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I submitted my documents to Neighborhood Restore through Housing Connect. If they are using Sonyma mortgages why include the extra hoop to jump through requiring 5% down? Sonyma has several programs to assist with DPA. It is not difficult to receive. I was approved for a Sonyma loan last year with $17k DPA. A coworker won a housing lottery early 2020. She withdrew from her 401k to cover the down payment requirement. When she was connected with the preapproved lenders he informed her about the DPA and was upset that the program administration did not inform her about the DPA with the loan. She took out more than she needed to. It seems to me that these programs are not as helpful as they can be. It often feels like gatekeeping. How come they aren't completely transparent? We all know the down payment is the biggest obstacle to homeownership particularly in underserved communities. A LOT more needs to be done to correct the history of redlining.
did you remind them of this? and if so, what did they say?
I am composing a response to the most recent directive I received from Housing Connect. I will make sure I include that I was approved last year by Sonyma, and it is counterintuitive to the mission to expect mid to low income people to draw down their retirement for the down payment. A home is a great investment but withdrawing retirement can hurt the overall financial health of the participants. They will have to pay it back which will hinder the hand-up goal that was intended.
We will see the response.
On another note: Sonyma released a new mortgage product aimed at first time home-buyers with low credit scores. It looks like a great program. I highly recommend reviewing the Sonyma website mortgage programs, Achieving the Dream, and Conventional plus. You can stack grants and DPA with Sonyma.
I went through round 1 docs submitted and reviewed. I was denied due to insufficient DP. I have about 25K. They are seeking 5% $32- $44 which is more than FHA loans require (3.5%) for MFU. This program is targeting people with less income but will not allow gifts to assist with the DP. I wrote a good appeal but was still denied. I plan to reach out to our councilman to make them aware of the program's shortcomings. It doesn't seem to align with the HPD Housing plan. https://www.nyc.gov/site/hpd/service.../bed-stuy.page
I went through round 1 docs submitted and reviewed. I was denied due to insufficient DP. I have about 25K. They are seeking 5% $32- $44 which is more than FHA loans require (3.5%) for MFU. This program is targeting people with less income but will not allow gifts to assist with the DP. I wrote a good appeal but was still denied. I plan to reach out to our councilman to make them aware of the program's shortcomings. It doesn't seem to align with the HPD Housing plan. https://www.nyc.gov/site/hpd/service.../bed-stuy.page
which two houses did you visit? and what were your thoughts on them? pros/cons etc
They look fine from what I could see. Nothing special, nice starter homes under market value. I would change the color immediately, maybe white or gray, then front gate and door. They look cheap. The windows should be upgraded too.
I visited 9 of the 11 homes in the fall. None of the homes were complete. I visited 3 in March (Bainbridge, Hancock and Jefferson) when my number was pulled, still not finished. All have the wood fencing around them. They don't have meters yet. The timeline, closing or move-in is very unclear. They didn't answer any of my questions regarding the timeline during the webinar or afterwards. Considering the city's reputation for moving slow, this is a bit concerning. It is all of our tax dollars. When will the properties be finished? Covid is over.
I submitted documents mid-March. They gave me 2 weeks to complete the process. It was cumbersome. I had to use a pdf merger to submit the (146pg) docs. Then they kept telling me (via email) I didn't submit in error. I was panicked. About 3 weeks later after some back and forth I was denied. The turnaround time wasn't long. Especially in comparison to the overall very lengthy process of building, selection etc.
I submitted documents around 3 weeks ago. Keeping fingers crossed.
Last edited by Jabreu; 04-22-2024 at 09:51 PM..
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Application Denied
