Primary market

Housing Authorities Provide Below-Market Mortgage Loans

One of the most under utilized home financing groups I"ve seen are the nationwide offices of State Housing Finance Agencies. These are state-chartered authorities that help meet the housing needs of each state"s residents. Not all HFAs are created equal in regards to their relationship to state government, however, most are independent entities operating under the direction of a governor-appointed board of directors. HFAs administer scores of affordable housing and community development programs, which center around three federally authorized programs: the Mortgage Revenue Bond (MRB) program; the Low Income Housing Tax Credit program (Housing Credit); and the HOME Investment Partnerships Program (HOME). The National Council of State Housing Agencies says HFAs have used these programs to design hundreds of housing programs, "including homeownership, rental, and all types of special needs housing. Many NCSHA member agencies also administer other federal housing programs, including Section 8 and homeless assistance." HFAs have provided affordable mortgages to more than 2.4 million families to buy their first homes through the MRB program. HFAs have also financed more than 2.4 million low- and moderate-income apartments, including 1.6 million apartments using the Housing Credit. In addition to the bond programs, some HFAs partner with Fannie Mae, Freddie Mac and other investors to provide money for these types of loans, usually with a below-market interest rate. The loans customarily have limitations, such as income and size of household. For the Housing Authority that serves your area, search online by typing "[Your State] Housing Authority" into your favorite web browser, or contact your county government. There are a plethora of private, non-profit housing agencies to help people get into a home of their own. Below is a list of the websites for each state"s housing agency, which is a valuable resource to find financing assistance from such groups in your local area. Housing agencies offer home buying education, money for down payments and low-interest loans, if you qualify. In a buyers" market, the HFA financing can bring down a buyer"s cost of getting into a house and limit the monthly payment through below-market interest rates. Many of the programs come with unique limitations, such as some that will finance the purchase of the house, but won"t finance the appliances (what"s that all about?), but this is usually overcome with the home seller offering the appliances for sale for $1.00, etc. On the resale value, some of the programs will only allow a limited amount of appreciation to go to the homebuyer. The idea is that with the special program, combined with lower interest rates and government-based funding, the HFA wants to help low- to moderate-income consumers get into a home, but they don"t want to assist them in growing rich during a market gone wild. Look at all the fine print when getting into an HFA-based program, however, I believe you"ll find that for low-income, cash-strapped purchasers, it can be a great help in realizing the American Dream of homeownership. So where can you get access to these HFAs? Below is a list of the state agencies with their web addresses and phone numbers: Alabama Housing Finance Authority Web: www.ahfa.com Phone: (800) 325-AHFA Alaska Housing Finance Corporation Web: www.ahfc.state.ak.us Phone: (800) 478-AHFC (outside Anchorage, but within Alaska) Arizona Department of Housing/Arizona Housing Finance Authority Web: www.housingaz.com Phone: (602) 771-1000 (Voice) (602) 771-1001 (TTY) Arkansas Development Finance Authority Web: www.state.ar.us/adfa Phone: (501) 682-5904 California Housing Finance Agency Web: www.calhfa.ca.gov Phone: (916) 322-3991 Colorado Housing and Finance Authority Web: www.colohfa.org Phone: (800) 877-2432 Connecticut Housing Finance Authority Web: www.chfa.org Phone: (860) 721-9501 Delaware State Housing Authority Web: www2.state.de.us/dsha Phone: (302) 739-4263 District of Columbia Department of Housing and Community Development Web: http://www.dchousing.org/ Phone: (202) 535-1000 Florida Housing Finance Corporation Web: www.floridahousing.org Phone: (850) 488-4197 Georgia Department of Community Affairs/Georgia Housing and Finance Authority Web: www.dca.state.ga.us Phone: (404) 679-4940 Housing and Community Development Corporation of Hawaii Web: www.hcdch.state.hi.us Phone: (808) 587-0524 Idaho Housing and Finance Association Web: www.ihfa.org Phone: (208) 331-4882 Illinois Housing Development Authority Web: www.ihda.org Phone: (312) 836-5200 Indiana Housing Finance Authority Web: www.in.gov/ihfa Phone: (317) 232-7777 Iowa Finance Authority Web: www.ifahome.com Phone: (800) 432-7230 Kansas Development Finance Authority Web: www.kdfa.org Phone: (785) 357-4445 Kentucky Housing Corporation Web: www.kyhousing.org Phone: (502) 564-7630 Louisiana Housing Finance Agency Web: www.lhfa.state.la.us Phone: (225) 763-8700 Maine State Housing Authority Web: www.mainehousing.org Phone: (207) 626-4600 Maryland Department of Housing and Community Development Web: www.dhcd.state.md.us Phone: (410) 514-7000 Massachusetts Department of Housing & Community Development Web: www.state.ma.us/dhcd Phone: (617) 727-7765 MassHousing Web: www.masshousing.com Phone: (617) 854-1000 Michigan State Housing Development Authority Web: www.mshda.org Phone: (517) 373-0011 Minnesota Housing Finance Agency Web: www.mhfa.state.mn.us Phone: (651) 296-7608 Mississippi Home Corporation Web: www.mshomecorp.com Phone: (601)718-4636 Missouri Housing Development Commission Web: www.mhdc.com Phone: (816) 759-6600 Montana Board of Housing/Housing Division Web: www.commerce.state.mt.us/Housing/Hous_Home.htmlPhone: (406) 841-2700 Nebraska Investment Finance Authority Web: www.nifa.org Phone: (402) 434-3900 Nevada Housing Division Web: www.nvhousing.state.nv.us Phone: (702) 486-7220 New Hampshire Housing Finance Authority Web: www.nhhfa.org Phone: (603) 472-8623 New Jersey Housing and Mortgage Finance Agency Web: www.nj-hmfa.com Phone: (609) 278-7400 New Mexico Mortgage Finance Authority Web: www.housingnm.org Phone: (505) 843-6880 New York City Housing Development Corporation Web: www.nychdc.com Phone: (212) 227-5500 New York State Division of Housing and Community Renewal Web: www.dhcr.state.ny.us Phone: (866) 275-3427 New York State Housing Finance Agency/State of New York Mortgage Agency Web: www.nyhomes.org Phone: (212)688-4000 North Carolina Housing Finance Agency Web: www.nchfa.com Phone: (919) 877-5700 North Dakota Housing Finance Agency Web: www.ndhfa.org Phone: (701) 328-8080 Ohio Housing Finance Agency Web: www.odod.state.oh.us/ohfa Phone: (614) 466-7970 Oklahoma Housing Finance Agency Web: www.ohfa.org Phone: (405) 848-1144 Oregon Housing and Community Services Web: www.hcs.state.or.us Phone: (503) 986-2000 Pennsylvania Housing Finance Agency Web: www.phfa.org Phone: (717) 780-3800 Puerto Rico Housing Finance Authority Web: www.gdp-pur.com Phone: (787) 722-2525 Rhode Island Housing and Mortgage Finance Corporation Web: www.rihousing.com Phone: (401) 751-5566 South Carolina State Housing Finance and Development Authority Web: www.sha.state.sc.us Phone: (803) 734-2000 South Dakota Housing Development Authority Web: www.sdhda.org Phone: (605) 773-3181 Tennessee Housing Development Agency Web: www.state.tn.us/thda Phone: 615/741-2400 Texas Department of Housing and Community Affairs Web: www.tdhca.state.tx.us Phone: (512) 475-3800 Utah Housing Corporation Web: www.utahhousingcorp.org Phone: (801) 521-6950 Vermont Housing Finance Agency Web: www.vhfa.org Phone: (802) 652-3400 Virgin Islands Housing Finance Authority Web: http://www.vihousing.org Phone: (340) 774-4481 Virginia Housing Development Authority Web: www.vhda.com Phone: (804)782-1986 Washington State Housing Finance Commission Web: www.wshfc.org Phone: (206) 464-7139 West Virginia Housing Development Fund Web: www.wvhdf.com Phone: (304) 345-6475 Wisconsin Housing and Economic Development Authority Web: www.wheda.com Phone: (800) 334-6873 Wyoming Community Development Authority Web: www.wyomingcda.com Phone: (307) 265-0603


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