City of Anderson, SC
description
Transcript of City of Anderson, SC
City of Anderson, SC
Provides first time home buyers affordable housing through the Joint Venture for Affordable Housing (JVAH) Program
Sources of Funds
Community Development Block Grant (CDBG) – Entitlement from Department of Housing and Urban Development (HUD)
HOME – SC State Housing Finance Development Authority
Other Sources of Funds Community Homeownership
Opportunity Partnership (CHOP) – SC State Housing Finance and Development Authority
CHOP Funding used to “buy down” loan from bank
Qualified home buyers receive fixed interest rate of 4% or 5.5%
City Provides JVAH Participants Downpayment Assistance
Pays all Legal Fees and Closing Costs Prepays – i.e. appraisals, credit reports and
hazard insurance
Land for Construction
Improvements (i.e. driveways, walkways, curb and gutter)
Downpayment Assistance Deferred Forgivable
Loan
Maximum amount - $10,000
5 years affordability period (Recapture Policy imposed if not met)
Closing Costs Assistance Deferred forgivable loan
Maximum Amount - $4,500
5 years affordability period
Recapture policy imposed if affordability period not met
JVAH Program Participants Must:
Be a first time home buyer Be credit worthy Have a stable income - employment history
(minimum 2 years on same job or field) Attend Mandatory Home Counseling
Workshop Credit/Credit History Taxes & Insurance Landscaping & Home Maintenance Loan closing process
Other Requirements Meet income requirements set by
SC State Housing Finance & Development Authority
Meet all other loan requirement set by Federal Housing Administration (FHA) and SC State Housing Authority
Stable Employment and Income
Verification of Employment Date of Employment Present Position Probability of continued employment Current Gross Base Pay Current earnings for last 3 years
including overtime Commissions or bonuses
Employment Criteria continued
Date of next increase
Projected amount to last pay increase
Remarks (i.e. reason for being off for any length of time)
Income Requirements and Verification SC State Housing Finance Development
Authority & HUD have income guidelines based on geographical area and size of household
Banks and credit unions verify income: Checking accounts balance Savings accounts balance