Newspapers / Winston-Salem Chronicle (Winston-Salem, N.C.) / May 26, 1994, edition 2 / Page 10
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City Continues First Time Homebuyer Program The City of, Winston-Salem is owners Second Mortgage Assis tance Program for first-time home buyers. A first-time homebuyer is defined as one who has not had an ownership interest in a principal residence for the preceding three years. The program's purpose is to assist the purchase of new housing by Tow to moderate income House holds. Areas currently covered include East Winston, Kimberly North Winston and West Salem redevelopment areas? The program combines two low-interest mortgage loans to make a home purchase more affordable. The principal loan is over a 15-year period^anU covers 70% of the total loan amount. The^ second mortgage (held by the City) covers the remaining 30% and "kicks in" only after the, first loan is paid off.. Applicants for the pro gram are qualified only on the first mortgage monthly payment. Purchasers need only pay a 3% downpayment versus conven tional-financing which requires 5% to 20% down and costly mortgage - insurance. Purchasers are required lo pay at least $1,000 in closing costs. Some sellers, however, are paying any closing costs over and abo^e the $ 1 ,000. Buyers may also be able to finance some of those costs. Total outlay of cash can be as low as $3,f)00. Total monthly mortgage payments (including taxes and insurance) can be under $550 per month on a $68,500 home, for example. There are maximum house hold income requirements and other restrictions, as f well as requirements such as oa/upying the dwelling within 60 d^iys of loan closing.: The City Housing/Neigh borhood Development^ Department will meet with prospective home buyers to see if* they are eligible for the program, the maximum sales price for which they qualify, and if they qualify for a loan. Appointments or additional information can be obtained by calling the Housing/Neighborhood Development Department at 727 8595. By Katherine Rhew Daney Construction Company Developer of SALEM POINTE II CARPET, VINYL FLOOR COVERING & WALLPAPER Residential & Commercial ? Installation Available ? Free Estimates "WHERE YOU GET MORE THAN YOU RAY FOR" 2390 E. Sprague St., Winston-Salem. NC 27107 788 ? 0404 Brenda Carter Fred Michael Directions: S. Broad Street, turn right onto Cotton Street, turn into Salem Pointe, fin ished model - 845 Salem Pointe Lane will be on the right. OPEN HOUSE SUNDAYS 1:30pm - 5:OOpm For more information call: DANCY REAL ESTATE CO. 725-0106 . Gas Advantage I Home OR SALEM POINTE II DUPLEX AND SINGLE FAMILY HOMES PRICES START IN THE MID $60's Choice of plans . , ^Cathedral Ceilings . ' . ?Optional Garages ?Low Maintenance Exterior ?Gas Log Fireplaces ?Customization ? 1st Time Homebuyer Program* $3,000 cash/$540 per month Builder/Developer: DANCY CONSTRUCTION CO., INC. * Qualified buyers through City of Winston-Salem
Winston-Salem Chronicle (Winston-Salem, N.C.)
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May 26, 1994, edition 2
10
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