Interest-free down payment loans now available for home purchases
The city is reminding the public that qualified low-income and moderate-income families can receive interest-free down payment loans for home purchases.
The Department of Community Services is administering $535,000 in Federal HOME funds for the loan program, and is accepting applications from applicants’ mortgage lenders for loans up to $40,000.
Loans will be awarded on a first-come, first-served basis to qualified households.
Interested families are required to apply for a loan through a mortgage lender after being approved for a first mortgage. To qualify, applicants must provide five-percent of the purchase price as a down payment and complete an approved home ownership course.
A home inspection is also required, but there is no cost to apply.
For more information, please call the Department of Community Services Loan Branch at 768-7076.