Tag: down payment assistance
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Airbnb Steps Up, Helping to Put Deeds into Hopeful Hands
The New York City Housing Partnership is doing something interesting with Airbnb. It’s committed to a multi-year collaboration with the company. The goal? To lift up gig workers and independently employed New Yorkers. The collaborators envision a new path to mortgage eligibility for contractual workers looking to acquire their first deeds. For the first year,…
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Buying Another Home? Qualifying as a “First-Time Home Buyer” When It’s Not Your First-Ever Deed
First-time home buyer status can make a purchase more affordable. And you don’t have to be a first-ever deed holder. “First-timer” is typically defined as someone who (a) actually never held a deed before; or (b) has not owned a primary home for more than three years. Just three years of faithfully holding your deed,…
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Turning a Hotel Into Homes for Seniors, Vets in Palm Beach County
Palm Beach County, Florida is about to lose 1,000 affordable units over the coming five years. Why? Agreements with developers established restrictions that reserved affordable units for 15 to 30 years. Those restrictions are about to expire. This comes at a time when Palm Beach County will need nearly 81,000 new affordable housing units to…
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The Struggle Continues: Deed Equity Means Closing the Racial Wealth Gap
The African-American and Hispanic homeownership rate has generally been below 50%. Now, there’s a group on a mission to include the “have nots” in the U.S. population of deed holders. It’s taking down hurdles to homeownership, like the need to amass money for down payments. The Homeownership Council of America has debuted Equity DPA, a…
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For First Responders Buying Homes: Mortgages and More
We can’t say enough about the importance of first responders. We only need look at California or Florida these days to immediately grasp the key role they play in any town or city. Easing the path to homeownership for first responders is one way for communities to keep these essential people. Mortgages that support first…
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Looking for a Path to Homeownership? Look Again at Down Payment Assistance.
The typical person can’t afford the typical home. As property values keep rising, down payments aren’t getting any easier to make. If you know the feeling, have you looked up down payment assistance? It can be a grant, with no repayment requirement. Or it could be a loan — possibly a forgivable loan. Even if…
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Looking for a Way to Finally Own Your Home? Ohio Wants to Help.
Could your new home be in Cleveland? Cincinnati? Columbus or Dayton? You name it. If you’d love to hold the deed to an Ohio home, and wonder how on Earth you could pull it off, learn about the help currently available from the state. These opportunities help people with their down payments or closing costs,…
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All About DTI: How Much Debt Is Too Much If I Want to Buy a Home?
Receiving the deed to a home is a major milestone. Typically, it depends on an earlier milestone: the mortgage approval. Apply for a mortgage, and lenders will consider your debt-to-income ratio (DTI). Why the DTI? Essentially, the lender wants to know how much of your earnings you spend, using credit. A low DTI suggests that…
