The Federal Deposit Insurance Corporation has published a new guide to help community bankers learn more about grant and mortgage loan programs offered by State Housing Finance Agencies.
The Affordable Mortgage Lending Guide, Part II: State Housing Finance Agencies describes programs offered by State Housing Finance Agencies across the U.S. The guide focuses on first-lien mortgage products, down payment and closing assistance, mortgage tax credit certificates, and homeownership education and counseling programs that can facilitate mortgage lending by insured depository institutions, according to a news release. It also provides an individual summary of each State Housing Finance Agency, including programs offered and web links for easy reference by bankers in each state or territory.
The Affordable Mortgage Lending Guide includes three parts. Part I: Federal Agencies and Government Sponsored Enterprises, and Part II: State Housing Finance Agencies are both posted on the FDIC website. They can be found in the Affordable Mortgage Lending Center, a resource for community banks to help them compare affordable mortgage programs and to identify the next steps if they seek to expand or initiate affordable mortgage lending. The third publication will be available and posted to the center later in 2016.
Community bankers can use the guide as a resource to gain an overview of a variety of program resources, compare different products, obtain information on Community Reinvestment Act implications, and help identify the next steps for program participation, according to the release.