Saturday, September 14, 2013

Freeport may lose effective federal mortgage program

Freeport may lose effective federal mortgage program

Then an official at HomeStart, the Freeport-based federally certified housing assistance agency, said they may qualify for a loan through the USDA Rural Development program.


Read more: http://www.journalstandard.com/topstories/x1837084976/Freeport-may-lose-effective-federal-mortgage-program#ixzz2etStkG9F



HomeStart Executive Director Deb Elzinga remains hopeful Congress will pass a continuing resolution that will keep the government running and keep Freeport in the USDA program at least for the short term.
The USDA program is popular because low-income families can obtain 100 percent financing for homes and existing homeowners can obtain federally guaranteed 20-year home repair loans that carry a 1-percent interest rate and lessen the risk otherwise shouldered local lenders.
Elzinga would like Congress to approve legislation that raises the eligibility threshold for the USDA program so that more populous communities like Freeport qualify for the program and don’t have to seek special legislation every fiscal year.
“The problem is that Congress doesn’t seem to be able to move on anything of importance right now,” Elzinga said.
“This is an important program. Most of the people who have been helped by it really don’t have a lot of other options.”


Read more: http://www.journalstandard.com/topstories/x1837084976/Freeport-may-lose-effective-federal-mortgage-program#ixzz2etT7rMsV