More Help for Buyers of Foreclosures and Fannie Mae Homes for Sale- By: John Cutts
Homebuyers interested in purchasing foreclosed properties and Fannie Mae homes for sale can get some help from Enterprise Community Partners Inc. The affordable housing development organization has received funds from the Texas Department of Housing and Community Affairs (TDHCA) to help finance low income familiesí home purchases.
Low income families interested in buying single family dwellings from Dallas foreclosure auctions and other foreclosure-selling channels in various cities of Texas can get help from Enterprise, which received over five million dollars of Neighborhood Stabilization Program funds from the TDHCA. The funds would be used to help pay for down payments, closing costs and mortgages. Buyers who qualify can get as much as $30,000 worth of financial assistance.
The effort was launched to help revitalize neighborhoods that were affected by foreclosure problems and have high numbers of residential properties under Texas home auctions. It covers a number of cities including Cedar Hill, Weatherford, Duncanville and other local areas within Dallas and the North Texas region.
The financial assistance will be provided to qualified low-income buyers who plan to acquire single family foreclosed properties, including Fannie Mae homes for sale, and other types of foreclosed residential properties. The funds will be made available on a first come, first serve basis according to Enterprise officials.
Buyers of properties included in a list of foreclosures can qualify if they earn an income that is 80% of, or less than, the median family income in the area. Applicants also need to attend a free buyer education class handled by an approved U.S. Department of Housing and Urban Development counseling agency. They should also get pre-qualified for a loan mortgage from a certified lender.
The assistance that will be provided to low income buyers of foreclosed houses, Fannie Mae homes for sale and other types of residential properties is designed to revitalize the neighborhoods in Texas that were affected by the national housing market crisis. Enterprise specializes in affordable housing programs and community development and has been doing so since 1988.
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