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Page 18 April 2004 The AC Phoenix Roslyn Lash FIRSTCLOSING Q: 1 have heard that I can use my Section 8 Housing Authority voucher to purchase a house. Is this true? A: It is true that if your local Housing Authority offers a Section 8 Homeownership program, you may be able to receive a monthly subsidy to be applied toward your mortgage by using your Section 8 voucher. HUD introduced a Section 8 Homeownership program approximately 2 years ago. It is a relatively new program, and not all Housing Authorities offer this type of assistance. I can provide you with some basic information. You will need to contact your local office directly to get specific details. HUD provided a model for the program, but many of the details and requirements are left to the individual Authority. As I have constantly stated, there are many, many subsidy programs available. There are many low money down programs, however, in order to purchase a house under favorable terms, you must have favorable credit. Yes, you can buy a house using your voucher if your credit is less than desirable, but you will receive higher interest rates. Higher interest rates result in higher monthly payments. With that understanding I will proceed with your question. You must call your local Public Housing Authority for their rules. I can tell you that the majority of these programs have at least the following requirements: • Be a first time homeowner. This means that you cannot have purchased a home, or had property in your name for the past 3 years. • In good standing with the Housing Authority and have no delinquent rent history with any other Housing Authority. • Be employed. Income guidelines vary • Currently are a Section 8 tenant • Complete Budget and Credit Counseling • Participate in Homeownership Classes • Secure a loan from a lender Q: What is an origination fee? A: It is the fee that banks charge for processing your loan. Fees vary from lender to lender, but many banks charge 1 % of the loan amount. For example, if your loan amount is $100,000 you would pay $1000 as an origination fee. This like all other fees is negotiable. If your bank is charging you 2% ask for a lower fee, or go to another bank. The origination fee should be revealed to you immediately. In fact, I would suggest that you ask "before" applying for a loan. It's your money so don't hesitate to ask questions! Roslyn S. Lash is a REALTOR with over 10 years of experience. If you have any questions or comments, please email her at RealtySelect @ yahoo.com or call 336 655.5701 and your questions will be addressed in an upcoming issue. lOth Annual Phi Omega Inc. Classic Gnif Tnurnament Sponsored by Phi Omega Inc. A non profit development group of Alpha Kappa Alpha Sorority Women Saturday, April 24, 2003 Winston Lake Golf Course Registration: 7:30 am Shotgun Start: 8:30 am Team Play Captain’s Choice Hole in One Prize Continental Breakfast, Picnic Luncheon and Refreshments During Piay Great Food, Fabuious Prizes and Gift Bags for Everyone! Auction for Fabulous Gifts During Luncheon The Tournament is iimited to the first 120 piayers Corporate Goid Sponsorship: $1000 Includes golf and picninc lunch for four; full page advertisement In souvenir booklet, your company name posted at a course hole, recognition on the sponsor banner, and all promotional materials. Golf cart and refreshments provided. Corporate Siiver Sponsorship: $500 Includes golf and picninc lunch for one; full page advertisement in souvenir booklet, recognition on the sponsor banner, and all promotional materials. Golf cart and refreshments provided. Team: $240 Includes golf cart and picnic lunch fro four. Individuai Piayer Entry: $60 includes golf cart and picnic lunch fro one. For additional information, please contact Janet Wheeler, Phi Omega Inc., President at (336) 769-1840 or Evelyn Acree, Golf Tournament Director (336) 722-0200 Registration Sponsor Levei (check one) Corporate Goid $1000 Team $200 Corporate Silver $500 Individuai $50 Name Address Phone (work) Pairing Request 1. 3. j;ity_ (home) Company. State Zip 2. 4. checks payable to Phi Omega Inc. Golf Classic. Mail completed try form to Brenda Hodge at 973 Bryansplace Road, W-S 27104
The AC Phoenix News (Winston-Salem, N.C.)
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April 1, 2004, edition 1
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