Free Houses Plus Cash to Fix Them

Well, maybe they are not free, but they can cost you as little as a few hundred dollars a month. And maybe they are not in good shape, but many of the programs will also offer you a low interest loan to fix-up the house. Some states refer to the program as an Urban Homesteading Act. The idea of the program is that the government gets you a home for next to nothing and you agree to live there for a certain number of years. Minnesota has a program. Baltimore had a very active program for many years. Davenport, Iowa purchases
homes, completely rehabs them, and then offers the houses in a lottery each May. You must get a mortgage, but your monthly payments are under $400 a month for a completely rebuilt house! There are some states, like Alaska, that still offer wilderness land for homesteading.
Because the houses are so cheap, there is usually a lottery for eligible buyers. Contact your city government, your county government and your local community development office to learn about local programs. You can also contact your state housing office.
Income Eligibility: None

If you have trouble finding your local community development agency, the following organizations may be able to help. These organizations do not have funds, but may be able to help you locate local agencies.

National Association of Housing and Redevelopment Officials, 630 Eye St., NW, Washington, DC 20001; 202-289-3500 or 1-877-866-2476; Fax: 202-289-8181; www.nahro.org
Information Center, Office of Community Planning and Development, P.O. Box 7189, Gaithersburg, MD 20898; 800-998-9999; Fax: 301-519-5027; www.comcon.org

FREE Tuition for Affordable Housing Providers

The Fannie Mae Foundation Fellowship Program is intended to enhance the management and decision-making skills of accomplished state and local government leaders experienced in managing housing and community development programs. The State and Local program curriculum focuses on: organizational strategy; political management; policy development; management control and operations; and management of human resources. The program is taught by Kennedy School faculty. In addition to participation in the Program for Senior Executives, Fannie Mae Foundation Fellows attend special housing sessions coordinated by the Joint Center for Housing Studies of Harvard University, members of the Kennedy School faculty, and Fannie Mae Foundation staff.These sessions address housing issues, trends, policies, and successful models of public/private housing partnership. Fellowship funds cover the cost of the admission deposit, program tuition, and room and board for the session. Applicants must be able to attend the entire three-week session and are responsible for their own transportation and other incidental costs. Contact Fannie Mae Foundation, Policy and Leadership Development, 4000 Wisconsin Ave. N.W., N. Tower, Ste. 1, Washington, DC 20016-2804; 202-274-8066 or 202-274-8057 or 202-274-8000; Fax: 202-274-8100; http://www.fanniemaefoundation.org; Email: llucs@fanniemaefoundation.org
Income Eligibility: None

Uncle Sam Will Co-Sign an Adjustable Rate Mortgage

Here is a way to start with a low monthly mortgage rate. Section 251 insures home purchase or refinancing loans with interest rates that may increase or decrease over time, enabling consumers to purchase or refinance their home at a lower initial interest rate. Under this FHA-insured mortgage product, the initial interest rate and monthly payment are low, but these may change during the life of the loan. FHA uses 1-year Treasury Constant Maturities Index to determine interest rate changes.

The maximum amount the interest rate may increase or decrease in any one year is 1 percentage point. Over the life of the loan, the maximum interest rate change is 5 percentage points from the initial rate. Down payment requirements can be low. Many closing costs can be financed. 100,000 loans will be available this year. (14.175 Adjustable Rate Mortgages). For more information contact your local HUD office, contact the FHA Mortgage Hotline at 1-800-HUDSFHA, or check out the program online at www.hud.gov
Income Eligibility: None

Money to Develop Rental Housing in Urban Areas

Section 220 insures loans for multifamily housing projects in urban renewal areas, code enforcement areas, and other areas where local governments have undertaken designated revitalization activities. Section 220 insures lenders against loss on mortgage defaults. (14.139 Mortgage Insurance-Rental Housing in Urban Renewal and Concentrated Development Areas 220 Multi-family) Contact your local HUD office, contact the FHA Mortgage Hotline at 1-800-HUDSFHA, or check out the program online at www.hud.gov/offices/hsg/mfh/progdesc/progdesc.cfm or Office of Multifamily Development, U.S. Department of Housing and Urban Development, Washington, DC 20410; 202-708-1112
Income Eligibility: Must meet HUD requirements for mortgagers

Seniors Can Get Big Money From Their Mortgage

A Reverse Mortgage is a type of home equity loan that allows you to convert some of the equity in your home into cash while you retain ownership. This works like a traditional mortgage, but in reverse. So, instead of making a house payment each month, you receive a payment from your lender. Depending on the type of Reverse Mortgage and the lender, you can take the money in a lump sum, in monthly advances, through a line-of-credit, or a combination of the three. Most Reverse Mortgages do not require any repayment of principal, interest, or servicing fees, for as long as you live in your home. These loans are called rising-debt loans for that reason. The money you get from this type of loan can normally be used for any reason, including paying housing expenses like taxes, insurance, fuel, and maintenance costs.

If you would like a current list of lenders that participate in the FHA-insured program, sponsored by the Department of Housing and Urban Development (HUD), or additional information on reverse mortgages, write to: AARP Home Equity Information Center, 601 E Street, NW, Washington, DC 20049; 888-OUR-AARP or visit their website at, www.aarp.org/money/revmort/. For additional information, contact: National Center for Home Equity Conversion, 360 N. Robert, #403, Saint Paul, MN 55101; 651-222-6775; Fax: 651-222-6797; www.reverse.org/

You can also contact the Federal Trade Commission (FTC) for information about Reverse Mortgages. Contact Federal Trade Commission, Public Reference, 600 Pennsylvania Ave., NW, Washington, DC 20580; 877-FTC-HELP (382-4357); www.ftc.gov
Income Eligibility: None

$200,000 to Help Buy a Home in an Area Affected by a Base Closing

Buying a home in an area hurt by defense cutbacks can be difficult. The U.S. Department of Housing and Urban Development (HUD) offers the 238c program to help families undertake homeownership in military impacted areas. HUD insures lenders against loss on mortgage loans. These loans may be used to finance the purchase of proposed, under construction, or existing one- to four-family housing, as well as to refinance indebtedness on existing housing. (14.165 Mortgage Insurance-Homes-Military Impacted Areas 238c). For more information contact your local HUD office or check out the program online at www.hud.gov
Income Eligibility: None

This Program is available for:

Income	:	1000000
State	:	all
Age	:	All
Subject Category	:	Housing/Real Estate
Money Type	:	Loan
Contact Information	:	For more information contact your local HUD office or check out the program online at www.hud.gov

Congressman Pushes Gov't to Help Refinance Home Loans in Danger

Congressman Pushes Gov't to Help Refinance Home Loans in Danger

A key congressman is planning a push to expand the federal government's role in stabilizing the housing market. Barney Frank (D., Mass.), the chairman of the House Financial Services Committee, has proposed an initiative that aims to refinance as many as one million "distressed" homeowners out of high-cost loans using government assistance.

The proposal, which could cost as much as $15 billion over five years, would likely involve the federal government buying loans and then helping move borrowers into mortgages backed by the Federal Housing Administration. Certain loans, such as investment properties and those on vacation homes, wouldn't qualify.

In order to sell a loan to the government under the plan, the lender would likely be required to discount the loan to a level the borrower could repay.

Mr. Frank is working on another plan to allocate up to $20 billion in grants and loans that would allow states and municipalities to buy foreclosed or abandoned homes "at or below market value." Some of the money could be paid back to the federal government once the homes are resold.