Cold Fusion Developers - Coldfusion in Acan

Assistance funds used in conjunction with purchase money first mortgages must be applied to down payment and, on some programs, closing costs are also allowed. 2. Assistance funds may not be used to pay off revolving or installment debt (credit cards, car loans, etc.), collections, judgements or charged off accounts 3. Cash back to the borrower is strictly prohibited however, in some cases, the borrower’s initial deposit in escrow may be refunded to the borrower after escrow has closed 4. Income limits apply5. Sales price limits apply 6. Geographic restrictions apply 7. Asset limitations (liquid assets) may apply 8. Equity share provisions may or may not apply 9. Interest rates vary and may run as low as 0% on some programs 10. Competing city specific programs and county specific programs (eligible cities) generally may not be combined on any one single purchase transaction (no double-dipping).

The home selected for purchase must be situated within the funding agency’s geographical jurisdiction, city/county border 11. Borrower must be a first time home buyer, that is, one who has not owned real estate as a primary residence within the most recent three years (mobile homes on wheels, time-shares, etc. are not considered primary residences) however, in some cases, exceptions may be made for displaced homemakers, those buying properties in targeted area census tracts, eligible military veterans, etc.  Check program specific guidelines for the categories that qualify for the first time home buyer exception   12. Borrower must be a legal resident or legal resident alien  13. Eligible borrowers must provide full income documentation and qualify using tandem first mortgage financing insured through traditional prime insurers: FHA, VA, USDA-RD, Fannie Mae, Freddie Mac or as authorized by the city or county program administrator.  In this context, sub-prime, Alt A, alt doc or stated income documentation programs are not acceptable    14. Home buyer education requirements vary by program.  This item may not be waived if required according to program-specific underwriting guidelines.  15. Funds are allocated annually or as requested by a city or county housing program administrator.  Funds are subject to depletion at any time depending on consumer and lender demand

If you are a first time home buyer of low to moderate income interested in purchasing an affordable, moderately priced home, there is a good chance you may qualify for any one of a number of down payment and/or closing cost assistance programs.

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