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First Home Program Updates Affordable Housing Conference October 30, 2013.
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Transcript of First Home Program Updates Affordable Housing Conference October 30, 2013.
Agenda
Welcome & Introductions
Brief presentations on MaineHousing, VA, RD and FHA
Questions & Answers
MaineHousing
Who are we?
In state investor.
Contract with approved lenders.
Work with real estate professionals.
Work with VA, RD & FHA..
Help first-time homebuyers!
MaineHousing
Why use our program?
Reduced rate.
Help with downpayment & closing costs.
Finance improvements into one loan.
Purchasing a mobile home.
Payment protection for unemployment.
Eligibility Basics
Income & purchase price limits. Credit score 640+ Total debt to income ratio ≤ 41% First-time homebuyer
Operation New Home
Owned a home they lived in within the last 3 years, but do not own one now or are selling their home.
Can be combined with VA, FHA or
RD, PPI, MHSI, and Uninsured.
MaineHousing Mortgages for Honorably Discharged Veterans and Active Duty Military
who are non first-time homebuyers
Advantage
Provides a credit of $2,000 at closing.
Applicant must contribute 1% of loan amount.
Homebuyer Education required.
Slightly higher rate.
Purchase Plus Improvement
Allows needed repairs to be financed in one MaineHousing loan.
One interest rate, one note, one mortgage, one payment.
Min $500, Materials $1,000, Contractual labor up to $35,000.
Basic livability improvements & energy star appliances.
Mobile Home Self Insured
For single-wide and double-wide mobile homes on own land or in a park that don’t qualify for mortgage insurance.
Purchase price limited to $150,000.
Rate is 1 point higher than First Home.
5% downpayment (3% own $).
640 score, 29/41 ratios.
IRS Recapture tax
Applies only to borrowers who SELL their home at a GAIN within 9 YEARS - AND – whose HOUSEHOLD INCOME EXCEEDS the IRS limits provided in the last page of their Borrower Affidavit they received at closing.
How much?
The lesser of either half of the gain or a percentage of the original loan amount.
When/how is it paid?
If the borrower owes any recapture tax at all, it is paid to the IRS when the borrower files their income tax return, using form 8828.
Recapture Tax Reimbursement!
For loans closed on or after January 1, 2013
Sellers who owed & paid recapture tax
can request reimbursement from MaineHousing
for the amount of recapture tax they paid!
Maine HOPE Home Ownership Protection for
unEmployment
Payment protection for existing and new MaineHousing borrowers who become involuntarily unemployed
Maine HOPE
One-time assistance of 4 months PITI.
0%, deferred, subordinate loan; no monthly payments, no closing costs.
Repaid when sold, transferred,
refinanced, or no longer principal residence.
Contact MaineHousing for more info.
Primary Goal is to replace pre-1976 mobile homes with new Energy Star certified manufactured homes.
The initiative provides a first low rate mortgage through MaineHousing and a 5 year deferred due on sale second mortgage for $30,000.
Mobile Home Replacement Initiative
Eligible Applicants
Must own & occupy a pre-76 mobile home. Household income at or below 80% of
MaineHousing’s First Home income limits Must qualify for the uninsured option (80%
LTV) under First Home or Operation New Home.
MaineHousing Resources
MaineHousing Web Site
www.mainehousing.org
Homebuyer Education Class Schedule
www.mainehomeworks.org
Home buying Information www.mainehousing.org/
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