USDA Mutual Self Help Loan Program - Build a home with sweat equity in Mesquite, Nv !

By
Real Estate Agent with Desert Gold Realty - Mesquite NV Homes For Sale Mesquite NV Realtor
https://activerain.com/droplet/4wMn

Color Country Community Housing Inc. ( CCCHI ) is building new homes in neighborhoods in the Southwest through the USDA Rural Development Mutual Self Help Loan Housing Program.

jpeg fileThis program is similar to Habitat for Humanity.  Low income residents may qualify to build "sweat equity" in their own new home by participating in construction.

Six to eight families will work together, with the help of an experienced construction manager to provide about 65 % of the labor.

This labor can reduce the price of the home as much as 25 % and also acts as the down payment, for a possible no down loan.

Qualified families may also receive additional assistance, such as a mortgage with reduced interest rate to keep monthly payments more affordable.

The first project in Nevada is Sunrise Meadows, a 61-Lot subdivision in Mesquite, right behind Ace Hardware.  These new homes range in size from approximately 1350 square feet to 1500 square feet.

On Thurs March 6th, they will hold a "Home Buyer's College in the Garage" from 11:00 am to 6:00 pm.  Stop by to learn all about this program.

 

To be eligible for this program, you must have good credit and available income to repay the loan.

INCOME CANNOT BE MORE THAN

HOUSEHOLD SIZE         NEVADA ANNUAL INCOME

1                       $33,650

2                       $38,500

3                       $43,300

4                       $48,300

5                       $51,950

6                       $55,800

 

  WHAT DO YOU NEED TO DO?

 

1) Prequalify for a self-help home loan with CCCHI and USDA Rural Development.

2) If approved, apply with Rural Development for a 502 Loan and choose your lot from the approved choices with a CCCHI rep.

3) Attend a first-time home buyer class and pre-construction classes.

4) Work as a group under the guidance of the construction supervisor.

5) Work 30 hours a week of labor required to complete all of the homes.

6) Move into your new home!

 

For information about this program call or visit the their website:

Color Country Community Housing Inc.

139 North 100 West St George, UT 84770

(435) 673-3131

 

Section 502 Mutual Self-Help Housing Loan

 

______________________________________________________________________________________________________

Virginia Hepp
ERA Brokers Consolidated
Mesquite NV Real Estate
Mesquite Chamber of Commerce Member
702 622-1177
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Julie Chapman
DR Horton - Lakeland, FL
New Homes Sales Lakeland Florida

Virginia,

This is an incredible program and know that prudent buyrs will want to make use of this.............

Feb 29, 2008 07:21 PM #1
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Virginia Hepp - Mesquite NV REALTOR
Desert Gold Realty - Mesquite NV Homes For Sale - Mesquite, NV
Mesquite NV Homes and Neighborhoods - Search MLS
Hi Julie - Have you used it in your area?  It is a first for Mesquite, our area qualified because houses have gotten so high.  And the homes are in a really nice area.  I have helped buyers use the USDA loan individually, but not with the sweat equity thing. But this is a 61 home project.  I see I forgot to put the links in.  I am afraid to edit with the edit glitch going on now.
Feb 29, 2008 08:02 PM #2
Rainmaker
374,302
Donna Yates
BHGRE - Metro Brokers - Blue Ridge, GA
Blue Ridge Mountains
Virginia:  Sounds like a winner for the consumer in your area.  Home prices here are very reasonable and with the recent correction in my market, we have some great buys.  I'll have to ask a lender who is part of my team about this program.
Mar 01, 2008 01:17 AM #3
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Virginia Hepp - Mesquite NV REALTOR
Desert Gold Realty - Mesquite NV Homes For Sale - Mesquite, NV
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Hi Donna -  This is similar to Habitat for Humanity.  For this program, the land for the subdivision was purchased in 2005.  But Rural Development USDA loans are all over, if the area qualifies.
Mar 01, 2008 03:35 AM #4
Rainmaker
102,712
Liz Carter
Liz Carter & Team Realty-Your Real Estate Resource For Life! - Katy, TX
Broker/Owner of Liz Carter & Team Realty, Katy TX (Houston)

Hi Virginia, great article, going to bookmark it.  Good information for clients, maybe I'll send it out to my past client data base as one of my monthly e-mails?  By the way, this would have been a perfect place to put a picture of someone profusely sweating :).  You can edit it and add one, go to I-Stock photos, www.istock.com, it's easy to search and download one to your computer then insert into the post.  It only cast a buck for a great quality photo, you will need to resize it, most are larger than you need even the extra small.  They give you an option of size when downloading.  If you do let me know so I can come back and look.  Also did you read that article in my post on Help...pretty please...Pictures?, the lady Karen that I have a link to in my post is the best, easy to understand article on everything you need to know about using pictures and how to do it.

By the way you can use "Texas size closets", any time, would be really eye catching in your city :).  You can use it for everything from closets, to kitchens :).  Better still why don' you move down here and come to work on my team as a buyers agent, boy I would love to have someone like you!    spreading love in the rain, Liz

Mar 01, 2008 11:19 AM #5
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Virginia Hepp - Mesquite NV REALTOR
Desert Gold Realty - Mesquite NV Homes For Sale - Mesquite, NV
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Hey, Liz!  I am looking for a sweaty guy or girl to add to this.  Thanks, Miss Creativity, Virginia
Mar 02, 2008 10:52 AM #6
Rainmaker
102,712
Liz Carter
Liz Carter & Team Realty-Your Real Estate Resource For Life! - Katy, TX
Broker/Owner of Liz Carter & Team Realty, Katy TX (Houston)
OK, just for you Annie Oakley, I do one last thing before I go to bed and e-mail you a sweaty guy :).  Liz
Mar 02, 2008 06:56 PM #7
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Virginia Hepp - Mesquite NV REALTOR
Desert Gold Realty - Mesquite NV Homes For Sale - Mesquite, NV
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Liz - I am on the internet, right now, looking for a sweaty guy!
Mar 02, 2008 07:06 PM #8
Rainmaker
102,712
Liz Carter
Liz Carter & Team Realty-Your Real Estate Resource For Life! - Katy, TX
Broker/Owner of Liz Carter & Team Realty, Katy TX (Houston)

Annie Oakley, check your e-mail I just sent you 3 men :)  Liz

PS, you have to comment on one of mine for me to see a measage from you right away, since I usually don't come back to where I left a comment, and it does not notify me when you respond on your post.  L

Mar 02, 2008 07:27 PM #9
Rainmaker
120,370
DDR Realty
DDR Realty - Newburgh, NY
Orange County NY
Ths USDA can be a great source for financing. Many buyers are unaware of the role the department plays regarding financing.
Mar 02, 2008 09:40 PM #10
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Virginia Hepp - Mesquite NV REALTOR
Desert Gold Realty - Mesquite NV Homes For Sale - Mesquite, NV
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Hi Derrick - I helped a first time buyer with one last year (the lender helped them) and it was wonderful for them - 1st time buyer, lower rate, loan was for 102% of sales price.  I think the buyer only needed about $1600 to get in.  Good deal!
Mar 03, 2008 03:22 PM #11
Rainmaker
102,712
Liz Carter
Liz Carter & Team Realty-Your Real Estate Resource For Life! - Katy, TX
Broker/Owner of Liz Carter & Team Realty, Katy TX (Houston)
Hi Virginia, check this out It's late and the devil made me do it, again + it's a great spell check tool :), I think you need a home on the post too, I send you some more pictures tomorrow.  By the way why did you put someone else's contact information on this instead of just putting contact YOU?  That way if they wanted to find out they have to come to you, and you get the buyer.  This would also be something good to run an ad on, if you have not already.  Nice talking with you today, looking forward to getting together with you in Vegas, maybe we'll hit the jack pot!  Liz
Mar 03, 2008 07:19 PM #12
Rainer
6,648
Scott Stroud
BuilderRadio - Somerset, KY

Virginia - Thanks for your comment on my blog and for your warm welcome to the Active Rain community.  This is an exciting place!

Scott Stroud 

Mar 04, 2008 11:20 PM #13
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Virginia Hepp - Mesquite NV REALTOR
Desert Gold Realty - Mesquite NV Homes For Sale - Mesquite, NV
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Scott - Active Rain is truly a great networking group, I wish we could get CE credits for all we learn here!
Mar 05, 2008 05:01 AM #14
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