If you are low in funds to buy a home, the City of Columbus might be able to help you make your Dream Come True!
Here is how:
The City of Columbus implemented the Homebuyer Program with the intent to make homeownership affordable.
To participate in the program you will have to attend an 8-hour, no cost, HUD Approved Housing Counseling Seminar, and obtain a certificate of completion. Afterward you will need to contact a pre-certified lending institution. Coldwell Banker Mortgage is a certified lending institution, and there are many others, I will be happy to provide a list of other certified institutions to you, at your request.
Once you have obtained your certificate, and contacted the lending institution of your choice, to be pre-approved for a mortgage loan, the lending institution will then take over the process of your loan being approved for the Homebuyer Assistance Program.
Homebuyer assistance is provided in the form of $5,000 down payment assistance. The entire amount must go toward the down payment of the home. The purchaser is not allowed to receive any portion of these funds as cash back at closing. The seller or purchaser is responsible for the closing costs associated with the loan. The closing costs cannot be taken from the $5,000 down-payment assistance. However, $1,000 of the down payment assistance ($5,000.) can be use for prepaid fees (taxes and insurance).
Deferred payments: (Grants) The Homebuyer Assistance Program is a Grant Program. This assistance need not be repaid as long as the recipient remains the owner and occupant of the property. In these conditions are met, the assistance will be forgiven at the rate of 20% ($1,000) annually for each year of occupancy over a five-year period. However, if the recipient moves out or sells the property within the five-year period, then the entire balance of the grant will not be forgiven, and will have to be re-paid.
If you have owned a home in the past two years, you are not eligible to participate in this program.
The Purchase Price of the home cannot exceed $124.090.00
INCOME QUALIFICATIONS: 2007 Adjusted Home Income Limits:
For Columbus GA-AL
| Household Size |
1 Person |
2 Person |
3 Person |
4 Person |
5 Person |
6 Person |
7 Person |
8 Person |
| Low Income |
27250 |
31150 |
35050 |
38950 |
42100 |
45200 |
48300 |
51450 |
AMERICAN DREAN DOWNPAYMENT INITIATIVE (ADDI) HOME PROGRAM
This program aims to increase the homeownership rate, specially amount lower income and minority households, and to revitalize and stabilize communities.
As with the Homebuyer Program, you will need to attend the Housing Counseling Seminar, obtain a certificate of completion and contact a certified lending institution.
The ADDI Program is provide in the form of $10,000.00 down-payment assistance. ADDI can only be used for property acquired in one othe the six redevelopment areas, which are:
- 2nd Avenue
- South Lawyers Lane, Beallwood,
- 5th/6th Avenue
- East HIghland
- Medical Center
The purchase price must not exceed $124,090.00. The purchaser is not allowed to received any portion of these funds as cash back at the closing. The seller or purchaser is responsible for the closing costs of the loan. The closing cost cannot be taken from the $10,000.0 ADDI assistance. $1,000.00 of the ADDI assistance ($10,000.00) can be use to prepaid fees (taxes and insurance).
The recipient must remains the owner and occupant of the property, and must remain in the property 5 years to avoid prepayment of the assistance.
If you owned a home in the past two years you are not eligible to participate in this program.
If you have any questions, or will like additional information, you can contact me - or contact Aretha Jones with the City of Columbus at (706) 225-3921 or Joe Riddle at (706) 225-3918 and ask about the Homebuyer Program, then make an appointment with me to go out and MAKE YOUR DREAM A REALITY!
|