably be able to answer many of the questions you have.11. HOW CAN I FIND OUT HOW MUCH HOMES ARE SELLING FOR IN CERTAIN COMMUNITIES AND NEIGHBORHOODS? Your real estate agent can give you a ballpark figure by showing you comparable listings. If you are working with a REALTOR, they may have access to comparable sales maintained on a database.12. HOW CAN I FIND INFORMATION ON THE PROPERTY TAX LIABILITY? The total amount of the previous year's property taxes is usually included in the listing information. If it's not, ask the seller for a tax receipt or contact the local assessor's off ice. Tax rates can change from year to year, so these figures may be approximate.13. WHAT OTHER TAX ISSUES SHOULD I TAKE INTO CONSIDERATION? Keep in mind that your mortgage interest and real estate taxes will be deductible. A qualified real estate professional can give you more details on other tax benefits and liabilities,14. IS AN OLDER HOME A BETTER VALUE THAN A NEW ONE? There isn't a definitive answer to this question. You should look at each home for i