The amount of money are offered while the a zero-attention, deferred mortgage

Limitations to the being qualified Customers need to meet the program’s earnings guidelines and also you have to will always be in the home for 10 years to stop having to pay-off the support count. When they offer before 10 years, they will have to settle an excellent prorated matter in accordance with the day he has got remained yourself. If they book our home out or sell it when you look at the first couple of many years, they’ve to settle the borrowed funds and you can spend an additional $5,000 punishment. Consumers need to contribute $step one,000 of one’s own finance into the purchase and cannot has more than $fifteen,000 from inside the quick assets once closure. Buyers need certainly to sit-in a great homeownership group and you may submit the certification that have the application content otherwise a bill appearing the class has started.
Tips apply Buyers appointment the fresh city’s money direction into program is obtain the application in the city’s web site and you may print it. They need to collect all the called for papers listed in the brand new application and you will fill out copies of one’s data files aided by the app towards the south Jordan Redevelopment Service. (more…)