Program Summary
The National Homebuyers Fund is a non profit organization. The ACCESS program is desinged to help low and moderate income homebuyers purchase a home even if they don’t have funds for a traditional down payment or closing costs.
One great benefit of the NFH ACCESS program is that it is backed by private financing which provides for a ongoing source of funds unlike many county and state programs that have limited funds.
Program Details
Eligible Buyers: There are no restrictions for buyers other than those imposed by the First Mortgage. Eligible loan programs for the first mortgage are Fannie Mae’s FLEX 97 and MyCommunity 97. No first time home buyer requirement. Property must be owner occupied.
Maximum Assistance: Up to 8% of the Purchase Price of the Home
Interest Rate: The higher of 2% above note rate or 8% in targeted areas
Income Limits: Income can not exceed 140% of HUD Median Area Income
Payments/Recapture: Fully amortized 20 year fixed rate second mortgage. No penalties for early pay-off
Eligible Properties: Attached or Detached Single Family Residence, Attached or Detached PUD, Low-Rise Condos, High-Rise Condo’s, 2-4 Units for Flex programs only. All properties must be owner occupied.
Other articles about this topic that might interest you:
- Neighborhood Housing Services of Orange County (NHSOC) – Orange County Housing Trust Down Payment Assistance Program The 30-year amortized loans will have an interest rate approximately 1% below the market rate for first mortgages. (Current second...
- City of Brentwood Down Payment Assistance Program CITY OF BRENTWOOD ANNOUNCES ITS FIRST TIME HOMEBUYER PROGRAM TO ASSIST IN THE PURCHASE OF A MARKET RATE HOME The...
- City of Anaheim – HOME Federal Down Payment Assistance Program Program Summary Federally funded payment assistance program Program Details Eligible Buyers: Assistance offered to households who do not currently own...
Chris "Doc" Apodaca
Jeff Brown – BawldGuy
Scott Schang
