Just returned from listening to a 1st Time Home Buyers Seminar this morning. It was very helpful to know what is out there for home buyers that have some down payment money, but need more funds for the closing table. We were introduced to several loan package options for qualified buyers & wanted to share with you some of the information we've learned. Most especially, we learned that a borrower, if qualified can stack all the down payment assistance funds to get into home ownership.
So the question asked is, who is eligible for the down payment assistance?
Households that earn 80% below the Area Median Income (AMI), which for Haywood County NC, the maximum gross income is below.. which was received by the Mountain Housing Opportunities Website & can be verified by CLICKING HERE.
Also, borrowers have to have a stable job for at least 1 year, doesn't currently own a home, & have at least $1,000 of their own money to use toward buying their home.
Next question is, what kind of property can one purchase using the down payment assistance money?
The property has to be in Haywood, Buncombe, Henderson or Madison counties to be eligible.
It must be a stick-built home, modular, townhouse or condominium. Their brochure says no manufactured housing, but in the seminar, they said that on-frame was OK, however I would double check that info to make sure it's acceptable first.
They require a home inspection & may request repairs completed prior to closing based on the income level, they do not want borrowers to have a heft repair bill after closing, & they can not afford to fix it. They mentioned cosmetic items they may overlook, however if the AC is not working, that may be on the repair list request prior to closing.
They do not offer construction loans
The borrower receiving the down payment money must be the primary resident of the home.
Next Question, what does my credit score have to be at?
640 is their guideline, but it is a case by case basis, so calling them to inquire about this requirement is recommended.
Next Question, How much down payment assistance can I apply for?
There are several different programs one can apply for, some are loans for the down payment money & can be up to $10,000 for Haywood County NC buyers, there is no lender fee ($0), & some loans may be deferred for 30 years, $0, Equity Share.
CLICK HERE to find out more detailed information of the programs Mountain Housing Opportunities offers qualified buyers.
After leaving the seminar, we had already thought of 3 customers that this program may help, so we thought writing this blog to help spread the word, may help those we have not met personally to lead their path towards home ownership.
This is all we have to share for now. Contact Kelly Nossiter, Mountain Housing Opportunities-Loan Officer at 828.254.4030 ext. 127 or feel free to email her at firstname.lastname@example.org