There are many public, nonprofit, and private organizations in your community that can provide you with information about the home buying process. Federal, state, and local governments, and private, public, and nonprofit companies across the U.S. are working hard to make homeownership affordable for low and moderate-income homebuyers, especially those who have never owned a home before or have not owned a home in the past three years. Remember to check out the following:
Local bank programs: All banks are required under the federal Community Reinvestment Act (CRA) to invest part of their earnings in programs to increase homeownership in certain neighborhoods. A CRA officer in your local bank can tell you what programs are currently available.
Bonds: Mortgage revenue bonds for first-time homebuyers are a type of financing where bonds are sold by cities, counties, or states and the money is used to provide low-interest financing for first-time homebuyers. Your city housing office can give you information about any planned housing bond issues.
Housing finance agencies (HFAs): HFAs work with state and local groups to revitalize neighborhoods and promote homeownership. They also provide financing for special uses, including rehabilitation of existing houses. Your state, city, or county HFA can tell you about loan programs it has funded or knows about.
Community development corporations (CDCs): CDCs are nonprofit agencies whose goal is reviving communities. Many CDCs not only have housing programs and offer housing counseling, they also work in the community to encourage business investment, build parks, and provide other community facilities.
NeighborWorks® organizations: These organizations provide services to low and moderate income homebuyers, including homeownership education, debt counseling, foreclosure intervention, loans for rehabilitation, and repair of existing properties. (http://www.nw.org/)
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