Provides a level of assistance determined by Community Development to a qualified homebuyer interested in purchasing his/her first home. The assistance is secured by a mortgage determined by the amount of money received. Applicants must qualify under the low-income guidelines and must attend two classes: The First-Time Homebuyer Training and a Financial Fitness Class.
*Subject to change without further notice.
HOME AFFORDABILITY AND RECAPTURE PROVISION
Should the mortgaged property be sold or no longer be occupied by the MORTGAGOR, or the MORTGAGOR’s spouse or heirs during the term of the mortgage, the full amount of the mortgage becomes due and payable according to; if this mortgage represents financial assistance provided the mortgagor to acquire the herein mortgaged property, the full amount of the mortgage becomes due from the net sale proceeds, except as provided in (b), below:
- Net proceeds means the sale price minus repayment of superior mortgages and closing cost.
- If the net proceeds are not sufficient to recapture the full amount of the mortgage plus enable the homeowner to recover its down-payment, principal payments, and any capital improvements investment, the mortgagee may reduce the mortgage amount pro-rata based on the time the mortgagor has owned and occupied the property measured against the term of the mortgage; except the mortgagor may not recover more than the down-payment, principal payments, and the capital improvements investment.
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