She said the Oak Park-based
Neighborhood Project "does not inter-
face well" with the Federal Housing
Administration (FHA), which requires
only a 3 percent downpayment. "We
require a minimum of 5 percent down
and a co-signor even with that
amount."
Nurenberg said DAP is "on board
with several national lenders, includ-
ing Rock Financial Group, Chase
Manhattan Mortgage, Flagstar Bank,
Alternative Lending Group and
LoanGiant.
"Coming up with a downpayment is
usually the biggest barrier in buying a
home," said Nurenberg. "If an indi-
vidual has assistance with the down-
payment, they can turn the corner as
it now allows them to get quality and
affordable housing."

A Good Fit

DAP is not a new concept. It was
started in 1994 by a Christian organi-
zation. Nurenberg said it is a good fit
for JVS because, "as a social service
agency, we are active in providing
housing upgrades for clients and we
deal with other types of housing
issues, including helping the homeless
in Detroit.
"If buyers and sellers use the JVS
program, the money stays in Detroit
and has an impact upon the Jewish
community," she added.
But Nurenberg said the program
needs the help of the Detroit Jewish
business community to make it suc-
ceed.
The program requires that buyers be
pre-qualified for a mortgage by the
FHA. Nurenberg said FHA rates are
currently on a par with, and perhaps
even lower, than other available
sources of mortgage funding. In addi-
tion, she said the FHA is less dracon-
ian in terms of credit-worthiness and
mortgage fees. The FHA requires only
a 12-month clean credit history, while
others require 24 months.
Nurenberg said many Jewish real
estate agents "have clients unable to
come up with downpayments. Now,
through using DAP, instead of having
to walk away from the deal, it enables
them to find a home for that person."
She said sellers also benefit by hav-
ing more exposure to pre-approved
buyers. El

For information about down-
payment assistance, call Jay
Penfil at (248) 559-5000 or
jpenfil@jvsdet.org

Improve your home
and your loan.

40 00/0

HOME EQUITY UNE OF CREDIT

•

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APR *

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The APR is based on the highest Prime Rate as published in the "Money Rates" section of The Wall Street Joumal on the last publishing day of the calendar month
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Credit products varied between 4.00% and 7.75%, depending on your approved commitment amount and product. Prime is a variable rate: as it changes, the APR on
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member. Closing costs paid by Standard Federal Bank are limited to: appraisal, title insurance. flood certification. and recording fees. Any additional fees or conditions
imposed by the city. state, or county that the subject property is located in will be the borrowers responsibility.
•'Consult your tax advisor concerning the deductibility of interest.
***Upon making an initial draw of $10,000 or more at closing on your new Standard Federal Home Equity Line of Credit. or upon closing on your new Standard Federal
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