planning: Mortgage Buy-Down

Montgomery County, PA

P.O. Box 311, Norristown, PA 19404-0311
Courthouse Hours: 8:30a.m. to 4:15p.m.
Phone: 610-278-3000
Website: www.montcopa.org

Mortgage Buy-Down
New Jersey HOPE (Home Ownership for Performing Employees) (New Jersey)
HOPE is an employer-guaranteed loan program, provided through the New Jersey Housing and Mortgage Finance Agency (HMFA), which offers no down payment, below-market, fixed-rate mortgages (with private mortgage insurance) to eligible employees.  HOPE will allow up to 100 percent financing.  Employers must be approved by the HMFA, and an employer of any size can participate.  Click here for further information on this program.
 
University of Washington (Washington State)
Eligible employees can take advantage of the Homeownership Opportunity Initiative Program.  This down payment loan program offers an interest rate buy-down (0.5 percent), reduced mortgage insurance (30 percent), and closing costs that are lower than standard, with no income restrictions.  Similar programs are offered by the City of Seattle to homebuyers with incomes at less than 80 percent of the area’s median income.   More information is available at the university’s Web site.