Property must be a single-family dwelling, detached, semi-detached, row, or condominium.
All Real Estate Taxes must be current.
Property must be covered by fire insurance for the life of all loans sufficient to cover the total outstanding indebtedness secured against the property.
If property is located in a flood plain, the total value of improvements completed must be secured through a Flood Insurance Policy for the term of the loan.
Loan Terms
Maximum loan amount is $25,000.
Interest rate is zero percent (0%).
Lead based paint reduction work is included in loan amount.
Household income will determine amount of monthly payment required, if any.
Mortgage will be recorded as a lien on the property.
Balance of loan to be paid upon sale, transfer, or refinance of property.
Income Limits The maximum gross annual income limits for the program are: