HOMEOWNERSHIP
The Tallahassee Lenders’ Consortium, Inc. is a non-profit organization whose mission is to improve people’s ability to obtain safe, decent affordable housing. We know that in order to buy a home, people need education, information and access to affordable financing. We believe this is a right, not a privilege.To that end, the Consortium provides information and education regarding credit counseling and the process of purchasing a home to low income and very low income first-time home buyers. In addition, the Consortium administers the Leon County and City of Tallahassee Down Payment Assistance Programs and assists local lenders in making affordable loans by processing, underwriting and packaging these loans.
The Consortium provides post-home ownership workshop and counseling to each of our buyers after closing.
Down payment assistance through TLC can pay for down payment, prepaids and all other buyer’s closing costs up to $10,000 for homes purchased in the City limits and up to $7,500 for homes purchased in the County (outside of City limits). If the client is in the very low-income category, down payment assistance can be expanded to $15,000 for homes purchased within the City limits, if needed. The loan is secured by a second mortgage loan at zero interest and no required payments. The loan is due and payable upon 1) sale, transfer, bankruptcy or foreclosure, 2) refinance of the first mortgage, 3) the borrower no longer occupies as primary residence or 4) maturity of first mortgage (not more than 30 years).
Comments(0)