Homeownership Assistance Program. How exactly does the scheduled system work?
The program was created to assist low-to-moderate earnings families purchase and occupy a house when you look at the town limitations of Columbia. Candidates should be time that is“first buyers” who meet with the Department of Housing and Urban developing (HUD) earnings directions below. Exceptions to your rule that is first-time-homebuyer “displaced home-makers” and “single parents. ”
How can the system work?
Through the entire process of buying a property, low- to moderate-income families might not have sufficient funds for the payment that is down other up-front loan closing expenses. Assistance as much as $10,000 or 10percent of this price, whichever is less, are prov only to be properly used for down closing and payment expenses (prepaid costs such as for example fees and insurance coverage aren’t qualified), or even lessen the concept quantity of that loan, and purchasers must make provision for no less than $500 in money toward the acquisition.
Extra System Information
Application for help is manufactured during your loan provider in cooperation with all the City of Columbia’s Community developing Department.