There are many exciting things happening in the lending industry in 2014. Here is a summary of some of the programs that will benefit home buyers in the new year.
203K Rehab Loans: 203K loans have remained unaffected by recent changes to the lending industry and allow home buyers or current homeowners to finance the cost of rehab or repair work. The home must be owner-occupied, but can be repaired after closing with this program.
Homes for Heroes: This program offers substantial savings for heroes in our community such as firefighters, police officer, teachers, and Veterans, with funding available in 2014. www.cohomesforheroes.org
MCC Tax Credit: Benefit program for first time home buyers or Veterans to receive a percentage of their mortgage interest as a tax credit every year for the life of their loan. www.mcccolorado.com
Back-to-work Program: Recognizing the fact that many homeowners had financial hardship that led to foreclosure or bankruptcy, this program is allowing homebuyers to qualify just one year after bankruptcy and foreclosure, if you can document that you had a financial hardship.
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