This morning I was looking for guidelines on the National Homebuyers Fund (NHF) Access Program for a client who is writing an offer. I went as I normally do to their web site www.nhfloan.org to find what I was looking for...
NHF still offers 100% CLTV financing, even if the home is in a declining market. The program can be leveraged for purchase money and rate-term refinances. The program can help borrowers with credit scores as low as 600 with automated approval. The program works by setting up a First Mortgage up to 95% and either a 2nd with low payments or Grant Funds with some down payment for the remainder.
So I typed in the url and nothing (Address Not Found)... I tried it again...Still Nothing. So I did a google search. I have the right address so I click on the link again... NOTHING (Address Not Found)!!! Another casualty of the mortgage meltdown I figured....
I did not give up there. I figured I'd try to call them. I found a phone number on one of the newsletters I have received from them."Were Sorry but we can not connect you call at this time." Maybe they really are gone.
I tried one last resource. Citi Bank handles the servicing for NHF, let me call one of my friends over there. I got my buddy Jay Cook on the line and he told me "NHF isn't there anymore." "They are moving down the street to a larger building." Wow! What a relief. The program is still alive.
It turns out that they disconnected everything during the move which will be completed in December. No Phones, No Website, just fond memories of a program to be Thankful for.
Now to find out if there are still funds and if our offer has been accepted???
Danke Schoen & Happy Thanksgiving,
Check with your loan officer for specific details and restrictions about the program.