andp veterans program webinar thursday, march 28, 2012 presented by george burgan, director of...

ANDP Veterans Program Webinar

Thursday, March 28, 2012Presented by

George Burgan, Director of CommunicationsNatallie Keiser, Housing Development Consultant

Quick overview of ANDP The ANDP Veterans Program Team Our Partners Program Overview – Qualifications & Requirements Assistance Provided The Homes Sustainable Rehab Closing Process www.ANDPHomes.org/veterans

TODAY’S AGENDA

HOUSING DEVELOPMENTDeveloping or partnering on developments of quality mixed income communities.

CURRENT: Regional acquisition, rehab and repopulation of single-family units.

ABOUT ANDP

22-year nonprofit focusing on affordable and mixed income communities.

Serving Metro Atlanta Region

8,000 + units of housing developed, financed or invested since 1991.

Programs: Housing Development, Housing Finance (CDFI), Advocacy

Since 2008, focused predominantly on responding to the foreclosure crisis

332 homes impacted since 2007 (Pilot, NSP, Veterans, other)



ANDP VETERANS PROGRAM

THE TEAM Tayani Suma, Underwriting Natallie Keiser, Program Consultant Susan Adams, Staff Program Consultant George Burgan, Marketing Lee-Ora Segel, Program Support Zenovia Palmer, Program Support

LISTING AGENTS Jason Harris, Re/Max Greater Atlanta Bill Thomas, Tri-County Realty

PARTICIPATING LENDERS HomeStar Bank of America



OUR PARTNERS

ANDP has designed a special initiative to meet the housing needs of Veterans in our region. With this initiative, ANDP will lease and sell affordably priced single-family homes and offer down payment or other assistance to qualified tenants and buyers.

Rental & Lease Purchase Options. With the homeownership portion of the program, qualified buyers can receive

up to 35% of the sales prices in down payment or other financial assistance. Assistance is provided in the form of a zero-percent, second mortgage. The

assistance is forgiven over a five year period, pro-rated 20% each year. All homes offered for sale or lease have been rehabbed to move-in ready

condition.

ANDP VETERANS PROGRAM

ASSISTANCE PROVIDED# In Household 60% AMI 80% AMI 120% AMI

1 $31,080 $37,150 $55,7002 $35,520 $42,450 $63,6503 $39,960 $47,750 $71,6004 $44,340 $53,050 $79,550

Percent of Home Price that will be Provided as

Down Payment Assistance

35% 25% 10%

Example: If buyer purchases a home priced at $100,000

$35,000 in assistance $25,000 in assistance $10,000 in assistance

*HUD Income Limits change on an annual basis. Limits above are effective December 11, 2012

HOW THE SOFT SECOND HELPSWithout Soft Second With Soft Second

Home Price $ 100,000 $ 100,000

Closing Costs $ 7,200 $ 7,200

$ 107,200 $ 107,200

Buyer Contribution $ (1,000) $ (1,000)

$ 106,200 $ 106,200

25% Soft-Second Assistance $ - $ (26,625)

Loan Amount $ 106,200 $ 79,575

Monthly Mortgage Payment $ 483 $ 362 (3.6% Fixed, 30 Year, Example Does NOT include Taxes or PMI)

PROGRAM QUALIFICATIONS

To qualify for the ANDP veterans program, buyers must meet the following qualifications: Honorably Discharged, Active Military or Gold Star Family. Must be able to qualify for a mortgage by an approved lender. Must not own another home, must make purchased home primary

residence. Buyer NOT required to be a first-time home buyer. Complete a HUD-approved home buyer education course . Meet household income qualifications based on HUD Income Limits. Must complete ANDP Veteran Program Application

Gold Star Families

Department of Defense defines Gold Star families as: widows, parents and next of kin of members of the Armed Forces of the United States who lost their lives while:

• engaged in an action against an enemy of the United States;

• engaged in military operations involving conflict with an opposing foreign force;

• serving with friendly foreign forces engaged in an armed conflict in which the United States is not a belligerent party against an opposing armed force.

THE HOMES

SUSTAINABLE REHAB

To ensure the long-term sustainability of the home and long-term affordability for families, every effort is made to retrofit homes with energy efficiency in mind. In addition to efficient appliances and fixtures, considerable attention is given to the “envelope” of the home.

Attic space is sealed and blown insulation is installed. If a crawl space exists, a vapor barrier is installed. If appliances are purchased for rehab, Energy Star appliances are selected. If toilets and faucets are replaced, Water Sense items are selected. If furnace, AC or HVAC units are replaced, energy saving units are selected. Doors and windows are weather-stripped. No-VOC paints and stains and low-VOC carpeting are used.

PROCESS LOAN TYPES: FHA, Conventional, VA, USDA (in process) Layering with other subsidies is possible (NeighborhoodLIFT, Georgia

Dream, etc.) At time of offer income and military status verification required Purchase and sales agreement submitted, with buyer agreeing to

stipulations Program application & Loan application

submitted together to ANDP

www.ANDPHomes.org/veterans Program Overview Program Guide Application Participating Lenders Available Homes Homes “Coming Soon”

ANDP VETERANS PROGRAM CONTACTS

ANDP STAFFTayani Suma, Director of Development, 404-420-1607, [email protected] Keiser, Program Consultant, 404-420-1601, [email protected] Adams, Program Manager, 404-420-1595, [email protected] Burgan, Marketing, 404-420-1583, [email protected] Segel, Program Support, 404-420-1597, [email protected] Palmer, Underwriting, 404-420-1590, [email protected]

LISTING AGENTSJason Harris, Re/Max Greater Atlanta, 678-355-0121, [email protected] Thomas, Tri-County Realty Solutions, 770-222-2245, [email protected]

PARTICIPATING LENDERSBank of America John Gay, Mortgage Loan Specialist, NMLS ID: 54433, Phone: 678-987-4986 Fax 1-866-409-9253

HomeStar Financial CorporationKimberly Johnston, Branch Manager/Mortgage Loan Originator, NMLSR ID: 222894 Phone 678-552-3623 Fax 1-866-305-9739

THANK YOU

andp veterans program webinar thursday, march 28, 2012 presented by george burgan, director of...

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