Home Ownership Opportunity

Communities Opportunities, Inc., is now accepting applications for a new program that can help families own a new home. The home can be built for the family, or a modular or spec home may be purchased.

Income qualified persons may be eligible to receive down payment and closing cost assistance towards the purchase of a new home.* The amount of assistance provided is based on the cost of the home and the participant's ability to obtain financing. Assistance is provided as a long-term forgivable loan. The maximum amount of assistance will not exceed $34,999.

Families in the program also learn ways to improve money management skills, home maintenance skills, energy efficient techniques and the rights and responsibilities of home ownership.

*The maximum purchase price of the new home cannot exceed $139,999.

Applicants are allowed equity from investments and "sweat equity" in their project

WHERE CAN HOMES BE PURCHASED?

This program will be available for income-qualified purchasers of homes in Holstein and Galva Iowa

INCOME GUIDELINES

SELECTION

• Be a first-time home buyer

• Qualify for a loan product offered by IFA, USDA-RD, HUD (FHA or VA), FHLB, Fannie Mae or Freddie Mac

• Have a stable employment history

• Construct within the corporate boundaries of Holstein or Galva

• Verify application information, and

• Participate in homebuyer education services.

PROCEDURE

In most cases, low to moderate income households will not be able to afford the entire cost of a newly built home under a coventional loan program, even those which require only 3% or 5% down. The Down Payment Assistance Program is set up to make it possible for these households to purchase newly built homes.

The procedure is as follows:

• Household is qualified as being income-eligible by Community Opportunities, Inc. (COInc.).

• Homebuyers coordinate with COInc. and the bank to determine the maximum amount of financing they can qualify for from one of the lending partners.

• A determination of eligibility for downpayment assistance is determined.

• Home plans are selected, estimates are gathered, and construction takes place.

• Ownership of the home is transferred to the buyer - bank files in first position, Community Opportunities files a forgivable loan in the second position.

ABOUT COInc

Community Opportunities Incorporated is a private non-profit Community Housing Development Organization (CHDO)

Community Opportunities, Inc