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Section 3
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  Real Estate Professionals

 

Information on Partnering with MHDC

 

> Advantages & Restrictions

 

Benefits to real estate professionals

bullet Cash to help with closing costs
bullet No added credit underwriting/qualifying
bullet Uses programs with familiar guidelines
bullet Opens up additional markets.  Many people who might not otherwise be able to afford a home will enter the buyer’s market.
bullet Community development incentive.  Areas that are being redeveloped often are included in federally-targeted census tracts.  Without the first-time homebuyer requirement, First Place loans help real estate professionals sell in these areas.
 

Borrower advantages

bullet Only one application to be taken
bullet Lower monthly payments
bullet Borrower applies at local lender
bullet Allows real estate sales staff the opportunity to establish relationships with lenders
bullet No worries about predatory lending.  MHDC regulates fees and audits each loan file for excessive fees
 

Program restrictions

bullet IRS regulations limit the maximum sales price for properties
bullet No properties in 100-Year Flood Plains are eligible for financing
bullet All applicants must be first time buyers, with some exceptions
bullet Some restrictions may apply to the sale of the home
bullet IRS regulations limit the maximum income of applicants

 

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