About Megan Harvey
I first discovered it 3 years ago, when my daughter, Lisa, bought her first house. They claimed that you got all 100% at the same low rate that most people get their 80% loan- and that the loan fees were super low- and that you only needed $500 cash to close- plus you could use $1200 per month of undocumented income and Bank of America even paid the appraisal! Lisa didn't believe it- thought it was a bunch of hype with all kinds of restrictions on it- but decided to just check into it - because the only other option was an 80-20 or an interest only or something else just as bad. So she went to the Acorn Housing meeting..and everything they had said was absolutely true! She even ended up getting her $500 back!
So I am a real advocate for this Acorn Home Loan program. It is through Bank of America- and it doesn't pay it's loan officers as much as most of the other loans. This makes it hard to get a good loan person who knows the program and will work it well and make sure everything gets done in a timely manner! We have found a loan person that is also really excited about the Acorn Program- and is actually specializing in it. So I recommend her highly- and Lisa, Wendy, Hayley and I are working with Megan to help anyone who wants to learn more about this loan and use it! It's an awesome program! And we know it works because we have done it ourselves!
What is the ACORN program?
Tell me a little bit about the loan.
Tell me a little bit about the loan.
By using the ACORN loan program you have the option of buying a house with no money down (3% down can get you a lower rate) and as little of $500 of your own money (the rest can come from the seller or a gift) going into the transaction. There are three loan options: 30 year fixed, 40 year fixed, and 10/30 fixed rate interest only - all with a reduced below market interest rate to applicants that are qualified by ACORN. You only have one loan (not an 80-20) at one low rate with no PMI or prepayment penalties.
Who qualifies?
Borrower's must make less than $80,280 (total of all borrowers on the loan, in the Portland metro area). The loan is not FICO score driven and there are more lenient guidelines for things like bankruptcies and foreclosures than on traditional loans. While the program is designed for first time homebuyers, others can utilize ACORN as long as they don't own another house at the time of closing. It can also be used to refinance, although cash out is not allowed.
The ACORN Process
As part of the prequalification process there are three stepsthat must be completed through ACORN:
***All three of these steps must be completed prior to locking in your interest rate***
If you have a schedule conflict, contact Meghan to work on an alternative.
Please bring the most recent COPIES of the following documents to the intake session:
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. Intake Form (included) - Filled out
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. Copy of picture ID and Social Security Card.
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. One month's worth of current paystubs for all employment for all borrowers.
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. Past two years of tax returns (1040's and W2's)
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. Award letter or verification of any other source of income: SSI, Child Support, DPA, Retirement, etc. (if applicable)
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. Last three months of bank statements for any saving and/or checking accounts (including 401K, IRA, etc.)
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. Proof of rent for the last twelve (12) months (cancelled checks or landlord letter (included)
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. Budget Sheet - Filled out
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. Credit Report Fee: $20 individual (1-person) or Joint (2-people)
Check or Money order ONLY: do not bring cash.
If you have any questions about these documents or about the ACORN process in general, please contact;
Meghan Harvey: 503-327-5128.