Downpayment assistance from MHDC

http://www.mhdc.com/homes/cal/index.htm

Call Boone County National Bank or Flat Branch Mortgage for more details

Cash Assistance Loan (CAL)

Helps enable first-time homebuyers in need of down payment and closing cost assistance.

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Need more information? Call Toll Free 800-246-7973

CAL details:

	Qualified first-time homebuyers are eligible to receive a second mortgage of 3% of the loan amount to be used for down payment and closing costs.
	The second mortgage is a five-year, diminishing loan at 0% interest.
	The second mortgage is forgiven after five years of occupancy by the owner and monthly payments are not required.
	No junk fees are allowed. The lender may charge standard closing costs.

Purchase Price Limits
Type of Home	Non-Target Area	Target Area*
Single family home	$243,945	$293,155
Duplexes	$312,300	$381,700
Note: These limits are subject to change in accordance with regulations. *Target Area: click here

Income Limits
Program	Income Limits
Cash Assistance Loan Program	click here
Additional Income Guideline Information The total gross annual household income for all residents living, or intending to live, in the home, age 18 or older, must be within the limits established for household income. Total gross annual household income is calculated using all sources of income including, but not limited to, wages, overtime, bonuses, child support, alimony, commissions and earnings from a second job, business and investments.

TV News and local Real Estate

Eager homebuyers and nervous sellers are often confused by conflicting news stories, most of which focus upon the more sensational aspects of the housing market and economy. With TV, major newspapers, magazines, and Internet sites bombarding consumers with ever-changing economic news, many are paralyzed in fear of taking action either too soon or too late.

Sellers want to know if home prices are still falling, and if they’ll be able to compete with foreclosures and short-sales. Buyers also want to know if home prices are falling; and if they are, how long they should wait to get the best deal.

Watching the evening news or reading the multitude of print articles only serves to amplify the confusion; one story advises consumers to prepare to be lifetime renters, while another describes the best time to buy a home in decades. There are stories providing data on why homes are a lousy investment, on the difficulty of selling in today’s market, on the changes in demographics that will forever alter the face of housing. And while there may be a kernel of truth in each feature, most articles paint with such a broad brush that much of the information has little bearing on local markets and is worthless to the average consumer.

Eager sellers need to know that while the market is difficult, with most areas having lots of competition, and in some an ample supply of distress sales, that appealing, competitively priced and aggressively marketed homes are selling. In order to compete they will need the advice of an agent familiar with local conditions and who is aware of current prices and the most successful marketing techniques for their area. Additionally, serious sellers must respect their agent’s advice on pricing their home—if they don’t trust them, they’ve chosen the wrong agent.

Finally, there are homes being bought and sold in all markets. Savvy buyers and hopeful sellers can achieve their goals—if they approach the process with a willingness to listen to the professionals, not the talking heads on TV.