Affordable Homeownership Program
Are you finding it difficult to qualify for a home loan due to
your credit? If so, the Affordable Homeownership Program
may be right for you and your family!
Many families seeking to purchase a home are not able to
meet the traditional lending requirements and, up to now,
have had no other option than to rent or consider high cost
non-traditional lending options. As a result of a partnership
between lenders and Affordable Housing borrowers can now
achieve homeownership through the Affordable
Homeownership Program.
The Program will provide mortgage financing options for
eligible low-to-moderate income to make their dream of home
ownership a reality. Under the program, borrowers will have
access to an affordable mortgage loan product and down
payment assistance equal to seven of the mortgage loan
amount.
To Be eligible for a mortgage, a borrower must:
• Have a acceptable credit history and meet income
requirements.
• Have an income of 80% or below AMFI limit
• Be a first time homebuyer (not have owned a home for three
years)
• Purchase a home in the identified area.
• Provide designated amount consistent with loan for down
payment
Program rewards and benefits:
• Affordable 30-year fixed rate mortgage*
• Mortgage interest rate reduction incentive for timely
payments (see example below)
• Homebuyer education counseling
• Post closing delinquency intervention/counseling
How can I apply for a loan:
Affordable Housing Enterprise Inc.will direct you to contact
numbers for approved lenders.
How to Become a Participating Lender…..
As one of the first lines of communication with the borrowers,
The AHE will be accepting applications from interested
lenders to participate in the Program.
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| Affordable Housing Enterprises, Inc. |