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The Federal Deposit Insurance Corporation (FDIC) 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 country, focusing on first-lien mortgage products, downpayment and closing assistance, mortgage tax credit certificates, and homeownership education and counseling programs that can facilitate mortgage lending by insured depository institutions. It also provides an individual summary of each State Housing Finance Agency, listing programs offered and providing Web links for easy reference by bankers operating in that state or territory.
The FDIC's Affordable Mortgage Lending Guide includes three parts, Part I: Federal Agencies and Government Sponsored Enterprises; Part II: State Housing Finance Agencies; and Part III: Federal Home Loan Banks. The third publication will be available and posted to the Affordable Mortgage Lending Center later in 2016.
Bankers can use this publication 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.
Community bankers had encouraged the FDIC to develop resources for affordable mortgage lending credit that is easy to understand and gathers information about a variety of programs in one location.