Down-payment Assistance Program guidelines have been updated

 

The Unifour Consortium Down-payment assistance program provides assistance of 8% of the purchase price, capping at $16,000 to eligible first time homebuyers. Our loan is a zero (0)% interest loan and a zero (0) monthly payment. Half of our loan is forgiven at the 10 year anniversary. Repayment is triggered if or when you sale, refinance or otherwise transfer property.  We can subordinate in the event of refinancing.

 

The program will have much more financial exposure, additional underwriting requirements will be imposed. A Minimum Credit Score of 620 will be required. Front End Ratios may not be more than 32%, Back End Ratios may not be more than 42%. Current rent amounts and debt, along with Credit Score will be taken into account.

 

Interest Rates and Fees must be attractive and reasonable for the goal of providing affordable housing. 

 

Client cannot have owned a home in the last 3 years. No manufactured homes.

 

Homes must be purchased in Alexander, Burke, Caldwell or Catawba counties.

 

Clients must be within the income guidelines, have $500 going towards the purchase of the home, and be able to obtain a loan from a participating lender.

 

Income for the HOME program is based on total gross household income.  A snapshot is taken of the household’s curtain income and then projected forward 12 months to arrive at total household gross annual income.​