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Qualification
Information 1. Homebuyers
earning up to 140% of the area median, based on household size, may be
eligible for FIRST DOWN.
|
Size |
Maximum Gross Income |
Size |
Maximum Gross Income |
|
1 |
$49,700 |
5 |
$76,720 |
|
2 |
$56,840 |
6 |
$82,320 |
|
3 |
$63,840 |
7 |
$88,060 |
|
4 |
$70,980 |
8 |
$93,660 |
Income is calculated based on the gross
earnings of all household members anticipated to be received during the
coming 12 months. Full documentation of income is required, see the Keystone
GAP Program Manual pages 3 and 4 for details.
2. The property being purchased may be located
in any Polk County location.
3. The property must be newly constructed and cannot have a construction
start date before May 21, 2008.
4. The property must be purchased for less than $237,031.
5. Property must be a single-family residence only, and may be a townhouse
or condominium. No mobile homes.
6. Properties with pools are not allowable.
7. Buyer must attend a Keystone Homebuyer Education Class or equivalent.
8. Buyer cannot currently own a home.
Mortgage Loan Information
1. The first mortgage must be a fully
amortized, fixed rate mortgage at not more than 1% above current FNMA par
pricing. See Page 2 of the Keystone GAP Program Manual for other details.
Loans may be construction – perm or end - loan financing. For end - loan
financing, the down payment request must be received by Keystone at the
start of the construction period.
2. The buyer’s back-end debt ratio cannot exceed 45% without advance
approval from Keystone.
3. All forms currently in use and explained in the Keystone Gap Program
Manual will be utilized for the FIRST DOWN program also.
Assistance Information
1. Eligible buyers may receive up to $9,000 in
total assistance towards a down payment.
2. Or, buyers may elect to have up to $2,000 of the total award used for
closing cost assistance.
3. The amount of down payment assistance will be secured by a zero-interest,
deferred mortgage due on sale, rental, refinance, or buyer’s failure to
maintain property as principal residence. The mortgage will be null and void
at the end of 30-years.
4. Closing costs are awarded as a grant to the buyer. Example, buyer elects
to use the full $9,000 towards the down payment without any closing cost
assistance – the County mortgage will be $9,000. Example, buyer elects to
use $7,000 towards the down payment and $2,000 for closing costs – the
County mortgage will be $7,000, the $2,000 is a grant.
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As
an economic stimulus and to help new homebuyers, the Polk County Board of
County Commissioners recently released $1,000,000 of general funds designed
to help homebuyers purchase newly constructed homes.
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