NHS
New House Down Payment Assistance Program
What are the Maximum Income Limits?
How is my Family's Annual Income Determined?
How Much Down Payment Assistance is Available?
How do I Pay the Additional $102,000?
How Does the NHS Down Payment Assistance Program Work?
How do I Apply for Down Payment Assistance?
A Qualified Buyer would have:
Income at or below amount listed on maximum income limits chart
- Good or Repaired Credit (No outstanding judgments, collections, etc) - Credit Counseling Available
- Ability to acquire affordable 1st mortgage financing through a reputable lender
What are the maximum income limits?
The maximum annual income limits for 2006 are (WHEDA Income
Limits Apply):
Family Size
1-2
3+
Maximum Income
$55,980
$61,580
How is my family's annual income determined? NHS
of Richland County will verify information you give us to determine your
income. In the meantime, you can do a preliminary determination of your
own by finding your family size on the chart (count everyone who lives in the house
at-least 50% of the time) and looking at the dollar amount under your family
size. If your family's total gross annual income is equal to or less than that amount,
contact
NHS right away!
How much Down Payment Assistance is available? The
amount of down payment assistance available is determined by need. For NHS
New House purchase, up to $30,000.00 is available to qualified buyers.
How do I pay the additional $102,000.00? You
would need to secure affordable
1st mortgage financing through a reputable lender for the remaining
$102,000. If you have been pre-qualified or pre-approved with a
reputable lender, have your lender
contact
NHS for more information.
How does the NHS Down Payment Assistance Program work? Once
you are determined to be eligible for the program, the amount of the down
payment would then be determined by need and a loan would be put together for
you. This down payment assistance loan would be set up at 0% interest (0%
apr) and payments would be deferred during the entire time you own and live in your
house. Therefore, your monthly payments would include your PITI
(Principal, Interest, Taxes, and Insurance) payment to your first mortgage
lender, only. You would then pay back the entire amount of the down
payment assistance loan when you no longer live in the house, when you sell the
house, or if you refinance your house with a loan that does not meet the NHS
Loan Subordination Policy. If you borrow $30,000.00, you pay back
$30,000.00. For more information
contact
NHS.
How do I apply for down payment assistance?
visits since 3/28/06