Latest news with #HomePurchaseAssistanceProgram
Yahoo
4 days ago
- Business
- Yahoo
Rochester seeking proposals for manufactured homes
ROCHESTER, N.Y. (WROC) — A new pilot program to provide Rochester residents with affordable housing was announced on Tuesday, with Mayor Malik Evans requesting proposals for the project. The Request for Proposals (RFP) is requesting home builders with a specialty in modular and HUD-certified manufactured housing to design, manufacture, and deliver nine single-family homes. The homes will be built in Northeast Rochester along Wilder Street, Davis Street, Lewis Street, and High Street. 'Quality housing is the foundation of strong families, thriving neighborhoods, and a prosperous city. We are working every day to make Rochester a city of opportunity for renters, first-time homebuyers, and everyone in between. Testing the feasibility of modular and manufactured housing is just one way we're creatively and strategically working to increase homeownership in the city,' Mayor Malik Evans said during Tuesday's announcement. Mayor Evans: Rochester joining lawsuit against federal government The project is said to explore the potential for lowering the cost of construction and provide high-quality and energy-efficient housing that will provide residents who earn between 80% and 120% of the median earned income the opportunity to become homeowners. Income-qualified homebuyers in the program will also be provided access to Rochester's Home Purchase Assistance Program for assistance with down payments and closing costs. Proposals are due by Monday, July 9 at 4 p.m. Additional details about the RFP and submission requirements can be found on the City of Rochester's website. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Washington Post
11-04-2025
- Business
- Washington Post
Homeownership assistance: How to get help from a variety of sources
Affordability challenges are rampant for home buyers due to the perfect storm of low inventory, high demand, rising prices and mortgage rates stubbornly stuck above 6 percent. For first-time buyers, accumulating the cash needed to become a homeowner can be particularly difficult. Unlike repeat buyers, they don't have a home to generate funds for the down payment and closing costs for a new home. A fortunate one-quarter of first-time buyers used a gift or loan from a relative or friend for their down payment funds in 2024, according to the National Association of Realtors' 2024 Profile of Home Buyers and Sellers. For home buyers without access to financial help from friends and family, there are thousands of programs that provide homeownership assistance from government and nonprofit organizations, employers and financial institutions. As of the fourth quarter of 2024, there were 2,466 programs available nationwide, 81 percent of which were actively funded, according to Down Payment Resource's Q4 2024 Homeownership Program Index report. 'Sometimes people think they make too much money to qualify for homeowner assistance or that they won't qualify for another reason,' said Yvette Thomas, senior director of the homeownership center at Manna Homes in D.C. 'Everyone should ask questions of their lender and their real estate agent and research home buyer programs in the location where they want to buy. In D.C., the maximum income for [the Home Purchase Assistance Program] is $180,800.' Buyers may qualify for the DC Open Doors program with an income of $200,000 or more. Nearly all home buyer assistance programs require applicants to take a home buyer education class, so Thomas recommends prospective buyers start there. The classes offered by state and local housing finance agencies are usually free or low cost and include information about how to access down payment assistance and other programs. 'At Manna, we offer a closing cost assistance grant program to housing counselor clients,' Thomas said. A local housing counselor certified by the U.S. Department of Housing and Urban Development can provide advice about home buyer assistance. 'Taking a first-time buyer class is helpful for people to build their comfort level with the process of buying a home, which is complicated,' said Karen Serfis, a HUD-approved housing counselor with the Latino Economic Development Center in Arlington, Virginia. 'The more educated you are about buying a home, the better equipped you are to ask the right questions.' State and local housing agencies typically have a list of lenders approved to offer home buyer assistance to borrowers, Serfis said. Buyers who don't have a lender can search the lists and interview lenders. 'The important thing to realize is that one size doesn't fit all — there's a lot of variety in what's available and who qualifies,' said Scott Phillips, a branch manager with Embrace Home Loans in Annapolis. 'These programs are intended for low-to-moderate income buyers, but income limits are tied to household size. Some programs are stricter than others, but the main thing is that everyone must qualify for the mortgage as well as for assistance.' Phillips recommends that prospective buyers research home buyer assistance before they look for a home because qualifying for the down payment or closing cost help can change their price range and financing options. 'If you need assistance to buy, allow yourself at least three months to go through the home buyer education and application process,' Phillips said. Prospective buyers can search for down payment assistance and other home buyer options at by location. 'Home buyer assistance for down payment and closing costs can be in the form of a loan or a grant,' said Mike McBride, president and loan officer at GenPoint Mortgage, headquartered in Reston, Virginia. 'Besides getting help from a government or nonprofit organization, most big banks and private lenders offer down payment assistance with conventional financing backed by Fannie Mae and Freddie Mac or with FHA financing.' Home buyer assistance grants do not need to be repaid. Many loans are also forgivable after the buyers have lived in a property for a certain period. Others are only repaid when the property is refinanced or sold. 'The Maryland Mortgage Program offers up to 5 percent of the sales price, but it always must be repaid,' Phillips said. 'Loans for home buyer assistance from the Federal Home Loan Bank are usually forgiven after five years. Grants from nonprofit organizations like the Wider Path Home Foundation are often forgiven immediately.' In Virginia, a 2 percent grant is available to qualified borrowers from Virginia Housing that does not to be repaid, Serfis said. 'In Arlington County, down payment assistance is available as a loan to borrowers with an income of 80 percent or less of area median income, which only needs repayment when the house is sold,' Serfis said. That income could be as high as $143,600 depending on the household size. Home buyer assistance programs can often be stacked, so if a borrower qualifies for more than one option, they may be able to accumulate funds to pay all of their down payment and closing costs, Phillips said. 'It's pretty unusual, but I was able to help one buyer in Baltimore qualify for $27,900 from four programs, which came to 17 percent of the $160,000 purchase price,' Phillips said. However, financial assistance directly from a bank typically can't be stacked the way government programs can, Serfis said. Depending on the specifics of the program, home buyer assistance funds can be used for more than just down payment and closing costs. 'Some programs allow you to use the funds to pay your buyer's agent commission or buy down your mortgage rate with extra cash at the closing,' Thomas said. Some home buyer assistance funds can be used to buy a duplex or a building with up to four units, as long as the borrower will live in one as their primary residence. Even with home buyer assistance, most buyers will need some cash for a deposit when they make an offer to buy a home, McBride said. Home buyer assistance program details and requirements vary widely and sometimes change. Many, but not all, are reserved for first-time home buyers. However, the federal definition of a first-time home buyer, which most programs follow, is anyone who has not owned a home within the past three years. 'Income limits are usually 80 percent to 100 percent of area median income on a sliding scale based on household size,' Serfis said. Typically, McBride said, state home buyer assistance programs allow for down payment and closing cost assistance with a second loan of up to 5 percent of the home price when the borrowers qualify for FHA financing. 'Lender-offered assistance is different than the government programs and is sometimes available to households with higher incomes,' McBride said. 'For example, in D.C. you may qualify for assistance even with an income of up to $214,000.' In addition to income limits, borrowers typically must meet the following eligibility criteria: 'Since some programs run out of funding midway through the year or earlier, ideally borrowers will apply for home buyer assistance as soon as they feel ready,' Thomas said. 'Some programs such as HPAP are now by lottery only, so if a prospective buyer wins that lottery, they will have six months to use the funding.' A housing counselor and homeownership education help potential home buyers prepare with a budget and savings plan as well as updated information about assistance programs. 'It can be hard to navigate these programs,' Thomas said. 'We get notified if a program is getting low on funds and we prepare our clients so they are ready to apply whenever we identify a program that could help them.' Researching home buyer programs can be a game changer when it comes to financing a home purchase. Down Payment Resource's searchable database Ask a lender to search Freddie Mac's DPA One database D.C. Department of Housing and Community Development Home Purchase Assistance Program D.C. Housing Finance Agency DC Open Doors Program Maryland Department of Housing and Community Development Maryland Mortgage Program Virginia Department of Housing and Community Development Homeownership Down Payment Assistance Program Virginia Housing Home buyer programs
Yahoo
21-02-2025
- Politics
- Yahoo
Black lawmakers continue push to assist descendants of slaves in California
The California Legislative Black Caucus on Thursday proposed a package of reparations for the descendants of African Americans who were enslaved in the United States, proposals that include preferences for public university admissions and financial assistance for first-time home buyers. The package contains 15 bills in what caucus members said will be a multiyear effort to repair the generational harms and discrimination suffered by the descendants of slaves in California. In 2020, Gov. Gavin Newsom and California lawmakers formed a 'first in the nation' state task force to study and propose remedies for the legacy of slavery. During the end of the legislative session last year, reform advocates were frustrated that the legislature, which was limited by a tight state budget and a high-stakes election year, passed only 10 of the 14 bills prioritized by the Legislative Black Caucus. 'We are picking up where we left off last year,' said Assemblymember Lori Wilson (D-Suisun City) at a press conference Thursday morning. 'We are challenging not only members of the Legislature but all of Californians to operate in a repair mindset.' Wilson reintroduced a proposed constitutional amendment that would change the language in the state Constitution by banning forced labor in any form. California voters last year rejected a ballot measure that would have banned forced prison labor. Wilson's renewed effort proposes a constitutional change that, if passed by the Legislature, could appear before voters on the 2026 ballot. The state Constitution currently bans slavery and involuntary servitude, except as punishment for crime. But Wilson said this time around they are 'more prepared' and 'more informed.' Read more: Nevada just banned 'slavery and involuntary servitude' in prisons. Why didn't California? Wilson also introduced a bill to implement a voluntary work program for prisoners, intending to allow inmates to request work assignments, which, in turn, would make time for classes and other rehabilitative activities. Assemblymember Isaac Bryan (D-Los Angeles), vice chair of the Legislative Black Caucus, authored Assembly Bill 7 which would allow all California universities to consider preferential admissions for descendants of slaves. 'We talk about legacy all the time and legacies of privilege have been rewarded … if you're the relative of a donor or someone previously admitted to one of these universities you often have an admissions advantage,' Bryan said. 'But we never talk about legacies of harm, the legacy of slavery, the legacy of exclusion.' Other bills in the package include one from Assemblymember Tina McKinnor (D-Hawthorne) who seeks to allocate a portion of the Home Purchase Assistance Program funds to first-time home buyers who are descendants of slavery; and AB 785, authored by Assemblymember LaShae Sharp-Collins (D-San Diego), which would create a grant program and fund community-driven solutions to decrease violence in neighborhoods and schools. Sen. Akilah Weber Pierson (D-La Mesa) seeks to regulate the use of artificial intelligence in healthcare facilities through Senate Bill 503, which would limit racial biases and encourage "non-discriminatory decisions" made by healthcare providers. "It is critical," Weber said, "that the biases and stereotypes that Black Americans have faced are not perpetuated in future innovations." Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week. This story originally appeared in Los Angeles Times.
