American Dream Downpayment Initiative

By
Real Estate Agent with Keller Williams Realty Portland Premiere

    What is ADDI?  ADDI is a specialized loan to help first time home buyers in Washington County.  It has a 0% interest rate which is huge but it doesn't stop there.  There are also no payments required until you sell your home, the title is transfered, there is a default or the home is no longer your principal residence.  No payments!  So as long as you make money off your home sale you will never have to make a payment.  Now, this loan is not for the entire purchase price of the home, it is intended for the downpayment and/or closing costs of the home sale.  Also, the borrower is not the only one who has to qualify, the property must also qualify.  

Borrower Eligibility:

  • Be First-Time Homebuyers: Defined as a household in which no member has owned a home as their principal residence within the past three years.  An exception is made for displaced homemakers and single parents. 
  • Meet Income Limits:  Have combined gross annual income that does not exceed the HUD Low Income Limits adjusted for household size. (see income limits table below)
  • Homebuyer Education Requirement:  Complete an approved homebuyer education course.
  • Minimum Downpayment:  Homebuyer must contribute a minimum of $500.00  towards the purchase of the property.
  • Owner Occupancy Requirement:   Homeowner must occupy the property as their principal residence for the life of the loan.
  • Financing:  Buyer must qualify for and obtain loan commitment for a first mortgage using a conventional loan.  No private loans and no all cash transactions are allowed.

Income Limits for ADDI eligibility:

Persons in Household                                        Household Income

  1.                                                                      $38,000
  2.                                                                      $43,450
  3.                                                                      $48,900
  4.                                                                      $54,300
  5.                                                                      $58,650
  6.                                                                      $63,000

Property Eligibility:

  • Homes must be located in Washington County
  • Homes can be single family home, condominium, or a manufactured home on a permanent foundation.
  • The home sales price can not exceed 80% of FHA mortgage limits for Portland Metro Area.  $194,560 as of February 2005.
  • The property must meet HUD's housing quality standards and the home must not have lead paint hazards.

www.co.washington.or.us/deptmts/comm_dev/addi.htm

PLEASE CHECK OUT OUR NEW PODCAST ON THE HOMEPAGE OF OUR WEBSITE www.TonyandLibby.com
& OUR NEW PORTLAND METRO BLOG AT www.TonyandLibby.blogspot.com (make sure you leave comments)
close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Location:
Oregon Washington County Tigard
Tags:
tigard real estate
tigard homes for sale
tigard realtors
tigard real estate agents
tigard homes
cook park homes

Post a Comment
Spam prevention
Spam prevention
Post a Comment
Spam prevention

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
128,557

Tony and Libby Kelly

CRS, ABR, ePro, SRES, CLHMS, CDPE
Ask me a question
*
*
*
*
Spam prevention

Additional Information