Do you want to purchase or rehabilitate a home in an urban renewal area? Many lenders are reluctant to extend mortgages in these circumstances. One of the many barriers facing low-and moderate-income homebuyers is that lenders have often regarded mortgage loans for comparatively small amounts as unprofitable, the servicing and other administrative costs were thought to outweigh the potential profits. This program increases home ownership opportunities for low-and moderate-income families by insuring small mortgage loans and thus reducing the lenders risk. This program insures mortgage loans made by private lenders to finance the purchase, construction, or rehabilitation of low-cost, one-to four-family housing. (14.122 Mortgage Insurance-Homes in Urban Renewal Areas 220) . For more information contact your local HUD office, contact the FHA Mortgage Hotline at 1-800-HUDSFHA, or check out the program online at www.hud.gov/offices/hsg/mfh/progdesc/progdesc.cfm
Income Eligibility: None
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