Transcript Decatur H.O.M.E. (Home Ownership Made Easy) Program

Decatur
H.O.M.E.
(Home Ownership Made Easy)
Program
Presented By:
City of Decatur
Community Development
Department
What you need to know
about the Decatur
H.O.M.E. Program
Decatur H.O.M.E. provides financial
assistance to qualified low-income families for
the purchase of a home with a MINIMUM
DOWN PAYMENT
The City of Decatur will pay ½ of the minimum
required Down Payment or all of closing costs,
including some prepaid items with a maximum
of $4,000.00
The home you purchase must be located
within the city limits of Decatur
If the applicant has a home inspection done on
the home Decatur H.O.M.E. will pay for a one
year Home Warranty
City of Decatur-Community Development Department
THE INCOME LIMITS
For CDBG Activities
Developed by Housing and Urban Development (HUD)
If your Family Size is:
Your Income
Must not Exceed:
1
$30,050
2
$34,350
3
$38,650
4
$42,950
5
$46,400
6
$49,800
7
$53,250
8
$56,700
Do you Qualify?
You must not have owned a
home in the last three years
You must fall within Income
Levels established for CDBG
Funding
You must be able to obtain a
mortgage loan
You must not have participated in
this program before
City of Decatur-Community Development Department
What you should do if you
meet the Income
Requirements and Qualification
Requirements
1) Contact a mortgage company to
2)
3)
4)
5)
6)
prequalify for your loan
Select the home in which you
would like to purchase
Contact the Community
Development Department for an
application
Make formal loan application to
the mortgage company
Attend Housing Counseling
Course at Community Action
Agency
Attend Loan closing
Mortgage Companies
Assistance
Referring Applicants
Applicant’s Requirement Sheet &
Income Verifications
We must have a HUD-1 Statement
by 4:00 Wednesday in order to
have a check cut for a Friday
Closing.
Choosing a Closing Attorneys
Closing Dates
The Community Development
must receive a signed Covenant to
occupy, maintain and not transfer
after closing.
Applicants
Requirements
The applicant cannot have over
$6,000.00 in liquid assets
The applicant’s mortgage cannot
exceed 35% of their monthly
income.
The applicant is required to
schedule an appointment with
our office to complete an
application. Walk-ins will not be
excepted so for their
conveniences please have them
call for an appointment before
coming to our office.
Decatur H.O.M.E
What we Will and Want
Pay
If the applicant pays for a Home
Inspection Decatur HOME will pay for a
one year Home Warranty.
Will pay prepaid Fire Insurance
Will only pay a 1% origination fee.
Will not pay PMI or MIP Insurance
Will not pay FHA non allowables
Will not pay for any discount points or
brokers fees.
Decatur HOME funds can be used in
conjunction with other down payment
programs but will not pay for fees
associated with those programs or any
other bond fees.
Questions,
Comments or
Concerns ??????
For More Information:
Community Development
Department, City of Decatur
5th Floor, City Hall
402 Lee Street, NE
Decatur, AL 35602
(256)341-4960