Help for Homebuyers and Owners
- Details
- Created on Wednesday, 24 April 2013 15:38
- Written by Catherine Vitale
LYNDONVILLE - On the 45th anniversary of the passage of the Federal Fair Housing Act, Governor Peter Shumlin has named April 2013 Fair Housing Month.
Local non-profit Rural Edge works year round to give everyone an opportunity.
Formerly known as the Gilman Housing Trust, Rural Edge offers a variety of programs to assist homebuyers and homeowners alike. Jodi Morris, a home ownership pecialist at Rural Edge, explained the various programs.
“We have a pre-purchase program with a monthly homebuyer education class for first time homebuyers,” Morris said, “We have a program that assists homeowners that are in jeopardy of losing their home to foreclosure, or possibly becoming delinquent. We also have a revolving loan fund program.”
The revolving loan fund program helps homeowners make desperately needed repairs. These repairs can range from building an accessibility ramp for wheelchair access, to roof and foundation repairs. Morris used the example of a family in a time of drought.
“So they would come here with help for having a well drilled, for example, because they’re out of water,” Morris explained, “they would go through the process of applying for the financing. We’d do what we could to get them the financing they need to get water back.”
To qualify for the loan homeowners must meet 2013 Federal Housing and Urban Development (HUD) income limits. Rural Edge uses the 80% HUD, meaning their requirement is 80% of the median income. In Caledonia County the median income in 2013 is $54,700. For example, A person living alone could make a maximum of $35,250, a two person family can have a max income of $40,250, and a three person family can make a maximum of $45,300. For larger families, a four person family can have a max income of 50,300. A family of five can have a maximum income of $54,350, a six person family can have a max income of $58,350, and a seven person family can have make a maximum of $62,400.
Rural Edge’s first time homebuyer programs offer guidance throughout the process of buying a first home. This program helps ease the anxiety of the purchase and the different aspects that come with it.
“The first time homebuyers come in initially through an 8 hour workshop, and then they’re assigned to a counselor,” Morris said, “That counselor walks them through the homebuying process step by step, with any help they need from working with the lender, financing, inspections, anything that may trip them up.”
Patricia Emery at Parkway Realty Associates in Lyndonville also believes in helping the community, and making them more aware of the options available to them.
“I think there are a lot of people who can get a mortgage for little or zero money down, but they may not realize it,” Emery said, “You have to have good credit, you have to have a job, but your credit score doesn’t even have to be that high… 620.”
Whether you’re a first time homebuyer looking to head in the right direction, or a current homeowner looking for help, places like Rural Edge are ready to help. Patricia Emery also had words of advice.
“One of the first things somebody should do if they’re thinking about buying a house,” Emery advised, “ is either attend one of the NeighborWorks homebuyer education courses offered monthly here in Lyndonville and Newport, or go and talk to a lender.
For more information on Rural Edge or any of the programs they offer, you can visit their website here.