Boise City Funding
As we try to survive this “credit crunch” and “sub-prime” mess it is nice to know there are new and creative financing techniques available to those that need them. Check out this Affordable Home Ownership Grant from the City of Boise. The benefits of this program are incredible:
“The Lender will offer its first deed of trust at the current conventional fixed rate for 30 years and Boise City’s interest rate will be 1% below the IHFA posted rate, at the time of approval. The City’s loan will not exceed $50,000 per household, will be deferred for 5 years with a 25 year amortization and have the option to pay interest only during those first five years.”
However, you must qualify for the program:
“To qualify for the Affordable Housing Program, applicants must: 1) meet the following income guidelines as determined by the Department of Housing and Urban Development (HUD); 2) be credit-worthy; 3) qualify for a first and second mortgage using standard mortgage lending criteria with income to debt ratios not to exceed 30-35 for housing and 40-42 for all including housing; 4) wish to purchase a home in the Boise City Limits.”
We’ve already successfully completed a couple of these transactions thanks to help from Patrick Wiese over at Park Place Mortgage. They are a little trickier than a standard mortgage, but with both an experienced agent and lender the process is easy.
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