Folks interested in owning a home in the Lake Powell area should be aware of the first time homebuyers assistance programs.
Because the Lake Powell real estate area encompasses two states, Arizona and Utah, we’ll discuss assistance programs in both states. This post will address the Arizona assistance program offered through NACOG the Northern Arizona Council of Governments. NACOG serves several Northern Arizona counties including Coconinio which is where Page and Greenehaven are located.
With the current mortgage crises there has been a lot of jabber around the business about homebuyers assistance programs. In fact, HUD last October sued Nehemiah, the largest of the privately funded, non-profit, downpayment assistant programs , but lost in a federal court this March. While some people feel these assistance programs are detrimental to the overall mortgage market, I don’t agree, and especially in the case of NACOG.
NACOG applicants are throughly screened after a preliminary application is filed. Then the applicant must attend a 8 hour class on loans and finances where one topic that is covered is predatory lending. If more people had access to this type of information maybe the industry would not be in the condition it is in today.
NACOG lists the following as their Program Objectives
• To provide homebuyer education and counseling in the areas of budget, credit, lending, real estate and title
• To determine grant program eligibility
• To identify compatible primary loan products
• To refer families to applicable
services as available
It can take several weeks to a couple of months to get all the way through the program. In the end it appears that we have a better educated homeowner. One of the key words NACOG uses is sustainable.
Sustainable homeownership – who would have thought?
NACOG is there to assist low to moderate income families with first time homeownership so there are financial considerations to be met before acceptance into the program. If accepted NACOG will provide up to a 5% down payment grant.
For more information
NACOG Representatives Come To Page – Nov 2008