Housing Finance Authority Offering Below-Market Home Loans

28 11 2006

Countrywide Home Loans Inc. is working with the Jacksonville Housing Finance Authority to offer below-market interest rate mortgages for first-time homebuyers in Duval County.

The $12 million first-time homebuyer program offers a rate of 5.6 percent for the first 80 percent of the purchase price of a home and 1 percent to 3 percent rate for the remaining 20 percent, an arrangement that eliminates the need for buyers to buy private mortgage insurance.

Countrywide is the mortgage servicer, program administrator and a participating lender in the program.

“Saving the funds needed for a home loan is the most significant barrier to purchasing a home for many first-time home buyers,” said Dottie Sheppick, an executive vice president at Countrywide.

The program features conventional, FHA, Veteran’s Administration and Rural Housing Service loans. Under the program the housing agency sells tax-free bonds to investors and uses the proceeds to make loans. Buyers must meet qualifying criteria that may include a maximum income and loan limit, and must pay at least $1,000 toward closing costs.

Other participating lenders include Bank of America, First Bank Mortgage, MHi Mortgage, National City Mortgage, Peoples First Community Bank and Wells Fargo Home Mortgage.

Source: Jacksonville Business Journal


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