Shared equity programs preserve affordable homeownership opportunities by allowing borrowers to purchase homes at below-market prices. In exchange, borrowers agree to sell the property only to other income-qualified buyers and/or share the home’s appreciation with the organization that subsidized the purchase.
Freddie Mac Home; Single-Family; Multifamily; Capital Markets; Renters, Buyers, & Owners. My Home by Freddie Mac ®. Resources to help you rent, buy and own your home. Sep 30, 2017 Fannie Maeoffers HomeChoicea mortgage program specifically designed for low- and moderate-income people who have disabilities or who have family members with disabilities living with them. HomeChoice mortgages offer flexibility in down payments, qualifying debt-to.
Fannie Mae offers the Community HomeChoice Program, that provides help to low and modern income people with disabilities and also to the able-bodied people who care for them. The minimum credit score for a single family home is 680, and you don’t need any reserve requirements. A Fannie Mae program, known as Community HomeChoice, offers flexible mortgage, credit and income guidelines for low- and moderate-income disabled people. Best 1176 clone. It requires only $500 down for a traditional 30-year, fixed-rate mortgage, and participants can count the public benefits they receive as income to qualify for a mortgage.
Community Land Trusts (CLTs)
In a CLT, a low- to moderate-income borrower can purchase a home on land leased through a municipality or nonprofit at affordable ground rent rates. The ground lease will typically require that the home can only be purchased by a low- to moderate-income family when resold.
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Inclusionary Housing
Inclusionary housing initiatives are governmental programs that encourage creating affordable housing when communities are under development. These programs and policies can require or provide incentives for developers to create affordable housing units in developments. They can also include impact or linkage fees that generate revenue to help address the high cost of housing.1
These municipal or county housing policies typically require properties to be sold only to low- to moderate-income borrowers.
Limited Equity Cooperative
In a limited equity cooperative, residents own shares in a cooperative housing corporation that can be resold at prices that ensure continued affordability and allow for modest equity growth.
Homes in these communities may be eligible for Fannie Mae financing via the Project Eligibility Review Service (PERS). See Fannie Mae Selling Guide section B4-2.2-06,Project Eligibility Review Service (PERS), for eligibility requirements.
Identifying Shared Equity Programs
The Federal Housing Finance Agency (FHFA) provides general guidelines for identifying shared equity programs in its Enterprise Duty to Serve Rule.
Learn more about them here.
Other Shared Equity Programs
The Fannie Mae Community Homechoice Program
Konnected flash tool for mac. Are you working with a program that preserves affordable homeownership, but doesn't fall under one of the shared equity categories listed here? Contact your relationship manager to help us better understand the program. Atrex pos inventory software crack load.