Home Buyer's Support Program

When mortgage qualifications were low, prices were too high for many homebuyers. Now, housing prices are low, but mortgage qualifications are too high for many homebuyers. By the time many home seekers are mortgage-ready, prices will have increased again.

That’s why we’ve created the “Homebuyer Support Program.” This program allows you to lock in a home price now and receive all the tax benefits of homeownership while you work on your mortgage qualifications.

WHAT DO WE OFFER?

• 24 months financing from HHDC
• Below market interest rates
  
• 2% down-payment rather than the 5-10% lenders now require
• You pay real estate taxes and interest and get all the tax benefits of homeownership
• Price guarantee – if the home value falls by the time of take out, we have a formula to adjust the price down. If the value of your home rises, you get the equity. Either way, you win.Price guarantee – if the value of your home value falls by time of take out, we have a formula to adjust the price down.  If the value of your home rises, you get the equity.  Either way, you win.
• Rate guarantee – if mortgage interest rates are higher than the prevailing rate we agree on at closing, we will buy your interest rate down to that level.Rate guarantee – if mortgage interest rates are higher than the prevailing rate we agree to at closing, we will buy your interest rate down to that level.

THIS IS NOT RENTING.
We will expect you to maintain the property as an owner would. You can have a home inspector inspect the property before we close. We will provide a 10 year warranty against major defects in the home.

We will expect you to maintain the property as an owner would.  You can have a home inspector inspect the property before we close.  We will provide a 10 year warranty against major defects in the home.

WHAT ELSE MUST I DO?
You must make your payments, including those for taxes and insurance and condo assessments on time each month. This will be the record that we will show your lender when you apply for your mortgage. It will prove you have the ability to carry a loan.

You must also sign an agreement with a homebuyer counseling agency and regularly meet with them and work on improving your credit score. When you are mortgage ready, they will give you a certificate.

HOW DO I QUALIFY?
You must be an owner-occupant – this is not a program for investors. You must give us tax returns and income verification. We must run a credit and background check. You must have an initial interview with a housing counseling agency to determine that it is possible for you to become mortgage eligible within 2 years. The final decision on your eligibility is ours alone.