Are you?:
· Renting or living at home?
· Looking to own a home for your family?
· Interested in taking advantage of valuable real estate tax laws?
· Living on a limited income?
· Finding it difficult to save for a down payment?
· Looking for help?
Program Highlights:
The program offers a second mortgage up to a maximum of $5,000 or 10% of the purchase price, (whichever is less).
The loan can be used toward the price of the house and/or the closing costs.
The combined first & second mortgages can equal as much as 103% of the purchase price.
Also available is an additional $5,000 loan for eligible repair costs to the home.
No monthly payments are required and no interest is charged.
Repayment of the second mortgage is required at such time as the homeowner refinances the home, transfers the title or ten years from the date of the mortgage or through optional monthly payments.
Application may be made to the board upon satisfactory completion of the home ownership counseling and application for a first mortgage with a participating lender.
This program provides second mortgage loans to eligible, first-time buyers of Monroe County homes. These guidelines state the rules by which second mortgages will be awarded.
Check the Guidelines and Eligibility Requirements, and call your local lender or the Redevelopment Authority for additional requirements and information.