The Power Is Now HUD Homes Magazine

HOW CAN I BUY A HUD HOME?

HOW CAN I BUY A HUD HOME? FAQ

Can HUD help me buy a home, if I don’t have much money?

Helping people become homeowners is one of the most important things HUD does Here are some suggestions:

Start by reading our "homebuyer's kit"- particularly the part about the federal mortgage programs that can help people buy homes. HUD's FHA has many mortgage insurance programs that can help first-time homebuyers Also, be sure to read about buying a HUD home - they can be very good deals!

Contact one of the HUD-approved housing counseling agencies They can help you sort through your options

Call your local office of housing and community development or your mayor's office to see if there are any local homebuying programs that could help you.

Who do I talk to about an FHA mortgage?

You'll need to talk to a HUD-approved lender and ask them about FHA mortgages

Contact our FHA Resource Center at answers@hud.gov or by phone at 1-800CALLFHA for information about FHA mortgages.

Contact a housing counseling agency (http://www hud gov/counseling) to see if there are any other other financing options that might work for you

Who can I talk to about buying a home if I don't know if it's a good idea for me?

There are HUD-approved housing counseling agencies that can help you decide whether buying a home is right for you Contact one in your area

How do I know if I qualify for a mortgage?

There are many different kinds of mortgages available, and qualification requirements vary The best thing for you to do is shop around - talk to two or three local lenders to find out what kinds of mortgages they have available that could fit your situation

There are a number of mortgage calculators online that can give you some idea about your ability to qualify for a mortgage

HUD offers a good calculator, in our "homebuyers kit " You also might want to contact a housing counseling agency They may be able to direct you to the kinds of mortgage programs that might fit your needs

ALABAMA

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PROPERTY CASE NO: 011-657997

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Platinum® Down Payment Assistance

Up to 5% of the Loan Amount

You could qualify for $10,000 in down payment assistance*.

• Down Payment Assistance (DPA) Second Mortgage is forgiven after three (3) years.

• DPA has a zero percent interest rate and no monthly payments.

• DPA is available with purchase or refinance of a primary residence.

• Variety of mortgage types are available.

• Borrower doesn’t have to be a first-time homebuyer to qualify.

• Minimum FICO 640; Maximum DTI 45%.

• Flexible Income Limits.

We Want to Bring You One Step Closer to Owning Your Own Home

Thousands of people each year dream of becoming homeowners. Let us help that dream become reality.

The GSFA Platinum Program provides eligible borrowers with DPA in the form of a zero interest, no monthly payment Second Mortgage that is forgiven after three (3) years.

The DPA is sized up to 5% of the total loan amount and can be used towards down payment and/or closing costs*.

Many times the assistance can help a homebuyer purchase a home with little-to-no money out of pocket and/or much sooner than thought possible.

The program is very flexible. Eligible mortgage loans include FHA, VA, USDA and Conventional mortgages, and the income limits are flexible.

Ca ll today to get started.

ARKANSAS

ARIZONA

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PROPERTY CASE NO: 023-322435

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PROPERTY CASE NO: 023-439422

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CALIFORNIA

PROPERTY CASE NO: 043-801511

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PROPERTY CASE NO: 048-422575

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for more information about this property or to make an offer to purchase please contact a VIP Agent by clicking here https://www.thepowerisnow.com/vipagent/ or call 800-261-1634 ext 707

for more information about this property or to make an offer to purchase please contact a VIP Agent by clicking here https://www.thepowerisnow.com/vipagent/ or call 800-261-1634 ext 707

for more information about this property or to make an offer to purchase please contact a VIP Agent by clicking here https://www.thepowerisnow.com/vipagent/ or call 800-261-1634 ext 707

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PROPERTY CASE NO: 048-508592

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Image by Bernie Kleina

Where Starting Over happens every day!

We’re Starting Over, Inc. - a 501(c)(3) organization dedicated to supporting and uplifting people experiencing the effects of mass incarceration, systemic racism, housing insecurity, substance addiction, and mental health issues. We believe that people impacted by these issues are the ones closest to the solutions, which is why we are a Black-led and criminal justice-impacted organization engaged in this work From experience, we’ve learned that housing is critical, but alone, it is not enough to support those exiting prisons or the streets. We not only provide transitional housing, but also include holistic services such as peer support, case management, employment, wellness, and reentry services. We also work to address the root causes of our houseguests’ difficult situations, leading grassroots organizing and policy initiatives in the Inland Empire region and statewide. Established in 2009, we’ve served over 1,400 men, women, and families in Riverside and Los Angeles Counties through the reentry and transition process

We believe that the past does not define our future. We’re invested in creating safe and equitable opportunities for all members of our community, and especially those with past convictions. Housing opportunities are crucial for our community members and directly affect their ability to thrive.

Starting Over, Inc is committed to reducing and eliminating the many barriers to life after incarceration

We have a deep commitment to identifying and implementing evidence-based approaches to strong communities and families. We seek to creating program/project solutions where the need exists in our community. We do lots of things at Starting Over, Inc. - but our primary goal is to address the immediate effects and root causes of incarceration, be it through housing, employment, legislation, or community organizing.

T t i l d ith i itiatives, access our services, or support our work through donations, you can or office@startingoverinc.org.

COLORADO

PROPERTY CASE NO: 052-348619

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Down Payment Assistance Gift for “Select” Occupations

The GSFA Platinum Program provides eligible borrowers with Down Payment Assistance (DPA) up to 5% of the first mortgage loan amount.

The assistance can be used towards down payment and/or closing costs and many times the assistance can help a homebuyer purchase a home with little-to-no money out of pocket.

Platinum “Select ”

Program Highlights:

• DPA is for down payment and/or closing costs.

• DPA is a Gift for Platinum “Select” qualifying occupations and 0% Second Mortgage (forgiven after 3 years) for all other borrowers.

• No first-time homebuyer requirement.

• FHA, VA, USDA and Conventional Loan Financing Options are available.

General Guidelines*:

• Purchase or refinance of a primary residence.

• Minimum FICO 640 / Max DTI 45%.

• Flexible Income Limits.

The DPA is provided as a Gift that never has to be repaid for the following “Select” occupations : Medical and healthcare • Law enforcement • fire fighters • paramedics • emergency medical technicians • fire support staff • teachers • school administration and staff ( public and private).

(For all other homebuyers, the DPA is a 0% Second Mortgage, forgiven after three years.)

CONNECTICUT

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Do you know

We provide a community of loving homes and empowering support services for individuals with intellectual and developmental disabilities.

Wesupport and encourage our residents to live their lives and fulfill their dreams by fully embracing their indvidual abilities and interests. With 24-hour specialized care and staffing, we provide comfortable, secure homes and recognize that everyone feels a sense of belonging when they have familiar places in which to spend time with family and friends.

There

is a true sense of family at Peppermint Ridge. Of the 94 adults who live at The Ridge, 38 have lived here for more than 20 years, with 10 of those calling The Ridge home for 40 years or more. Residents have the opportunity to flex their muscles of independence while developing rich lives of their own away from their loved ones. About 30% of our residents have no family, so other Ridgers and our staff have become their family.

Manycaring companies, organizations and individuals in the community enjoy getting to know The Ridge by helping on small projects, hosting fundraisers, lending a hand at events, volunteering in our office, and assisting residents in activities such as arts and crafts, pool days, horseback riding, music and piano lessons and exercise classes.

DELAWARE

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PROPERTY CASE NO: 071-153379

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FLORIDA

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for more information about this property or to make an offer to purchase please contact a VIP Agent by clicking here https://www.thepowerisnow.com/vipagent/ or call 800-261-1634 ext 707

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Wellness for Boys and Men of Color

ADDRESSING HEALTH EQUITY BUILDING COMMUNITY ADVANCING INNOVATION

brotherbewell com

GEORGIA

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for more information about this property or to make an offer to purchase please contact a VIP Agent by clicking here https://www.thepowerisnow.com/vipagent/ or call 800-261-1634 ext 707

for more information about this property or to make an offer to purchase please contact a VIP Agent by clicking here https://www.thepowerisnow.com/vipagent/ or call 800-261-1634 ext 707

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IDAHO

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ILLINOIS

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INDIANA

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for more information about this property or to make an offer to purchase please contact a VIP Agent by clicking here https://www.thepowerisnow.com/vipagent/ or call 800-261-1634 ext 707

for more information about this property or to make an offer to purchase please contact a VIP Agent by clicking here https://www.thepowerisnow.com/vipagent/ or call 800-261-1634 ext 707

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IOWA

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Michael L. Iraq War Veteran

KANSAS

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PROPERTY CASE NO: 181-317508

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KENTUCKY

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LOUISIANA

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PROPERTY CASE NO: 221-564189

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MASSACHUSETTS

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for more information about this property or to make an offer to purchase please contact a VIP Agent by clicking here https://www.thepowerisnow.com/vipagent/ or call 800-261-1634 ext 707

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MARYLAND

MICHIGAN

MINNESOTA

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Image by Bernie Kleina

MISSOURI

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BACK TO THE TABLE OF CONTENTS

MONTANA

NEVEDA

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NEW HAMPSHIRE

GOOD NEIGHBOR NEXT DOOR PROGRAM

Law enforcement officers, teachers (pre-Kindergarten through 12th grade) firefighters and emergency medical technicians can contribute to community revitalization while becoming homeowners through HUD’s Good Neighbor Next Door Sales Program. HUD offers a substantial incentive in the form of a discount of 50% from the list price of the home. In return, an eligible buyer must commit to live in the property for 36 months as his/her principal residence.

How the Program Works

Eligible Single Family homes located in revitalization areas are listed exclusively for sale through the Good Neighbor Next Door Sales program. Properties are available for purchase through the program for seven days.

How to Participate in Good Neighbor Next Door

Check the listings for your state. Follow the instructions to submit your interest in purchasing a specific home. If more than one person submits an offer on a single home a selection will be made by random lottery. You must meet the requirements for a law enforcement officer, teacher, firefighter or emergency medical technician and comply with HUD’s regulations for the program.

HUD requires that you sign a second mortgage and note for the discount amount. No interest or payments are required on this “silent second” provided that you fulfill the three-year occupancy requirement.

The number of properties available is limited and the list of available properties changes weekly.

NEW JERSEY

NEW MEXICO

NEW YORK

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NORTH CAROLINA

NORTH DAKOTA

OHIO

OKLAHOMA

PENNSYLVANIA

RHODE ISLAND

SOUTH CAROLINA

SOUTH DAKOTA

TENNESSEE

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TEXAS

UTAH

VERMONT

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VIRGINIA

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WASHINGTON

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GSFA Platinum Program

USDA Guaranteed Home Loan

» Zero down

» 100 percent financing

» Gift (up to 4%) available for closing costs

» No first-time homebuyer requirement

» No Mortgage insurance requirement

» New or existing residential property allowed

You May Qualify for a Gift up to Four Percent

Individuals or families purchasing a primary residence in California with a USDA Rural Development loan guarantee through the GSFA Platinum Program will be eligible for assistance of up to four percent in the form of a non-repayable gift.

The amount of the gift is based on the amount of the mortgage loan. The gift can be used towards closing costs and/or for principal reduction.

USDA’s guaranteed home loan features 100 percent financing and is available to low-to-moderate income homebuyers in rural areas, typically communities with populations of 35,000 or fewer. Coupled with the GSFA Platinum Program, qualifying homebuyers may be able to purchase a home with no money out of pocket.

Golden State Finance Authority (GSFA)

phone: (855) 740-8422

e-mail: info@gsfahome.org

web: www.gsfahome.org

WEST VIRGINIA

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WISCONSIN

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WYOMING

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