|
BUYER'S GUIDE - The following
is an outline of how to use the FIRST TIME HOME BUYER PROGRAM to help
you buy a home:
- Fill out a FIRST TIME
BUYER APPLICATION
- Several Realtors and Lenders may call you and you
may select anyone you choose.
- Arrange a meeting with a Lender. The Lender will require
that you bring Income tax returns, W-2 forms, current paystubs and Social
Security or Resident Alien Cards. At the meeting, the Lender will be
able to tell you the maximum sale price of the home that you qualify
to buy.
- Select a Realtor and ask them to help you find a home
in the price range that you are qualified for.
- Once you find a home, you and your Realtor will write
a purchase contract and Realtor will then take the contract to the Seller
for the Seller's approval.
- When the Seller has accepted the offer to purchase
the home, the Realtor will open an escrow for you and should go back
to the Lender with a copy of your contract so that the Lender can start
to process your loan. You will be required to pay the Lender about $55.00
for a credit report.
- The loan approval and escrow process will take approximately
60 days. During this 60-day period you will need to pay your 2% down
payment to the escrow company. Near the end of the 60 days, you will
be asked to go to the escrow company to sign loan papers and about two
or three days later you will be given the keys to your new home.
- The City intends to make FTHB loans of up to $20,000.00
to each qualified moderate-income family to assist them in the purchase
of their first home. These loans shall be made at the rate of 3.5% and
shall be due and payable in twenty years. The repayment of these loans
shall be an interest only payment for the first five years and then
a fully amortized payment over the next fifteen years.
- Examples of repayments shall be as follows:
20 year loan - Interest only for the first 5 years. Based on a $20,000
loan, the payment will be $58.00 per month for the first 5 years, and
$143.00 per month for years 6 through 20.
To Download the Application for First Time Home Buyer,
Click Here
|
