Douglas County Housing Partnership Shared Equity Agreement Program
Financial Updates
Douglas County Housing Partnership (DCHP) has recently rolled out a "Shared Equity" with Housing Partnership program. DCHP will provide downpayment assistance funds up to 20% or $50,000, whichever is smaller, to help bridge the difference between lender requirements and the buyers resources.
The funds are a deferred loan which must be paid back upon sale or refinance. Upon such event the funds must be reimbursed at the same % of investment. For example, if DCHP invests 20% for downpayment of your home, they'll get 20% back whether or not your home appreciates.
Eligible parties include:
- First-Time Homebuyers and persons who have not owned a home in the previous 3 years, single parents that have owned prior with a spouse, and displaced homemakers.
- People who work within the limits of Douglas County.
- Income limits apply based upon % of the Area Median Income.
Eligible properties include Single Family Homes less than $250,000 and Townhome/Condos less than $225,000.
DCHP ultimately makes the final decision and of course other conditions apply. Contact Chap VanDongen, with Universal Lending Corporation, for more details.
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Date: Thursday, August, 14th 2008 @ 08:07:22 PMViews: 329
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