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Affordable Advantage to expand homeownership

Shared by Niicss on Fri Aug 06, 2010 3:47 am
State housing agencies as well as Fannie Mae are offering "Little-Money-Down" mortgages. The borrowers will have to pay $1,000 as down payment in order to get a loan. This program is also known as "Affordable Advantage". This program is aimed at expanding homeownership. The Fannie Mae approved program has been adopted by Massachusetts, Wisconsin and Idaho whereas states like Pennsylvania, California and Colorado have state programs. Presently, this is a small initiative and is helping just a few hundred people. However, National Council of State Housing Agencies and Fannie Mae are planning to expand this. Source: http://washingtonindependent.com/93795/the-return-of-the-1000-down-mortgage

Community Members Opinion

sara

Joined: 05 Jul 2006

Moderator
Posts: 2694
Location: New Brunswick, New Jersey

496.42 Dollars($)

Posted: Fri Aug 06, 2010 5:00 am Post subject:

This is a good option for people, who did not have ample down payment, to qualify for home loans. Thus, in Massachusetts, Wisconsin and Idaho, where the Affordable Advantage is available, borrowers don't need to put down the 3.5% minimum down payment required by FHA. Thus, these home owners will be able to get a loan that can be as big as the purchase price of the house.

Guest

0.10 Dollars($)

Posted: Sun Aug 08, 2010 5:50 pm Post subject:

This is exactly how this unemployment and housing downturn occurred that we now have. If they can't afford housing now, then let them save until they have 10% down. Their income will rise and savings will accrue until then. _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant


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