Mortgages, Remortgages and Home Loans

Mortgage Broker First-time home buyers and suburbanites who want to move into urban areas could get help paying for rehabilitation costs on vacant houses under a new program now under review by Mercer County leaders.

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Mortgage Lead The program would allow qualified applicants to obtain a "second mortgage" from the county to pay for the costs of upgrading a house that exceed the market value of the home, according to Steve Dixon, executive director of the Mercer County Improvement Authority.

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Reverse Mortgage For example, if someone spent $110,000 to buy and rehabilitate a vacant home but the market value of the property only hit $80,000 when the project was complete, the person could get a second mortgage of $30,000 from the county.

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Mortgage Quote That mortgage would not have to be paid back to the county if the person remained in the home for a designated number of years, Dixon said.

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Florida Mortgage "In urban areas it is very hard to rehabilitate a house, spend the money that is necessary and be able to sell it for what you've invested into it because the housing market isn't strong enough," Dixon said. "We're rewarding people for coming back into neighborhoods that need help."

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California Mortgage Loan Dixon appealed to the county freeholder board this week to provide about $4 million for the Mercer County Homeownership and Neighborhood Development Program, which has been dubbed HAND.

Florida Mortgage Loan He said the $4 million would probably serve between 120 and 150 houses.

California Mortgage Dixon called HAND a "motivational subsidy" and said it would help redevelop declining neighborhoods and put vacant properties back on the tax rolls.

Bad Credit Loan Mortgage The freeholders said they approved of the idea.

Commercial Mortgage "I would like to see it come to fruition," Freeholder Tony Mack said. "A good housing stock and a base for our people to live could help solve a lot of our other problems."

Lowest Mortgage Rate Dixon will probably present details of the program to the board in the near future. The board would need to vote on the project before it can begin.

Gmac Mortgage "It's a pretty nifty program," Freeholder Tony Carabelli said.

Mortgage Payment The program, which is based on a Philadelphia project, would limit the second mortgage to $38,000 per house. It would also limit real estate agent and developer profit to ensure most of the money goes toward rehabilitation.

Mortgage Marketing "The key is getting people into houses," Dixon said. "The home ownership project would be for people who grew up in Mercer County but can't afford a house in the suburbs. It's just another piece of the redevelopment puzzle."

Reverse Mortgage For Senior Dixon said there are vacant houses in nearly every Mercer County town, but the bulk of the work will likely occur in Trenton, which has several hundred vacant homes, and towns around the city.

Mortgage Interest Rate "We should spend quite a bit of time looking at the rim areas because we can prevent decline," Freeholder Lucy Walter said.

2nd Mortgage Rate The intent of the program is to reward people who move into blighted areas and stay for an extended period of time. If a person leaves before that time, he or she will have to pay back part of the county loan, depending on how long they lived on the site.

Florida Refinance Mortgage "There is a high degree of risk," Dixon told the freeholders. "There is a possibility this money would be an investment you won't see come back."

Current Mortgage Rate The county will benefit if property values skyrocket above the total cost of the entire project.

Home Mortgage Rate By Karen Ayres
Trenton Times - 4/10/2003

Topic: Less Sprawl

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