Newspapers / Winston-Salem Chronicle (Winston-Salem, N.C.) / June 25, 1992, edition 1 / Page 30
Part of Winston-Salem Chronicle (Winston-Salem, N.C.) / About this page
This page has errors
The date, title, or page description is wrong
This page has harmful content
This page contains sensitive or offensive material
HOMEOWNERS SECOND MORTGAGE ASSISTANCE PROGRAM TCDC Program Pact Sheet The City /TCDC Second Mortgage Assistance program combines two low interest mortgage loans to make the purchase of a home affordable for moderate income households. The monthly house payment is based only on the amount of the first mortgage loan. Payments on the second mortgage loan do not begin until the first is paid in lull. The program does require that an applicant make a down payment on the home of 3% of the sales price in addition to paying the first $1,000 of closing costs. Following are the basic eligibility requirements of the TCDC program: 1. Be a first-time homebuyer (not owned a home for three preceding tax years); 2. Have an annual household income of at least $16,000 and no more than $44,280 ($33,210 for single persons with no dependents; 3. Provide evidence that you have or can obtain the required amount for downpayment and closing costs; 4. Be a reasonable credit risk with the financial ability to obtain a mortgage loan. The TCDC program is limited to the East Winston, Klmberly Park and West Salem Neighborhoods. All applicants must be pre-screened by the Housing Neighborhood Development Department. Appointments can be made by calling 727-8505 and applicants must bring the following Information with them to their scheduled appointment; City /TCDC Second Mortgage Program Cost and Cash Requirements The City /TCDC program combines two kw- interest mortgage loans to make the purchase of a home affordable for low-moderate income households. An applicant's borrowing capacity is based only on the amount of the first mortgage loan, thereby allowing applicants with lower incomes to qualify to purchase a home. The first mortgage amount will equal 70% of the cost of the home (alter 3% downpayment) and is borrowed from Twin City Development Corporation fTCDC) at an Interest rate of 8.45% for fifteen years. The remaining 30% is borrowed from the City of Winston-Salem at a rate of 5% for five years. Payments on the second mortgage amount do not begin until the first mortgage is paid in full. The program requires the applicant make a 3% (of sales price) downpayment plus pay the first $1,000 of closing costs. The remaining closing costs can be financed with the first and second mortgage loans. Following is an example of cost and cash requirements for a $58,000 home with excess closing costs financed: Sales Price S* Downpayment total Loan Amount Estimated dootng costs to be Total Loan Amount _ ^ loon at &4S* far 15 years Second mortgage loan at 5.00* far 5 yearn Current check stub ? Current credit report Bank/Credit Union statements f cuc i *%i |49lr> a wjIaI jL2p ? unur O Y C<*I o Prior year W-2 form(s) List of monthly bills/balances *68.000 ? I.74Q *8*900 filfi *6*900 x 70* -*30300 x SOW- *17.100 *1,740 5H Downpayment (Paid to ee&er at uartiact execution) 1.000 Requtrod Cloafa^ Casta (Paid to aaray at tluaft^ 19fl Appraisal, credit report fees (Md to WlflC at application) *9.030 Total Cash Requirements Itflwmfl Hnrrthhr Baa? it * 301 Principal ft interest payment 76 Estimated patio ? far taxes ft Insurance * 486 Total estimated monthly payment MORTGAGE PROGRAMS (NEW AND EXISTING HOMES) Twin City Development Corporation (TCDC) Second Mortgage Assistance Program Intended Use ? to fund home mortage* for ftrmt-ttme home buyers within selected redevelopment areas Eligible Recipients ? first- time homebuyers, maximum annual Income of $43,320 for fonder of four* Buy-Rehab Program (cont'd.) ? 3% annual Interest rate Houstog Services Depsrtment CaycfWtorton-Sslem 225Wtast8th Street Wtootan-Sakm.RC. 27108 (919) 727-6575 Wachovia NRP/NRP Tandem Maxim am Loen Amounts ? 966,000 to~9TOK? Type of Financing, Terms And Interest Rates Brat mortgage 8.45% interest rate, IB year second mortgage: 5% Interest rate 3% down payment required Contact Houstng/Nelghborhood Development Department City of Winston- Salem 225 West 5 th Street Winston -Salem, N.C. 27102 (0191 727-8575 ? fcr fxm&aseoTesfetlng or new^ constructed homes ? ferpiirtn ? motaumandfeioami of $33:800 ? notlfatftod to fast-tone toraebtgem Hiiliwl ? $00000 st a < an tomb Typejrf) ? 15 to 30 year terms with a 3% duwnpsyinent jasil? ii idisirtlaltiBHf nalth?Ual ? proven fcsxkd by ? homebuyem wart of$8*900 fcr sour ? $BOfiOO REHABILITATION PROGRAMS Community Development Emergency Residential Rehabilitation Rehabilitation Rrogram (Community Development (cont'd.) -n_ m Intended Uee ? rehabilitation tn Community Development target areas UglMi Recipients ? owner/occupants, maximum annual income of 996, 100 far CamfV of Ibui* ? tocome lUL 80 paraant of U A Department of Hou^igandlMen f iitij ehMttid ? $07.800 par is* ? for owner /occupants: $27,500 ? for Investors: $07,500 per unit Type of Financing. Terms And Interest Rates ? for owner/ occupants: Interest rata vsiytng from 0% to prfene dspendtog an tocome of * ? - rats of 9% n? nfWkotm Ishiii 836 Wet 8th Street N.C 87108 19181 727-0575 ? for Investors: to Contact Handicapped Program Intended Use to remm arcratecrurmi Dimen m ijuium w uie hju ultf syiped dtywtde CttyofWtoston-Sslem 225 Vfest 5th Street Wtaston-Sskm. N.C. 27100 (018| 727-8606 ? up to $12,500 lancrgcncy tcesiacuDai Rehabilitation Program ents And kit $6,000 tn fans of grant up ts $7 JBOO loan at 01k to prtae toterest ? toi City of Winston- Sslem 825 mast 5th Street ^toton-Ookm. K.C. 27100 (818) 727-8686
Winston-Salem Chronicle (Winston-Salem, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
June 25, 1992, edition 1
30
Click "Submit" to request a review of this page. NCDHC staff will check .
0 / 75