Friday, May 4, 2007

You call it (A)CORN, we call it amazing

We went to the ACORN housing seminar/workshop last night. It was really informative and uplifting, and I was amazed how great a resource it is. Basically, if you are low to moderate income, they help you go through the financial process of finding a home. Lower interest rates, free help, low closing costs... Basically, you need to make less than $118k per year combined to be eligible for either of the two mortgage plans they offer.

From their site:

With AHC you get:
  • Lower down payments and closing costs.
  • No Private Mortage Insurance.
  • Banks generally require 3 months of mortgage payments in the bank at settlement.
  • With our program, they don't, which allows you to buy a home sooner.
  • Most banks won't count public assistance or voluntarily child support in determining if you'll qualify for a mortgage.
  • With our program, all steady income counts.

It's a national program (not just NY), sponsored by HUD and participating banks, and there are grants available. If you are even thinking about buying, and make a modest income, it's definitely worth checking out.

link: ACORN Housing

No comments: