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**Homeownership IDA Resource Guide**

**Fannie Mae (www.fanniemae.com)**

Fannie Mae is a private company that provides financial products and
services that make it possible for low, moderate, and middle income
families to buy homes.

> *Resources on the Fannie Mae Website:*

-   Affordable Housing and Community Development: Information about
    Fannie Mae's mortgage products, services, investments, national
    partnerships, and local initiatives.

-   *Homepath*: Information for individuals on finding mortgages and
    lenders, steps to becoming a homeowner, renovation, refinance, and
    the "True Cost Calculator."

-   Resources: ![](media/image2.png){width="1.0416666666666666e-2in"
    height="0.125in"}This section includes calculators to determine how
    much an individual can afford; counselors and agencies to contact
    for eligibility, options, and advice; property search resources; and
    a glossary.

**U.S. Department of Housing and Urban Development (HUD) (www.hud.gov)**

HUD\'s mission is to increase homeownership, support community
development, and increase access to affordable housing free from
discrimination. The HUD website contains information on home buying,
public housing, lending, and counseling for low income and other
populations (senior citizens, veterans, students, people with
disabilities, etc.)

> *HUD Resources:*

-   Office of Community Planning and Development, Affordable Housing
    Programs: Information about three affordable housing programs: HOME,
    SHOP, and HOZ.

-   HOME provides formula grants to States and localities that
    communities use---often in partnership with local nonprofit
    groups---to fund a wide range of activities that build, buy, and/or
    rehabilitate affordable housing for rent or homeownership or provide
    direct rental assistance to low-income people.

-   American Dream Downpayment Initiative: ADDI is a program within HOME
    that aims to increase the homeownership rate, especially among lower
    income and minority households, and to revitalize and stabilize
    communities. The program was created to assist low-income,
    first-time homebuyers in purchasing single-family homes by providing
    funds for downpayment, closing costs, and rehabilitation carried out
    in conjunction with the assisted home purchase.

**Neighbor Works Neighborhood Reinvestment Corporation
(www.nw.org/network/home.asp)**

This is a system of national and local organizations that create new
housing development opportunities for residents while improving
communities. The "National Programs" and "Community Strategies" sections
on the website provide ideas for revitalizing urban and rural
communities.

> *Partnering Agencies:*

-   Neighborhood Reinvestment Corporation: A national nonprofit
    organization created by Congress to provide financial support,
    technical assistance, and training for community-based
    revitalization efforts.

-   NeighborWorks Network: A national network of 235 community-based
    organizations creating healthy communities through the work of
    thousands of residents, business people, government officials and
    other partners.

-   Neighborhood Housing Services of America: NHSA provides direct
    financial services to NeighborWorks network organizations by serving
    as a unique secondary market that brings assets to communities
    suffering from disinvestment and decline.

-   National Partnerships: National partners, such as banks, insurance
    companies, retailers and foundations, play an important role in
    helping Neighborhood Reinvestment and NeighborWorks organizations
    revitalize hundreds of communities.

**The Federal Home Loan Banks (www.fhlbanks.com)**

The Federal Home Loan Banks are an essential source of stable, low-cost
funds to financial institutions for home mortgage, small business,
rural, and agricultural loans. With their members, the FHLBanks
represent one of the largest sources of home mortgage and community
credit in the country.

> *Resources:*

-   Affordable Housing Program (AFP) and Community Investment Program
    (CIP): These are two programs that the FHLBanks system offers
    through its members to meet pressing local housing and community
    investment needs.

-   Individual Development and Empowerment Account (IDEA) Program: Under
    the IDEA Program, the FHLBanks system sets aside a portion of its
    Affordable Housing Program (AFP) contribution to provide matching
    grants through Bank members for downpayment and closing cost
    assistance to eligible homebuyers, who have saved under Individual
    Development Account (IDA) or Family Self-Sufficiency (FSS) programs.
    For more information, go to the Federal Home Loan Bank of San
    Francisco website and look under "Community Investment"
    (www.fhlbsf.com).

**USDA Rural Development (www.usda.gov)**

USDA offers housing information, resources and some housing for
communities and families in rural areas. Look under "Rural and Community
Development" on the USDA website. The USDA also has a Rural Housing
Service (www.rurdev.usda.gov/rhs/) that works with a wide variety of
public and nonprofit organizations to provide housing options to
communities throughout rural America. Organizations eligible to apply
for RHS funds include local and state governmental entities; nonprofit
groups, such as community development organizations; associations,
private corporations, and cooperatives operating on a not-for-profit
basis; and Federally recognized Native American groups.

> *Rural Housing Services Resources*:

-   RHS Nonprofit Opportunities: Information on programs of special
    interest to nonprofit organizations and here

-   Individual and Family Opportunities: A list of programs for
    individual and family assistance.

**Section 8 Housing Authorities (also called Housing Choice Voucher
Programs)**

Section 8 is a federally funded rental assistance program that
subsidizes the cost of rental housing for eligible households. The
program allows qualified low-income families and individuals to rent
privately owned housing while the Housing Authority of the local, county
or city pays the owner directly for a portion of the monthly rent.

> *Section 8 Information:*

-   National Housing Law Project: <http://www.nhlp.org/html/sec8/>

-   HUD: <http://www.hud.gov/offices/pih/programs/hcv/index.cfm>

-   Affordable Housing Online:
    [http://www.affordablehousingonline.com](http://www.affordablehousingonline.com/)

-   Also search within your State for your local Housing Choice Voucher
    Program

**Sweat Equity Partners** (Habitat)

Sweat equity programs provide an alternative to cash outlays; such
programs allow families and individuals to purchase a home in return for
their labor. Sweat equity contributions significantly reduce
construction and rehabilitation costs, as well as capital contributions.
Habitat for Humanity International (www.habitat.org) is an example of a
sweat equity partner. HUD's HOME funds (see above) can also be used as a
source of low-cost financing to support sweat equity programs.

***Homeownership IDA TIP*: Support Documentation for Home Purchase**

Here are some support documents IDA participants should develop during
the process of looking for a first home. Participants should take these
documents when closing on their house.

1.  Copy of mortgage application and mortgage approval letter (including
    homeowner's insurance)

2.  First time buyer verification

3.  Purchase and sales agreement

4.  Truth in lending agreement

5.  Good faith estimate

6.  Estimated buyer's closing statement

7.  Relevant bills and documents (attorney, home inspector, gift
    letters, etc.)