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staci-horwitz.pdf

Preview of Click here to download her presentation.

🔗 Source: shelterforce.org

📊 Size: 79 KB

👤 Author: Marcia Nedland

⬇️ Downloads: 129

Summary

Reclaim is a program for potential homeowners unable to secure a conventional mortgage, initiated 3.5 years ago. It partners with City of Lakes Community Land Trust, Urban Homeworks, BuildWealth MN, and Lutheran Social Service of Minnesota. Eligibility requires a household income between $30,000 and 80% of the area median, and a credit score of at least 500. The program offers a 3% interest rate Contract for Deed with a 24-month initial term, monthly payments equivalent to 6.5% conventional mortgage, and a 2% reserve account. Participants must complete homebuyer education counseling, credit counseling, and create a credit enhancement plan. Post-purchase requirements include quarterly meetings, financial literacy programs, and monitoring of payments and credit progress.

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Description

Reclaim is a program for potential homeowners unable to secure a conventional mortgage, initiated 3.5 years ago.

Technical Information

File Format: PDF
File Size: 79 KB
Pages: 5
Language: EN
Author: Marcia Nedland
Total Downloads: 129
Last Updated: 1 week ago

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