By Steven J. Lowenstein

Just a few days ago, awaiting the completion of some remedial plumbing, an interesting conversation ensued. As the plaster was being separated from the wall, I was asked about my method of monetary accumulation -- to which I replied that I help people fulfill their dreams by selling homes. Without missing a sledge of his hammer, the plumber replied, "I couldn't possibly afford to buy a home."

Nothing more was said for a while, when suddenly he paused to reload his arm before continuing and said, "You know, I don't know anything about purchasing a home." It's a common refrain I hear, often especially in a city with homeownership rates hovering around 38 percent.

Over time, I've accumulated a vast number of resources, and I shared them with him. He was as dumbfounded by the length and variety of programs as I was about the numerous solutions to my plumbing debacle. At this writing, he's currently investigating the sources I gave him along with two expanded ones discussed here.

Recently, Housing and Urban Development (HUD) Secretary Mel Martinez announced a $15 million increase for the Housing Counseling program, bringing the total amount committed for the coming fiscal year to $35 million. HUD awards the money through a competitive process to applying organizations in order to assist prospective renters and homebuyers. Their programs cover a variety of topics, from predatory lending and interest rates to understanding the lending process and budgeting.

HUD estimates that approximately 150,000 renters and buyers will benefit from the program, which is available to any current or potential homeowner and is provided free by nonprofit national, regional and local housing intermediaries.

Ask any Realtor® what the No. 1 obstacle to homeownership is regardless of economic or social condition, and I'm confident the overwhelming majority will say the downpayment. In response, the Home Downpayment Gift Foundation (HDGF) announced that it's making its Charitable Gifts Program available nationwide. The gifted funds provided by this nonprofit organization can be used for downpayments, closing costs or to pay of debts to qualify and may be up to 6 percent of the purchase price.

Home sellers can register their homes with HDGF at no charge, as the fund relies on donations from sellers, individuals and organizations to fund the charitable foundation.

While these represent two good examples of well-kept secrets that all buyers and sellers should know about, there are many more. To assist you in navigating through the maze of possible programs, contact a real estate agent who will have knowledge and resources available specific to your needs. You'll be surprised how many government agencies and institutions are out there willing to provide guidance counseling and financial support if you just ask.

E-mail Steven J. Lowenstein

Home Work (January 31, 2002)
Home Work (January 24, 2002)
Home Work (January 17, 2002)
more...

personals | classifieds | cover | news | columns | music | movies | arts | dining | listings | classifieds | mediakit | home

Artists Exchange

Automotive

Backbeat

Business Opportunities

Employment

Financial Services

For Sale

Home Services

Musicians Exchange

Notices

Pets & Pet Accessories

Rentals, Roommates & Real Estate

Telephone Services

Wellness Directory

Computer Bytes

	Join the CityBeat Mailing List
	» JOIN NOW