Visions Five Group
		Low cost mortgages for low income borrowers Visions Five Group expects to be building and selling affordable houses in Davidson County, Tennessee for low and very low income buyers by yearend 2004 in partnership with Abundant Life Community Outreach and Non-Profit Housing Corporation (ALCON). These houses will be financed through the U. S. Department of Agriculture Rural Housing Service Mutual Self-Help Housing Program. Income guidelines as determined by HUD for very low and low income individuals and families who wish to apply for this program are available from USDA. These homes are expected to sell for between sixty and ninety thousand dollars. Under the Mutual Self-Help program home buyers will contribute equity (make a "down payment") through "sweat equity," that is, they will contribute their own labor on construction in lieu of a down payment. This can reduce the purchase price of the house by up to two-thirds the cost of the home. Buyers need have no construction experience. Groups of six or more home buying families will work together with contractors to build their houses together. Mutual Self-Help is quite similar to the well known Habitat for Humanity program, but there is no relationship between the two programs. They are funded from separate sources. Borrowing costs for these houses will be well below those for typical mortgages and can be as low as one percent. Guidelines for mortgages are established through the USDA Rural Housing Service Section 502 Program. Arrangements may also be made to obtain mortgages guaranteed by USDA through private mortgage lenders. These houses will be carefully designed to qualify as Energy Star rated houses under U. S. Department of Energy guidelines. This means they will use at least thirty percent less gas and electricity than an ordinary house--and probably much less than thirty percent. "Universal design" can be used in them so that disabled and elderly people will be comfortable in the houses and homeowners will find them convenient to use throughout their lifetimes. If you are interested in being considered to participate in this program please complete and return our questionnaire. Submit questionnaire via regular mail after printing out this form or Submit questionnaire via e-mail from this site Further information on the program will be posted as the program develops. Borrowers will need to meet USDA Rural Housing Service credit standards. This link will take you to the Federal National Mortgage Association (Fannie Mae) website which has a calculator and other information to help you determine the size of the mortgage and monthly payments you can afford. Back to Site Map Take me Home E-mail to: visionsfive@yahoo.com Together We Can