Foreclosure Rates in HOME and ADDI Programs

From: HUD USER News
 
HUD's Office of Policy Development & Research recently
published a report, Rates of Foreclosure in HOME and ADDI
Programs, which estimates the annual foreclosure and
delinquency rates for these programs. The report analyzed
delinquency and foreclosure rates for both HOME- and
ADDI-assisted borrowers who purchased homes from 2001
through 2005.
 
The report found that borrowers with HOME or ADDI
downpayment assistance had lower average foreclosure
rates than a similar set of borrowers that did not have
downpayment assistance. Furthermore, the foreclosure
rates in the HOME and ADDI downpayment assistance
programs were far lower than the very risky seller-
financed downpayment assistance program that has been
discontinued by the FHA. The report provides evidence
that programs can be carefully developed and managed to
assist lower-income families with housing and
homeownership assistance.
 
This report is available as a free download
at www.huduser.gov/portal/publications/hsgfin/addi.html and
print copies can be ordered for a nominal fee by calling
HUD USER at 800-245-2691, option 1.
 
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