Homeownership

homeownership

The city and its partners support homeownership through rehabilitation and home repair, energy efficiency upgrades, and foreclosure prevention and legal assistance.

Home Improvement Loans. Rehabilitation and home repair activities are funded primarily through CDBG, CIP, the City of Santa Fe Affordable Housing Trust Fund, state and federal rehab funds and some local funds.

Resources

Homewise

Habitat for Humanity

 Foreclosure prevention and assistance. Foreclosure continues to be an issue for Santa Fe homeowners, especially those with low‐ and moderate‐incomes. Seventy‐five percent of all cases go to default. In 2011, several major lenders (Chase, Citibank, Bank of America, Wells Fargo, among others) agreed to a settlement agreement whereby they would fund loan modification/principal reduction for at‐risk borrowers. However, local attorneys report that homeowners continue to be “dual‐tracked” which means they communicate with their lenders about a loan modification, while the lender simultaneously instigates the foreclosure process.

Resources

The City supports foreclosure prevention and assistance services currently provided through the Northern NM Consumer Law Protection Center. Contact: 505-490-6415; [bot protected email address]

 If you have not missed any payments and have been told that you don’t have enough equity in your home to refinance to a lower rate, the HARP program may work for you.  For more information: Making Home Affordable Program. Make sure you seek advice from a HUD-approved lender or counseling agency.  They are listed on the HUD website. Both Homewise and the Housing Trust can provide assistance with the determining eligibility for a HARP refinance.

Reverse Mortgage Counseling. For homeowners with a lot of equity in their homes but limited incomes, a Home Equity Conversion Mortgage (HECM) may be an option. Particularly for aging homeowners, a HECM allows the homeowner to stay in their homes by providing a monthly income. Make sure you seek advice from a HUD-approved lender or counseling agency.

Resources

The Housing Trust is a HECM-approved counseling agency and you can contact their counseling staff to learn more about whether you qualify.

You Are Now Leaving The City of Santa Fe Website

Links to external, or third party web sites, are provided solely for visitors' convenience. Following links to other sites is done so at your own risk and the owners of this Website accept no liability for any linked sites or their content.

Any link from the our site to an external web site does not imply that we endorse or accept any responsibility for its use. It is important for users to take necessary precautions, especially to ensure appropriate safety from viruses, worms, trojans and other potentially destructive items. Users should review the privacy policies of external web sites and other terms of use to learn more about what, why and how they collect and use any personally identifiable information.

 

Open Alert