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With what types of repairs does FLHF assist? 
Typically, we assist with roofing, HVAC, plumbing, electric, hot water, well, and septic.  We may be able to assist on other repairs as funding and labor are available, and dependent upon the number of ongoing repairs in the community. 

What is meant by “household income”?
The household income is the amount of money that your entire household receives from all sources in a year. This includes salaries, social security, pensions, and any other kind of income your household receives.

What is the Area Median Income or AMI?
The AMI is the midpoint of all of the incomes for  a given area, such as a county. Half of households in a given area have a higher income than the midpoint, and half have an income less than that amount. If a family makes less than 80% of the AMI, it is considered low income; if 50% - very low income, and 30% - extremely low income. The AMI also depends on how many people live in a household.

What is an Adjustable Rate Mortgage, or ARM?
An Adjustable Rate Mortgage is a home loan with an interest rate that may go up or down depending on an indicator, such as Treasury Bill Rates.

How do I determine if housing is affordable?
Your housing should cost no more than 30% of your household income. If you own your home the housing cost should include your mortgage payments plus property taxes and insurance. If you rent, your housing cost should include your monthly rent plus any utilities you pay.

What does it mean to “assume” a mortgage?
If you “assume” a mortgage you take over the remaining mortgage payments and terms from the original buyer of the home. By assuming the previous owner's remaining debt, you can avoid obtaining your own mortgage. Different types of loans can qualify as assumable mortgages, though there are some special considerations to keep in mind.

What is a deed?
A deed is a signed legal document that transfers ownership from one person to another.

What is considered a “disability” in order to receive assistance?
Under the Americans with Disabilities Act, you have a disability if you are unable to independently carry out one or more of the major life activities: walking, eating, sleeping, breathing, seeing, hearing or thinking.

What is “accessible housing?”
Accessible housing has special built-in accommodations that make everyday living easier for residents with disabilities. Accessible housing can range anywhere from wheelchair ramps to indoor modifications like handicap grab bars, lower cabinets and wider doorways.

What is equity in a home?
Equity is the value of your financial interest in your home. In other words, it is the actual current market value of your home, less any debts, or liens, that are attached to it.

What is escrow, and how is it used?
In mortgages, escrow usually refers to money kept by the mortgage company to ensure that the  homeowners’ taxes can be paid in full when due. This is paid up front on settlement.

What is foreclosure?
Foreclosure is what happens if you, as a homeowner, fail to pay your mortgage. It’s a legal process in which you forfeit all rights to your property if you cannot pay off you debt.

What are Housing Choice Vouchers?
The Housing Choice Voucher Program, formerly known as Section 8 Rent Assistance, is a federally funded rental assistance program for low-income households. Households must meet income eligibility criteria. Each household pays a minimum of 30% of income for rent. Housing can include single-family homes, townhouses and apartments and is not limited to units located in subsidized housing projects. This rental assistance is issued in the form of a voucher to someone seeking housing.

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