BY MATT WEBB-SMITH –
As a realtor part of my job is to be informed and aware of new developments in the real estate market that can help my clients. So I was very excited at the end of 2017 when I found out about Grey County’s “Investment in Affordable Housing Homeownership Program (AHHP) Application”. Operated by the Department of Housing for Grey County, this represents an amazing opportunity for lower income families living in Grey County to achieve homeownership.
The AHHP is essentially a loan program designed for low-income residents of Grey County who currently rent their residence and who want to purchase a home in Grey County. The Program assists by lending the purchaser(s) up to 5% of the purchase price of a home priced at or below $261,063. The home must be located in Grey County and the purchaser applying must be able to qualify for a mortgage.
The best part for first time buyers is that no repayment of the loan is required if the home is sold after 20 years. If the home is sold before the 20-year period expires, the loan is repaid from the proceeds of the sale +5% of the realized capital gains.
The rules to qualify for the Program are pretty straightforward. Applicants must be residents of Grey County and currently rent their residence. You must be18 years or older and have an annual household income below $76,400 with savings of not more than $30,000. The Program is not available to those who currently own a home, or have investments in property of any kind.
If you are a first time homebuyer or if you dream of owning a home for your family in Grey County but worry about having the down payment or qualifying for a mortgage, Grey County’s AHHP could be a game-changer for you.
The Homeownership Program has a fixed budget each year and begins to release funds on April 1st 2018. If you have a dream of owning your own home in Grey County then get in touch and let’s see if the Homeownership Program is right for you.
For a complete list of terms and conditions visit the Grey County website
Matt Webb-Smith is a Licensed Realtor with Sutton-Sound Realty Inc., Brokerage.
For a free home appraisal you can contact him at firstname.lastname@example.org
Subscribe for FREE to get the latest local news delivered to your email box.