Provides up to $15,000 in the form of a 0% Interest 5 Year Forgivable second mortgage loan.
Deferred Monthly payment on up to $15,000 as long as the Owner remains in the home and is their Primary Residence. There are no payments on the second mortgage unless the Owner moves, Refinances, leases or defaults on the property within 5 years.
At the end of 5 years, the second mortgage is forgiven.
Buyer must contribute at least $2000 towards Closing Costs.
Primary Residences only.
No Lender credit available.
Potential Buyers must begin the process with one of four approved Housing Counseling Agencies and MUST NOT be under contract before they begin the process.
Total $14,999 max award. Down Payment up to 20% of the purchase price or $10,000 whichever is less, toward the down payment. 50% of Closing Costs or $4999, whichever is less.
Maximum purchase price not to exceed $226,926.
Income must be at or under 140% of the HUD Median Income.
Income calculated from Household Income.
Debt ratios not to exceed 33/41%.
No Bankruptcies in the last 2 years and no foreclosure last 3 years.
Minimum middle credit FICO score 600
Can be used with Conventional, FHA, VA loans.
ARM's are not permitted.
No Prepayment Penalty Fee if the loan is paid out early.