HOMEOWNERSHIP APPLICATION
Eligibility
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Historic District Development Corporation (HDDC) Homeownership Program (Down Payment Assistance) has one mission - to increase homeownership opportunities for low-to-moderate income and first-time homebuyers. Our program prepares homebuyers for the responsibility of owning a home through community organization partnerships, homebuyer education, financial literacy counseling, and subsidy assistance.
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Our homes are income qualified, meaning applicants must fall within a specific income range to be eligible to apply. The Area Median Income (AMI) chart can be found below and uses the income of the entire household. Our homebuyers are typically above 60% AMI and cannot exceed 100% AMI. For more information on program eligibility, please contact HDDC staff.
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Initial Eligibility does not guarantee acceptance into the program. A FULL application is necessary to determine final eligibility.
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Eligibility Requirements
The homebuyer:
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must not have owned a home within the last three years
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must be owner-occupied and the home must be the primary residence
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must contribute no less than $1,500 of their own funds toward the transaction
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income may not exceed 100% AMI as published by the U.S. Department of HUD (subject to change without notice)
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cannot own any other real property at the time of closing
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must qualify and be approved for a 30-year fixed rate Conventional, FHA, or VA loan
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must not have liquid assets exceeding $10,000
Other program rules:
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The person(s) signing the note and mortgage are required to complete not less than eight (8) hours of a homebuyer education from an approved housing agency
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The person(s) signing the note and mortgage are required to complete pre- and post-counseling through Resources for Residents and Communities (RRC) or other HUD-approved housing counseling providers
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Proof of home-buying counseling certificate completion to HDDC prior to loan closing
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Homebuyers may layer up to two subsidy assistance programs; and up to $25,000 for first-time homebuyers who are professionals or paraprofessionals in health, public safety, education, a veteran, and/or Section 8
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HDDC will record a subordinate lien on the property, and the loan is forgivable after ten years
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HDDC’s Down Payment Assistance (DPA) can be used in conjunction with down payment assistance funding from other sources or agencies and reserves the right to adjust its subsidy if other sources are also used
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The property being purchased must be a residential dwelling developed by HDDC
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Must adhere to the resell formula guidelines
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If property is sold, transferred or no longer occupied as principal residence HDDC may exercise its first right or refusal to purchase the property
HDDC Homebuyer Client Application
GENERAL INFORMATION
HEAD OF HOUSEHOLD DETAILS:
Include all adults AND children living at least 50% of the time in the household. For minors to count in your household size they must be claimed as a dependent on the most recent tax return of one of the adult household members OR one of the adult household members must be able to provide evidence of at least 50% custody of the minor.
Combined gross income for anyone in the household over 18 years of age. If all or a portion of your employment is self-employed, use the net income amount for self-employment. For reference, employee gross income is box 1 on your W2, and self-employment documentation may vary.
FINANCIAL HISTORY
CURRENT LIVING SITUATION
How much are your current monthly living expenses: including rent/mortgage, utilities, insurance, etc.?
HOMEOWNERSHIP INTERESTS
INCOME AND EMPLOYMENT
What type of employment income do you have/receive?
Please check all the Income types that apply and indicate the status.
Indicate income source (s) that will finish before the end of the year
RESIDENCE HISTORY FOR PAST FOUR YEARS: PREVIOUS ADDRESSES
DEFINITION OF CATEGORIES
American Indian or Alaska Native: A person having origins in any of the original peoples of North and South America (including Central America), and who maintains tribal affiliation or community attachment.
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Asian: A person having origins in any of the original peoples of the Far East, Southeast Asia, or the Indian subcontinent including, for example, Cambodia, China, India, Japan, Korea, Malaysia, Pakistan, the Philippine Islands, Thailand, and Vietnam.
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Black or African American: A person having origins in any of the black racial groups of Africa.
Native Hawaiian or Other Pacific Islander: A person having origins in any of the original peoples of Hawaii, Guam, Samoa, or other Pacific Islands.
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White: A person having origins in any of the original peoples of Europe, the Middle East, or North Africa.
Authorization
I understand that the information contained in this application will be used to determine my eligibility for housing. I grant consent for the management to make any and all inquiries to verify the information, with rental, criminal and credit screening services, and to contact previous and current landlords or other sources for credit, and verification of other information which may be released to appropriate Federal, State or Local agencies.
I authorize management to obtain one or more “credit and consumer reports” as defined in the Fair Credit Reporting Act, 15 U.S.C. Section 1681a(d), seeking information on my credit worthiness, credit standing, credit capacity, character, general reputation, personal characteristics, or mode of living.
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In the event my application is approved, I also give my consent to have HDDC and/or its assigned credit bureau to obtain additional credit reports and other information after approval of my credit, both in connection with the same Transaction or an extension of credit; to obtain credit reports, criminal background checks and other information for account review purposes and other legitimate purposes associated with the account.
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Furthermore, I understand that providing any false or misleading information will make me ineligible and may result in prosecution by the United States Government. Therefore, I certify that all of the above information is true and complete to the best of my knowledge and belief.
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