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Q: How much will my mortgage payment be each month?
It depends on your loan amount, income and debt. For those who enroll in the USDA
payment assistance program, we have seen mortgage payments range from $450 to
$850 per month. This payment also includes insurance and taxes.
Q: How many mutual self-help sweat equity hours do I have to commit to?
Anywhere between 24-32 hours per week until the houses are finished. You may also
use the help of volunteers that can include family and friends.
Q: What are the income limits?
We refer to HUD (Housing Urban Development) Income Limits. These limits can
change at least once a year. The income limits listed below are the maximum income
that a household can earn.
2009 Area Median Income Limits Per Household (HH)
Q: Are there any deed restrictions?
Currently, there are no deed restrictions.
Q: What is the interest rate on the 502 loan?
The rate varies. Currently the rate is 4.625%.
Q: What other requirements do I have to meet?
- Must have acceptable credit; (i.e. a history of timely and regular monthly
payments on all bills. For derogatory debt, applicant must pay the debt in full or
have established a payment plan) - If you have filed for bankruptcy, there is a minimum waiting period of 36 months
from the date of discharge - Must have low non-household debt
- Must show repayment ability; (i.e. adequate income)
- Must be willing to commit to the required sweat equity hours
- Must meet the HUD income limits
- Must be a First Time Homeowner (there are some exceptions)
- Must be willing to take home buyer classes
- Our program is for owner-occupied program applicants only. The homes we build
are not for second home rental income or immediate re-sale purposes.
Q: Do I have choices?
YES! Depending on the lot, you have a choice of house plans, cabinet colors, floor
coverings, paint colors, etc.
|
BUILDING COMMUNITIES~BUILDING HOMES~BUILDING SKILLS
| Frequently Asked Questions |
