Thursday, March 13, 2014 - Article by: Sean Young - New American Funding -
What is the Difference Between Targeted and Non-Targeted Areas?
A targeted area is an economically distressed area designated by the U.S. Department of Housing and Urban Development (HUD).
Special incentives are given for applicants purchasing homes in federally designated Targeted Areas. Some of these incentives are:
First Time Homebuyer is someone who has not had ownership in a principal residence three years from the date of closing. .
Where are the Targeted Areas in Colorado?
The followingentire counties:
There are also certain census tracts within a county designating a targeted area.
To find out if a property is in a targeted area or not,contact your loan officerwho can pull the information for you or you can follow the steps below.
You can determine if an address is in a targeted area by using the FFIEC Geocoding System, which identifies the census tract location of the address by clicking this link FFIEC web site.
When you pull up the address it will show the census tract code in the bottom right corner.
If the tract code matches any of the codes below it is in a targeted area.
The Following Census tract codes are Targeted Areas
Adams County:Census Tract
Arapahoe County:Census Tract
Boulder County:Census Tract
Denver County:Census Tract
El Paso County:Census Tract
Fremont County:Census Tract
Huerfano County:Census Tract
Lake County:Census Tract
Larimer County:Census Tract
Logan County:Census Tract
Montrose County:Census Tract
Targeted Areas are determined in accordance with the Code, and may be changed by the federal government from time to time.
Mortgage Loan Officer
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