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 continue to offer people with FHA mortgages our full range of services,” said Beth Baar, CAP’s Director of Real Estate Services.
CAP offers down payment and closing cost assistance for households with incomes at or below 80% of county median income. Applicants must reside in Marquette, Lincoln, Portage, Waupaca, Waushara, Marathon or Wood counties.
Housing funds are distributed through 0-2.25% interest-deferred loans due when the buyer sells or no longer resides in the original qualifying home. Repayments are reloaned to additional qualifying buyers, creating an ongoing source of affordable funds for homebuyers and homeowners. Whenever possible, CAP works with other funders to reduce its share of loans.
CAP typically helps 15 to 20 households each year buy their first home and helps another 50 to 75 households rehabilitate their homes. It has helped a total of more than 1,400 homebuyers and homeowners 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 and was recertified in 2013. Prior to certification CAP was unable to assist homebuyers with FHA-backed approved loan applications. As the number grew, CAP’s Board took action and moved ahead with the application in order to better serve area communities.