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HOMEBUYER PROGRAM GRANT GUIDELINES
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I. |
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Geographical Location
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a.
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Available for projects developed or constructed by MiraCit Development Corporation,
within Franklin County, Ohio.
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II.
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Eligible Property
New construction and rehabilitated, single-family homes.
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III.
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Eligible Applicants
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a. |
Any family/household that has not been in home ownership for three years, and
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b.
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has a total household income at or below (80%) of the median income adjusted
for household size.
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IV. |
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Financing
Guidelines
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a.
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Buyer may receive up to a maximum of $30,000 in assistance (for City of Columbus).
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b.
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Funds may be applied toward required downpayment, closing costs, or loan principle
reduction.
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c.
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Buyer must provide minimun $500 in personal funds toward downpayment or closing
costs.
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d.
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Downpayment assistance to be secured by 0% interest, forgiveable soft-second
mortgages. Five to Ten year terms, depending upon amount. Subject to recapture
if property is sold during term.
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e.
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Buyer first mortgage PITI must not exceed 33% of monthly gross household income.
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V.
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Application Fee
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*Subject to availibility of funds.
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Copyright 2007 Miracit Development Corp. All Rights Reserved.
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