Program Allows Merchants Home Loan to Offer Down Payment and Closing Cost Assistance to Those Who Qualify
July 24, 2006 (Press Release) --
Dallas, TX July 24, 2006 -- As an approved lender with Enterprise Foundation, Merchants can now offer down payment and closing cost assistance to first-time home buyers in the Dallas area for those who qualify. No longer will borrowers be thwarted by high closing costs or hindered by laying down a large 'chunk of change' in order to fulfill the American Dream.
The Enterprise Foundation program, Dallas Branch, was founded in 1992 and has administered the City of Dallas First-Time Homebuyer Program with funding from the U.S. Department of Housing and Urban Development(HUD). To date, Enterprise, as an agent for the City of Dallas, has closed more than 5,500 loans.
The Mortgage Assistance Program(MAP) is limited to first-time homebuyers earning 80 percent or less the Dallas area median income adjusted by family size. The amount of the second-lien funds is based on the financial NEED of the Borrower. Need is determined by total household income of all adults over the age of 18 and the amount of savings after closing. If qualified for the MAP program, a borrower may be eligible to obtain a second-lien loan of up to $10,000. Also, up to $2,000 of that may be used to cover closing costs.
Merchants Home Loan, since its inception in 2001, has always specialized in the needs of those with bad credit and poor job/income history, but couldn't always finance those with zero money to put down or those that didn't have the ability to cover closing costs. Now, as an approved lender for the Enterprise Foundation, Merchants Home Loan can provide that luxury and give those in need a home for their family.
For additional information regarding Merchants Home Loan products or programs, please visit www.merchantshomeloan.com.
The Enterprise Foundation program, Dallas Branch, was founded in 1992 and has administered the City of Dallas First-Time Homebuyer Program with funding from the U.S. Department of Housing and Urban Development(HUD). To date, Enterprise, as an agent for the City of Dallas, has closed more than 5,500 loans.
The Mortgage Assistance Program(MAP) is limited to first-time homebuyers earning 80 percent or less the Dallas area median income adjusted by family size. The amount of the second-lien funds is based on the financial NEED of the Borrower. Need is determined by total household income of all adults over the age of 18 and the amount of savings after closing. If qualified for the MAP program, a borrower may be eligible to obtain a second-lien loan of up to $10,000. Also, up to $2,000 of that may be used to cover closing costs.
Merchants Home Loan, since its inception in 2001, has always specialized in the needs of those with bad credit and poor job/income history, but couldn't always finance those with zero money to put down or those that didn't have the ability to cover closing costs. Now, as an approved lender for the Enterprise Foundation, Merchants Home Loan can provide that luxury and give those in need a home for their family.
For additional information regarding Merchants Home Loan products or programs, please visit www.merchantshomeloan.com.
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