Saturday, September 5, 2009

Buying a Foreclosure

If you are considering the purchase of a foreclosed property, down payment and closing cost assistance is available to those who meet eligibility requirements.

The 5-year, 0% percent interest deferred loans are currently up to as much $14,900. The loans may be forgiven at 20 percent per year for each full year you own and live in the property. At the end of 60 months (or at the time of sale, refinance, or non-owner occupancy), you must be current on the mortgage to qualify for forgiveness of the loan.

The details:
- Borrowers cannot have owned a home within the last three years.
- Income limits for Mecklenburg County start at $55,850 for a 1 person household and go up to $75,000 for a four person household
- Sales price cannot exceed $210,000
- $14,900 is given as a ‘silent second’ (no interest accrues, no payments made)
- The funds can be used for down payment / closing costs
- The loan is forgiven after five years of the homeowner occupying the home as their primary residence
- 8 hours of classroom home buyer counseling from a HUD-approved housing counselor are required

Details can be found here:

If you have any questions, or have a client who you believe may qualify, please call or email me. There is a limited amount of money NCHFA has to go towards this program and I want your clients to receive it!

Have a wonderful weekend and call if I may be of assistance at 704-564-0807

Rich Ferretti
Mint Hill Realty

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