new zero-down loans proposed through FHA for 1st-time homebuyers
From: Raines Cohen (rc2-coho-Lraines.com)
Date: Sun, 25 Jan 2004 07:18:56 -0700 (MST)
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2004/01/25/REGCC4FS0F1.DTL


Many cohousing communities are in the referenced "high-cost" markets, so 
loans of up to $290K would be available through this program. Combine 
that with investment credits and/or sweat equity and/or "silent second" 
mortgages through the group, and we can help folks with sufficient income 
but not cash get into cohousing units priced at $300k or more.

It would be worth finding out where your congresscritters stand on this, 
and to let them know how you feel about it and how this kind of 
affordability program could affect your community.

Raines

>New loan program with no down payments 
>
>Kenneth Harney         Sunday, January 25, 2004 

>Washington -- What do you say to zero down on your first home purchase? 
>And how about rolling your closing fees into the mortgage itself, giving 
>you a home loan that costs you nothing out of pocket up front? 
>
>That intriguing offer could become a standard, government-backed option 
>for an estimated 150,000 or more first-time home buyers if Congress 
>approves a new zero-down program to be proposed in President Bush's 
>federal budget. No- down-payment mortgages could go as high as $290,000 in 
>high-cost markets on the East and West coasts. 
>
>If sanctioned by Congress, the program will be run by the Federal Housing 
>Administration, the nation's largest single source of mortgage money for 
>first- time buyers. 

[...]

Raines Cohen <my initials,2,dash,coho,dash,L at my first name .com>

  Member, Swan's Market Coho [Oakland, CA] <http://www.swansway.com/>
Where I'm hosting a prospective tenant at dinner and meeting tonight.

  Secretary, Berkeley [CA] Cohousing
Looking forward to some new neighbors moving in shortly.

  Supporter, East Bay Cohousing <http://www.ebcoho.org/>
Where a site-specific subgroup has put cash on the table for an option 
offer.

  Boardmember, Coho/US <http://www.cohousing.org/>
Getting ready for a knock-your-socks-off eZine. Most Coho-L subscribers 
have NOT subscribed yet - sign up today!

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