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Monday, April 21, 2014

PROGRAM ANNOUNCEMENT - HOUSING FINANCE COMMISSION – BELOW MARKET RATES

Advance Notice – Limited Time Offer
 
Please be advised the Housing Finance Commission expects to announce funding for a below-market House Key Opportunity Program on or about May 1, 2014.  A formal announcement will go out upon program launch.
 
The total amount of funds for this proposed program is dependent on housing revenue bond market conditions and the program may be withdrawn at any time after funding availability is announced.
 
We anticipate a potential pool of funds up to $25 million, but this too can increase or decrease based on market conditions.
 
Proposed Interest Rates:


3.50% - 1% origination for FHA, VA

3.75% - 1% origination for Conventional loans

 
Reservations:

90 days – existing construction (through loan purchase)

120 days – new construction (through loan purchase)

·    No Waiting List will be taken once the program is terminated. 

·         

·   Funds are expected to go quickly.

Loan Term:

30 years fixed

 
If you are interested, please contact me immediately so I can put you in contact with the best lender to  pre-qualify you and have you complete the required home buyer education (can complete class online).  These funds will go VERY quickly so we would need to move fast once the funds are available on or about May 1st.  Income and purchase price limits apply.

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