ACORN Housing Program
ACORN (the Association of Community Organizations for Reform Now) is the largest non-profit community organization established to help low-to-moderate-income people become and remain homeowners in the United States. It’s made up of local community groups working together. ACORN has an active membership of over 75,000 families in more than 85 cities across the United States. The organization was born out of the American Civil Rights Movement. ACORN was founded by Wade Rathke, a community organizer, in1970. The current president of ACORN is Maude Hurd.
The main partners of ACORN Housing are Citibank and Bank of America and this housing program provides low market interest rate mortgages. The ACORN mortgages require lower down payment and settlement costs than typical loans. In addition, private mortgage insurance is not required which allows for a greater purchase price, plus more liberal credit scores are permitted under the ACORN lending criteria. ACORN also provides foreclosure avoidance services and assistance to victims of predatory lending.
For sure the home buying process seems hardly possible to low and moderate income Americans. ACORN Housing’s mortgage program makes it much easier. ACORN also assists existing homeowners to avoid foreclosure and preserve their homes, including victims of predatory lending and those who’ve faced unexpected financial hardships. ACORN makes the home buying process more accessible to first-time buyers. Instead of approaching bankers or brokers, first-time homebuyers can meet the ACORN counselors in the local ACORN Housing office and find out as much as possible about the necessary mortgage.
The ACORN program enables the following favorable mortgage terms:
- Lower down payment and closing costs
- No private mortgage insurance
- Banks require 3 months of mortgage payments at settlement. With ACORN they don’t require that, so you buy a home sooner
- Most banks won’t count public assistance and voluntarily child support when you apply for mortgage. With ACORN all permanent income counts.
Today’s mortgage national interest rates:
| Program |
Rates |
Points |
| 30 years |
6.86% |
0.27% |
| 15 years |
6.41% |
0.18% |
| 1 year |
5.93% |
0.28% |
The latest research showed that mortgage rates fell for the second week in a row. Rates dropped after a disappointing employment report, which had investors thinking that economic growth is slowing down, so inflation won’t be a problem. The average 30-year fixed rate dropped to 6.86% from 6.91%. The average 15-year fixed rate, which is a popular option for refinancing, fell 7 basis points, to 6.41%. On bigger loans, the average jumbo 30-year fixed fell to 7.03% from 7.06%. The popular 5/1 ARM fell to 6.52 percent, while the one-year ARM continued lifting upward to 6.12. The leading housing economists reported their forecasts this week, concerning the 30-year fixed program. They predict that it will remain below 7% this year.
The rates may increase or decrease throughout the course of one day. There are many places where you can check the current rates: the local and national papers, at the lending institutions and on the Internet at sites such as: www.bankrate.com or www.hsh.com