NEW CONSTRUCTION PROGRAM FOR
SINGLE PARENTS, DISABLED AND ELDERLY HOUSEHOLDS
Funds for the New Construction Program for Single Parents, Disabled, and Elderly Households will soon be available. The funding source this year will be New Bond funds, which means borrowers must meet all New Bond guidelines, with the exception of purchase price and income limits (listed below).
FUNDS WILL BE AVAILABEL TO POPULATIONS THAT MEET THE FOLLOWING PROGRAM GUIDELINES
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First mortgage loan (FHA, VA, and RHS only - no conventional) with 30-year fixed interest rate of 1 to 6 percent. The rate will be the highest for which the applicant qualifies at ratios of 29/4
New construction property only.
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Maximum purchase price of $115,000.
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Eligible households include:
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Single parents with at least one dependent child under the age of 18 living in the household.
Households with at least one member with a permanent disability who is receiving some form of disability income (SSI, SSDI, etc.).
At least one of the home buyers age 62 or older.
Gross annual household income less than $28,000 for 1-2 persons or $33,000 for 3 persons or more.
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Regular rate program with points required.
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Borrowers must have minimum credit score of 640 and AUS approval.
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Regular Down payment Assistance Program is available for down payment and closing costs.
Reservations will be selected through a lottery system. The lottery will be open for reservations Monday, July 25, through Wednesday, July 27. Winners will be notified by e-mail by Friday, July 29. All applicants MUST have a fully-executed contract when the loan is reserved.
Welcome Back HOME Family and HOME Special!
HOME Funds will be replenished Friday, July 1, 2011. Reservations on or after July 1 will have access to HOME Family or HOME Special Down payment Assistance Programs, each up to $10,000! These funds are available on a limited basis, first-come, first-served.
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