Washington County's new Heart & Homestead Program is here. It's a great program that allows buyers to get substantial funds to help with down payment/closing costs!
Here are the highlights:
The Grant is for $20K, or 10% of the purchase price, whichever is less.
Unlike most down payment assistance programs, it's not a loan or a forgivable grant. Instead, the funds are to be earned back by the homeowner by either volunterring, or donating financially, to local organizations.
So, there are no payments due, but there is a second lien placed on the property for the amount of the grant. The idea is over the course of 5 years, the homeowner will knock off $25 for every hour of time, or $0.70 for every dollat donated.
At the end of 5 years, whatever is unearned reamins secured by the property until it sells or tranfers ownership in some way.
Funds can ve used for down payment, closing costs, OR certain renovation items on the property.
No first-time buyer requirements
No Income Cap
No credit, DTI or property condition requirements - outside of what's needed for normal approval.
This is a great program for buyers looking in Washington County!
Call or email the Birkle Group for more details!
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