New First Time Home Buyer Down Payment & Closing Cost Assistance Program

Bond 74

Overview of Tax Exempt Mortgage Revenue Bonds and advantages to borrowers include:

• Below market interest rates
• Down payment assistance grants
• Second mortgages

A 4% Second Lien Deferred Forgivable Loan May Be Used For Down Payment and Normal and Customary Closing Costs:

• Based on principle amount of the 1st mortgage note
• No Interest
• Deferred 10 years and forgiven 1/10 every year
• Fully forgiven after 10th year

Requirements for the home buyer:

• Must complete a pre-purchase home buyer education course under the program
• The certificate must be included in the closing files

So in a nutshell, this program will replace the short term bridge loan program for using the $8,000 tax credit towards the down payment and closing costs and replace it with a second forgivable lien.  For additional information contact me immediately as this is a first come, first serve program.