Monday, September 28, 2009
Affordable Loan Product Matrix Available Online
For over a decade the MN Home Ownership Center has produced the “Affordable Loan Product Matrix”, to inform non-profit housing counselors of affordable loan programs available to their clients.
Designed to assist low- to moderate-income homeowners with the purchase of their first home, the matrix generally includes loan programs that have flexible underwriting guidelines, allow higher LTV limits, lower buyer investment and require homebuyer education and/or counseling.
Now, for the first time, the Center is making the Affordable Loan Product Matrix available to the general public - - and will be an especially helpful tool for real-estate industry and lending professionals.
The matrix can be found on the Center's website here.
If you are a homeowner interested in purchasing your first home... feel free to browse the matrix - - but we also recommend that you speak with a housing counselor to see which, if any, of the programs listed are best suited for YOU. A non-profit housing counselor (also known as a Home Stretch Counselor) can work with you to make sure that you are ready for successful home ownership. For more information, click here.
The Center continues to develop an Entry Cost Assistance Matrix (Down-payment and closing cost assistance, grants & programs) as well. More information will be posted soon.