CITY OF AUSTIN _ THE AUSTIN HOUSING FINANCE CORPORATION DOWN by lonyoo

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									CITY OF AUSTIN & THE AUSTIN HOUSING FINANCE CORPORATION DOWN PAYMENT ASSISTANCE PROGRAM 2004 – 2005 REALTOR/LENDER PACKAGE
Dear City of Austin Realtor/Lender: Thank you for your interest in the Down Payment Assistance Program (DPA) offered by the City of Austin and the Austin Housing Finance Corporation (AHFC). In addition to the DPA program, a Mortgage Credit Certificate (MCC) Program is available to first-time homebuyers. The Mortgage Credit Certificate Program provides up to $2000 per year in federal income tax savings and may be used jointly with DPA to maximize assistance to first-time homebuyers. In order to apply for the assistance through the Down Payment Assistance Program follow these steps: First Step: Second Step: Third Step: Fourth Step: Review guidelines on the next page to determine if this program works for your client. Determine if an MCC is a good investment for your client. An additional $1000 of DPA assistance is available for MCC users. Complete lender application (1003) Refer client to Homebuyer Education Class Submit complete application package to our office Submit complete Down Payment Assistance Packages to the following: MAILING ADDRESS Austin Housing Finance Corporation ATTN: Down Payment Assistance Program P.O. Box 1088 Austin, TX 78767 DELIVERY ADDRESS Austin Housing Finance Corporation Street Jones Building 1000 East 11th Street, Suite 200, Austin, TX For more information call: Phone Number: 512-974-3863 Fax: 512-974-1048 (Hablamos Español) or visit www.cityofaustin.org/ahfc
The Austin Housing Finance Corporation (AHFC) and the City of Austin are committed to compliance with the Americans with Disabilities Act (ADA and Section 504 of the Rehabilitation Act of 1973, as amended. Reasonable modifications and equal access to communications will be provided upon request. Please call 974-3100 (voice), Relay Texas at 974-3102 or 1-800-735-2989 (TDD) for assistance. For a sign language interpreter, please call AHFC at 974-3863 at least 7 days in advance. The AHFC and the City of Austin do not discriminate on the basis of disability in the admission or access to or treatment or employment in their programs and activities. Dolores Gonzalez has been designated as the City’s section 504/ADA Coordinator. Her office is located at 206 E. 9th. Street, 14th floor. If you have any questions or complaints regarding your Section 504/ADA rights, please call the Section 504/ADA Coordinator at 974-3256 (Voice) or 974-2445 (TTY).

Rev. September 2004

DOWN PAYMENT ASSISTANCE PROGRAM Description
Purpose: The purpose of the Home Down Payment Assistance Program is to provide qualified first time homebuyers a zero interest loan to assist with purchasing a home.

Type of Loan: Zero interest, deferred loan (second lien) Amount: Up to $10,000 of assistance for households earning at or below 50% Median Family Income Up to $7,500 of assistance for households earning between 51% to 60% MFI Up to $5,000 of assistance for households earning between 61% to 80% MFI A Homebuyer Assistance Initiative of $15,000 per client will be available to persons with disabilities Due and payable upon the first lien payoff, sale, refinancing, home equity loan, lease or transfer of title First lien loan must be a fully amortized fixed rate loan of up to 30 years with an interest rate that does not exceed the prevailing market rates for conforming loans. First time Homebuyers (Defined as not owning a home in the last three years)

Repayment: Financing: Participants:

Income Guidelines: Gross annual household income may not exceed 80% of the Median Family Income (MFI) for the City of Austin as established by the U.S. Department of Housing and Urban Development. Family Size 1 Person 2 3 4 5 6 7 8 Location: Inspections: Property: 80% Median Family Income $39,800 $45,500 $51,200 $56,900 $61,450 $66,000 $70,550 $75,100

Property must be located within the Austin City Limits (Extra Territorial Jurisdiction is ineligible). HUD Housing Quality Standards Inspection (HQS) New or existing single family home, primary residence (townhomes and condos acceptable). Manufactured housing acceptable (new, permanent foundation, & S.M.A.R.T. Housing™ certified).

Sales Price: Not to exceed $166,155 (95% of FHA loan limit) Homebuyer Education: Required – see class schedule, no enrollment fee Subject to funding availability other restrictions may apply. For more information, please contact The Austin Housing Finance Corporation at 974-3863.
Rev. September 2004

DOWN PAYMENT ASSISTANCE PROGRAM Application and Checklist (Do Not Fax)
APPLICANT INFORMATION Applicant’s Name: __________________________________________________________________________ Co-Applicant’s Name: _______________________________________________________________________ Property Address: ______________________________________________ Zip Code_____________________ Lending Institution: _________________________________________________________________________ Contact Person: _____________________________________Phone: ________________Fax: _____________ Real Estate Agent: __________________________________ Phone: ________________Fax: _____________
Instructions: Follow the checklist and submit a complete application. Notification within 48 hours. Applications received after 11:00 a.m. will be recorded as received on next business day. Applications processed on “first-qualified”, “first-come”, “firstserved” basis. Need Originals for Items 2 and 3. Review instructions on next page for more detailed information.

______1. 2. 3.
4.

MCAW or Transmittal signed by Underwriter *DPA Application/Certification Affidavit (Attachment A) *DPA Buyer/Seller Certification Of Purchase (Attachment B)
application completed.

Lender’s Loan Application - A signed copy (from buyer/lender), of the lender’s completed uniform loan Co-signers acceptable on case-by-case basis Lender’s Good Faith Estimate (completed with property, rate and loan type) Seller’s Sales Contract executed by buyer (s) and seller (s) Lead Based Paint Disclosure for homes built before 1978

5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16.

Buyer(s) must receive the HUD/EPA/CPSC pamphlet, “Protect Your Family From Lead in Your Home” (Homes built before 1978) HQS-Housing Quality Standard Inspection Agreement (Attachment C) Request for HQS Inspection Form Certificate Of Occupancy (C/O – new construction only) Buyer(s) Income- Need copies of last (4) paycheck stubs for all working members of the household (Social security, child support, rental, interest, etc.) Bank Statement- For checking and/or savings accounts; Include copies of the most current statements for all working members of household. Tax Returns- Last (3) years of Income Tax Returns for all working members signed with W2’s. Divorce Decree or Child Support Information-or signed statement (if applicable) Provide all Information for Applicant and Co-Applicant including a non-purchasing spouse

Rev. September 2004

DOWN PAYMENT ASSISTANCE PROGRAM Instructions for Lenders Providing Items on Checklist
1. Commitment Letter: A signed copy of MCAW or Transmittal Summary must be submitted 2. DPA Application (Attachment A): Must have original signatures from applicant and co-applicant. Must be completely filled in and notarized. 3. Buyer/Seller Certification (Attachment B): Must be original signatures from buyer and seller. Must be completely filled in. 4. Lender’s Loan Application (1003): A copy signed by BUYER and LENDER with all sections completed. Co-signers are acceptable on case-by-case basis. 5. Lender’s Good Faith Estimate: Signed by both buyer and loan officer. Property address being purchased, interest rate, and type of loan must be completed. Include MCC fees if your applicant is applying for the additional $1,000 of DPA assistance available for MCC users. 6. Sales Contract (Earnest Money Agreement): A legible executed copy (signed and dated) by buyer(s) and seller(s). Seller must check applicable box for lead based paint disclosure. 7. Lead Based Paint Disclosure: Homes built prior to 1978. Executed with contract by seller. Seller must check applicable box. 8. HUD/EPA/CPSC pamphlet, “Protect Your Family from Lead in Your Home”: All homes built prior to 1978 or an EPA-approved alternative noting any known presence of lead based paint. [24 CRF 35.1010 (b); 24 CRF 35.130] 9. HQS (Attachment C): Required for ALL Down Payment Assistance applications 10. Request for Inspection: Lender must complete form with all contact information 11. Certificate of Occupancy: For new construction (homes never previously occupied). Submit a copy of the Certificate of Occupancy or property must pass inspection for Visitability Ordinance (No. 98-1007-A) 12. Buyer(s) Income: Need copies of last four paycheck stubs for all working or income receiving members of household. All sources of income will be used: Social Security, Child Support Payment, Rental, Interest, etc. 13. Bank Statement: On checking and/or savings account, copies of the most current statements for all working members of household. The total household liquid assets are limited to a verifiable total not to exceed $10,000 in checking, savings, stocks, bonds or mutual funds and total unimproved real estate assets limited to $10,000 in real estate property at the time the application is submitted. If statements (proof of assets) cannot be provided, we will need a signed statement (notarized). 14. Tax returns: Last three years of Income Tax returns for all working members of household. Complete SIGNED tax returns required (1040’s and W-2’s). 15. Divorce Decree or Child Support Information: Or signed statement, if applicable. 16. Non-Purchasing Spouse: Income will be included for calculating projected income.
Rev. September 2004

DOWN PAYMENT ASSISTANCE PROGRAM Income and Household Size Affidavit

ATTACHMENT A

I (We) hereby submit the information contained in the attached Uniform Residential Loan Application, tax returns, and other furnished documents to be considered for the Austin Housing Finance Corporation’s Down Payment Assistance Program. Under penalty of law, I certify the home being purchased is located at ______________________________, Austin, Texas, Zip . The information contained in all required and signed program-related documents being submitted, is true and correct. I further certify that: The house I (we) am purchasing is not a duplex or mobile home The house I (we) am purchasing is located within the Austin city limits Neither I nor the Co-Applicant have owned a home in the last 3 years The house I (we) am purchasing will by my (our) primary place of residence 5. The following is a list of ALL persons who will be occupying the home after closing: Name Age Relationship Gross Mo. Income $ $ $ $ $ $
The undersigned agrees to release whatever information the State Attorney General determines to be publicly available. The undersigned agrees to allow the City and/or its designee, financial institutions, and other appropriate institutions to share information contained in this or their file for the purpose of Down Payment Assistance eligibility and related business. I understand that any discrepancy or omissions later found may disqualify me. If such a discrepancy or omission is discovered after closing, I understand that any financial assistance provided by the City of Austin may become due and payable.

1. 2. 3. 4.

Applicant (original signature) Race/National Origin:
__American Indian __Black, Non-Hispanic __Anglo Gender: __Male Disabled: __Yes

Date

Co-Applicant (original signature)
__American Indian __Black, Non-Hispanic __ Anglo Gender: __Male Disabled: __Yes

Date

__Asian/Pacific Islander __Hispanic __American Indian/Alaskan Native __Female __No

Race/National Origin:

__Asian/ Pacific Islander __Hispanic __ American Indian/Alaskan Native __Female __No

STATE OF TEXAS COUNTY OF TRAVIS This instrument was acknowledged before me on ____________ of ______________ 20_____, by ____________________________________. Notary Public, State of Texas My commission expires: ___________________________
WARNING: Title 18, Section 1001 of the U.S. Code states that a person is guilty of a felony for knowingly and willingly making false or fraudulent statements to any department of the United States Government.
Rev. September 2004

DOWN PAYMENT ASSISTANCE PROGRAM Buyers/Sellers Certification of Purchase
ATTACHMENT B
Date: Property Being Sold: Buyers Intent To Purchase I (Buyer) am a private individual interested in purchasing the property located at the above identified address. Please note that I will be applying for federal funds provided under the HOME Down Payment Assistance Program, funded through the City of Austin. Although federal funds may be involved in this transaction, you (Seller) must understand that I do not have authority nor will I attempt to use the threat of eminent domain if we cannot reach a mutual agreement on the sale of the property. I understand approval of this certification by all parties is a condition to receiving HOME Down Payment Assistance. Seller’s Certification of Conditions I (Seller) am the owner of the above identified property and am voluntarily selling the property of my own free will. I certify that the last occupant of the property was not displaced in order to place the property for sale; therefore, no displacement has occurred. I understand you (Buyer) will not evoke the threat of eminent domain and, therefore, I am not eligible for assistance under the Uniform Relocation and Real Property Acquisition Policies Act of 1970, as amended. In addition, I recognize the right of the Buyer to withdraw from the escrow contract with no penalty if the Buyer is not approved for this assistance. I (Seller) certify the property meets one of the following conditions (check one): ( ) Currently is or last occupied by myself before I placed it on the market to sell ( ) Had a previous tenant who moved out voluntarily when their lease expired or was evicted for due cause before the property was placed on the market ( ) Is being sold to the current tenant ( ) Is real estate owned by this institution which was vacant before a contract of sale was accepted. ( ) Is new construction Any lead based paint hazards issues on homes built before 1978 will be negotiated between buyer and seller according to HUD. Buyer’s/Seller’s Acceptance and Authorization of Intent to Purchase As witnessed by our signatures below, the Buyer and Seller of the above identified property do acknowledge and accept the conditions as set forth in this certification document. We attest to the accuracy of the statements provided. We agree that the sale price offer of $_______________ has been determined as the fair market value of the subject property, based on the unforced willingness of the Seller to sell and the unforced willingness of the Buyer to buy the subject property at the price so indicated. Submit the original signed certificate. Buyer: Seller: Co-Buyer Co-Seller Date: Date:

WARNING: Title 18, Section 1001 of the U.S. Code states that a person is guilty of a felony for knowingly and willingly making false or fraudulent statements to any department of the United States Government.

Rev. September 2004

CITY OF AUSTIN AUSTIN HOUSING FINANCE CORPORATION Housing Quality Standards Inspection Agreement
ATTACHMENT C I, ________________________________________as an applicant for the Austin Housing Finance Corporation, Down Payment Assistance Program hereby agree(s) to and understand(s) the following: • A Housing Quality Standards (HQS) Inspection defined by the Department of Housing and Urban Development (HUD) is required of each property purchased under the Home Down Payment Assistance Program for Homeownership Assistance Program. This inspection will be performed by a HQS certified Inspector. This inspection is a requirement of HUD and in no way should serve in lieu of a structural inspection of the property. The AHFC encourages the Buyer / Purchaser to obtain a separate inspection or Report that addresses the structural integrity of the property. I understand that all repairs identified as necessary through the HQS Inspection must be completed before the date of closing, as a condition of participation in this program. The repairs may be undertaken through agreements with the seller, or through other means determined to be acceptable in consultation with Austin Housing Finance Corporation. If Lead based paint hazards are found at the time of HQS inspection, a certified contractor will have to follow HUD’s safe work practice methods. HQS inspection fees (inspection only by AHFC inspectors), are paid through Down Payment Assistance funds. Follow up inspections will be required to assure that necessary repairs identified in the initial HQS inspection are completed satisfactorily.

•

•

• • •

Purchased Property: _______________________________________________________________ ___________________________________________ Applicant Signature ________________________ Date

Rev. September 2004

CITY OF AUSTIN AUSTIN HOUSING FINANCE CORPORATION Request for Service/Inspection
Section I (To be completed by lender)
**Lending Section** Requestor: _____________________________ Mortgage Company: ____________________________________________ Email Address: ______________________________________________________________________ Contact Number for Lender: _______________ Fax Number: __________________________ Name of Borrower: ________________________Property Address: ____________________________ Year Built: ________________________ or __________ New Construction Contact Person for Entry: Listing Agent Name: ________________Phone Number: _______________ Alternate Contact Buyer’s Agent Name: _____________________Phone Number: __________________

Section II
**AHFC Staff Only** Lending Specialist Name: __________________________ Date: ____________________________ Program: _____________ Order Number: ___________ IDIS Number: ________ Construction Coordinator:_______________ Priority: 1 (2 days) 2 (7 Days) 3 (14 days) Write up Cost Analysis Consultation

HQS Inspection Draw Inspection Quality Control Inspection Visitability/CRF Inspection Other Attachments (if any): Comments:

Type of Service:

Section III
**Construction Staff Only** Person Contacted: ___________________________________ Scheduled (Date/Time: _______________ Date of Inspection: __________________________________ Results: ____________________________ Funding Code: ___________________________________ Hours Spent: ________________________ Report Submitted: __ HQS
Rev. September 2004

___ Visitability/CRF ___ Draw ___ Quality Control ___ Written Report

CITY OF AUSTIN AUSTIN HOUSING FINANCE CORPORATION Homebuyer Education Course Schedule
Registration Requirements: If you are applying for financial assistance from the City of Austin/Austin Housing finance Corporation, you must complete the Homebuyer Education Course prior to closing. To register return the following information:

• Complete registration form with course number indicated • Mortgage Loan Application from lender • First page of the Sales Contract
All Classes will be held at the: Street-Jones Building 1000 East 11th --Room 401 Austin, Texas 78702 Directions: Head south on IH-35; Take the 12th and 11th Street exit; If heading north on IH-35, take the 6th thru 12th street exit and head east to 1000 East 11th.

October 2004
Date of class Tuesday, 10/05 Wednesday, 10/13 Tuesday, 10/19 Date of Class Tuesday, 11/02 Wednesday, 11/10 Tuesday, 11/16 Date of Class Wednesday, 12/01 Tuesday 12/07 Wednesday, 12/15 Deadline to register Thursday, 09/30 Thursday, 10/07 Thursday, 10/14 Deadline to register Thursday, 10/28 Friday, 11/05 Wednesday, 11/10 Deadline to register Friday, 11/26 Thursday, 12/02 Friday, 12/10 Time of class 5:30PM – 8:30PM 5:30PM – 8:30PM 5:30PM – 8:30PM Time of class 5:30PM – 8:30PM 5:30PM – 8:30PM 5:30PM – 8:30PM Time of class 5:30PM – 8:30PM 5:30PM – 8:30PM 5:30PM – 8:30PM Course# 28 29 30 Course# 31 32 33 Course# 34 35 36 Rm# 401 Multi-Purpose (English) Multi-Purpose (Spanish) Multi-Purpose (English) Rm# 401 Multi-Purpose Multi-Purpose Multi-Purpose

November 2004

(English) (Spanish) (English)

December 2004
Rm# 401 Multi-Purpose (English) Multi-Purpose (Spanish) Multi-Purpose (English)

Insert Course number on registration form Room assignments and schedules are subject to change without notification. Call 974-3863 to confirm the class. Class registration forms must be submitted into our office 48 hrs. prior to the class date.
Rev. September 2004

CITY OF AUSTIN AUSTIN HOUSING FINANCE CORPORATION Homebuyer Education Course Schedule Registration Form
Instructions: Fill out this form and attach a copy of the Uniform Residential loan Application (1003) and the first page of the sales contract. Fax it to the number shown below. Certificates will be issued at the end of the class.

All registration forms must be submitted into the office 48 hours prior to the class date. Fax form to: 974-1048 or call 974-3863 for questions
Name: ____________________________________________________________________________ Address: __________________________________________________________________________ Phone Number: ____________________________________________________________________ City Department (If applicable): ______________________________________________________ Lender Name (if applicable): _____________________________________ __________

Lender Phone Number (if applicable): _________________________________________________ Course Number/Date: (insert from class schedule) ______________________________________

Question: Do you need any special assistance? (Check one) ____ yes If yes, what type of assistance? ____ no _______

The Austin Housing Finance Corporation (AHFC) and the City of Austin are committed to compliance with the Americans with Disabilities Act (ADA) and Section 504 of the Rehabilitation Act of 1973, as amended. Reasonable modifications and equal access to communications will be provided upon request. Please call 974-3100 (voice) or Relay Texas at 974-3102 or 1-800-735-2989 (TDD) for assistance. For a sign language interpreter, please call AHFC at 974-3863 at least 7 days in advance. The AHFC and the City of Austin do not discriminate on the basis of disability in the admission or access to or treatment or employment in their programs and activities. Dolores Gonzalez has been designated as the City’s section 504/ADA Coordinator. Her office is located at 206 E. 9th. Street, 14th floor. If you have any questions or complaints regarding your Section 504/ADA rights, please call the Section 504/ADA Coordinator at 974-3256 (Voice) or 974-2445 (TTY). The AHFC and the City of Austin will comply with the City of Austin’s Visitability Ordinance (#98-1007-A) and the Voluntary Compliance Agreement dated October of 1997.

Rev. September 2004


								
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