Newspapers / Winston-Salem Chronicle (Winston-Salem, N.C.) / May 26, 1994, edition 2 / Page 8
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CITY/TCDC SECOND MORTGAGE ASSISTANCE PROGRAM Program Description 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. An applicant's borrowing capacity is based only on the amount needed for the first mortgage loan, thereby allowing applicants with lower incomes to qualify to purchase a home 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 full. ? The program requires that an applicant make a-3%-(of- sales price) down payment plus pay the first $1,000 of closing costs. The remaining closing costs can "be financed with the first and second mortgage loans if the applicant's borrowing capacity is suffi cient. Following ar6 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 $19.000' and no more than $47,160 ($35,370 for single persons with no dependents);* 3. Provide evidence that you have or can obtain the required amount for downpay ment and closing costs; ~~ 4. Be a reasonable credit risk with the financial ability to obtain a mortgage loan. All applicants must be pre-screened by the Housing Neighborhood Development Department. Appointments can be made by calling 727-8595 and applicants must bring the following information with them to their scheduled appointment: Current check stub Current credit report Bank/Credit union statements Federal tax forms: prior 3 years Pnor year W-2 form(s) List of monthly bills/balances Construction of home under the Citv/TCDC program is limited to designated areas of the East Winston, Northeast Winston, Kimberly Park and West Salem neighborhoods. It'slhe perfect time to build Tsomiake your appointment nourfor pre-qualification to select the lot of your choice. 'Maximum income limits subject to increase July 1. 1994. Lots/Properties Available for Sale Lease-purchase program-New homes will be constructed in the Northeast Winston *1 redevelopment area, on scattered lots along 19th, 20th and 21st Streets between Cleveland and Jackson Avenues Several of these homes will be reserved for sale under the lease-purchase program, which is designed to assist those persons who have suffi cient income to qualify for a mortgage loan but need time to resolve past credit prob lems and/or save for a down payment. Providence Place-Formerlu Goshen Place, approximately 30 lots remain in this new single-family development located at West 14th and Trade Streets A variety of floor plans are available to fit your family's needs, Salem Pointe-Currentlv available are two (2) townhouse units, both featuring 2 bed rooms with walk-in closets and cathedral ceiling in master bedroom, 2 and 1/2 baths, kitchen, dining room, and living room with gas log fireplace. East Winston *5-Lots in the East Winston #5 redevelopment area, bounded by 14th Street on the south, 18th Street on the north. Cleveland Avenue on the west and Jackson Avenue on the east, are ready for selection by pre-qualified applicants. ESTIMATED COST AND CASH REQUIREMENTS Following is an example of cost and cash requirements for a $58,000 home with excess closing costs financed. Mortgage Emmpk $58,000 Saies Pnce -1.740 3% downpayment $56,260 Sub-total loafi amount t 840 Estimated dosing costs to be financed $57,100 Total loan amount Ertimattd Ctth Requirement! $ 1 ,740 3% down payment (To seller at contTaa execution) 1 .000 Required closmg costs (T o attorney at closing) 340 Appraisal, credit report iees (To lender at application) $3,080 Total estimated cash requirements x 70% ? $40,000 First mortgage loan at 8.75% for 15 year* x 30% ? $17,000 Second mortgage loan at 5.00% for 5 yeari Frftimated Monthh ? 4(50 Principal & interest payment 90 Estimated escrow for taxes & insurance $ 490 Total estimated monthly payment MORTGAGE PROGRAMS (NEW & EXISTING HOMES) REHABILITATION PROGRAMS Twin City Development Corporation (TCDC) Second Mortgage Assistance Program Intended Use ?to fund home mortgages for first-time homebuyers within selected redevelopment areas Eligible Recipients ?first-time homebuyers. maximum annual income of $43,320 for family of four* Maximum Loan Amounts ?$55,000 to $70,000 Type ot Financing, Terms And Interest Rates ' ?first mortgage 8 45% interest rate. 15 year term ?second mortgage 5% interest rate ?3% down payment required = Contact Housing/Neighborhood Development Department Gty of Winston- SaJem 225 West 5th Street ^ Winston-Salem, NC 27102 (910) 727-8575 Income limitations are subject to change annually Buy-Rehab Program Intended Use ?purchase-rehabihtati on of residential structures dty wide EHgfble Recipients ?first-time homebuyers, maximum annual income of $31,450 for a four person family* ?$60,000 Tandem Loan Program inienara uk ?for purchase of existing or newly constructed homes ?for purchase and rehabilitation of homes to be owner -occupied Eligible Recipients ?available dtywide ?maximum annual income of $33,200 ?first-time homebuyers Maximum Loan Amounts ?$60,000 at a discounted market interest rate based on loan-to-value ratio Type off Financing, Terms And Interest Rates ? 15 to 30 year terms with a 3% downpayment ?program funded by Bank Consortium & City of Winton- Salem ?7.7% interest rate Contact Housing Services Department City of Winston- Salem 225 West 5th Street Winston- Salem, NC 27102 (910) 727-8595 * Community Development Rehabilitation (Community Development Target Areas) Intended Use ?rehabilitation in Community Development target areas * Eligible Recipients ?owner/occupants, maximum annual income of $36,100 for family of four* ?investors Maximum Loan Amounts ?for owner /occupants: $27,500 ?for investors: $27,500 per unit Type of Financing, Terms And Interest Rates ?for owner /occupants: Interest rate varying from 0% to prime depending on Income of borrowers ?for investors: interest rate of 0% to 9% Contact Housing Services Department y ? ? Qty of Winston- Salem 225 West 5th Street Winston- Salem, NC 27102 (910) 727-8595 Income limitations are subject to change annually Emergency Residential Rehabilitation Program Intended Use ?to remove or correct housing conditio^ that are an imminent threat to health and tafety nip this Recipients ?income limit. 80 percent of U.S. Department of Housing and Urban Development established median income ? Maximum Loan Amounts ?$27,500 pei unit Contact Housing Services Department City of Winston-Salem 225 West 5th Street Winston-Salem, N.C. 27102 (910) 727-8575 Handicapped Program Intended Use ?to remove architectural barriers in homes of the handicapped dtywide Maximum Assistance Amounts ?up to $12,500 Types of Financing, Terms And interest Ratas ?first $5,000 in form of grant ?up to $7,500 loan at 0% prime interest based on the income of the recipient Contact Housing Services Department City of Winston-Salem 225 West 5th Street Winston -Salem, NC 27102 (910) 727-8595
Winston-Salem Chronicle (Winston-Salem, N.C.)
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May 26, 1994, edition 2
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