CAP Services recertified to work with HUD-FHA borrowers
CAP Services was recently recertified by the Denver Homeownership Center to provide secondary financing assistance in conjunction with FHA-insured first mortgages.
“Recertification allows us to offer people who have FHA mortgages a greater range of our services,” said Laura West, CAP’s VP of Lending.
CAP offers down payment and closing cost assistance for households with incomes at or below 80 percent of county median income. Applicants must reside in Marquette, Portage, Waupaca, or Waushara counties, or the city of Wisconsin Rapids in Wood County.
Housing funds are offered as deferred loans due when the buyer sells or no longer resides in the home. Repayments are loaned to additional qualifying buyers, creating an ongoing source of affordable funds for homebuyers and homeowners.
CAP typically provides 15 to 20 households each year with down payment assistance and another 20 to 30 households with home rehabilitation. CAP has provided a total of more than 1,600 people buy and/or rehabilitate homes.
The recertification process involved the submission of information and data on CAP’s loan history and policies, staff qualifications, and corporate governance. CAP was first certified in 2011. Prior to certification CAP was unable to assist homebuyers with FHA-backed approved loan applications.