DAWGS Inc. Provides Info Regarding Purchase of Vacant Homes via State Government Funding
Industry: Real Estate
For those looking to purchase a vacant house for use as a primary residence, there is a down payment assistance program specifically designed for vacant homes in certain
Illinois (PRUnderground) July 21st, 2014
Vacant homes in your neighborhood could cause a variety of problems. Home values may decrease or remain low; the neighborhood looks abandoned and unattractive, and there is the possibility of increased criminal activity. There are some great incentives for both prospective homeowners and investors to purchase vacant homes. I wanted to share with you a couple of programs that may be a great tool to help some of these vacant homes get sold and turn the neighborhoods around in a positive direction.
First, for those looking to purchase a house and actually live in it there is a down payment assistance program specifically designed for vacant homes in certain distressed neighborhoods.
IHDA (Illinois Housing Development Authority) seeks to help strengthen communities with programs that turn vacant homes into valuable homeownership opportunities, such as Illinois Building Blocks.
Illinois Building Blocks includes:
Berwyn, Blue Island, Champaign, Chicago Heights, Cicero, Crest Hill, Joliet, Lockport, Lynwood, Maywood, Melrose Park, Park Forest, Peoria, and South Holland.
For those that are looking to purchase homes to fix up and rent out, there is a renovation loan offered by Fannie Mae called the “Homestyle”. This allows the investor to acquire the property and finance the improvements to the house. This allows them to keep more of their money liquid and have more purchasing power. This is a program that not a lot of investors are aware of and not a lot of lenders are currently offering.
The requirements as an INVESTOR are as follows:
720+ credit score
This will help get the vacant home sold.
Contributed by Tina Szenasi, Branch Manager and Loan Originator at Movement Mortgage NMLS #192822
About Door and Window Guard Systems
DAWGS (Door And Window Guard Systems) is a full service vacant property security company. Our flexible, fast-response teams install and remove DAWGS equipment to ensure that your property is always secure. DAWGS currently has operations in Illinois, Indiana, Michigan, Ohio, New York, New Jersey, Pennsylvania, Delaware, Maryland, Washington, D.C. and will be expanding into other new markets soon.