|
What is FIRST DOWN?
 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.
You may be eligible to receive assistance
for a down payment and for your closing costs up to a total of $9,000.00
through FIRST DOWN!
To see if your household may be eligible for
this new program, compare your gross annual household income to the income
limits on this chart. If your gross annual income is less than these amounts
you may be eligible.
|
Household Size |
Maximum Income |
| 1 |
$ 49,700 |
| 2 |
$ 56,840 |
| 3 |
$ 63,480 |
| 4 |
$ 70,980 |
| 5 |
$ 76,720 |
| 6 |
$ 82,320 |
| 7 |
$ 88,060 |
| 8 |
$ 93,660 |
There is no minimum income for the program,
but all clients must be able to qualify for first mortgage financing and
meet other requirements to receive assistance.
Other Requirements for FIRST
DOWN: To receive this assistance you must also:
1. Be purchasing a newly constructed home - one that has not started
construction prior to May 21, 2008.
2. Be able to qualify for an affordable first mortgage loan – one that has a
fixed, affordable interest rate.
3. Be buying a home that has a sales price less than $237,031.
4. Be buying a home that is located in Polk County.
5. Not be a current homeowner.
6. Attend Homebuyer Education Classes.
7. Other requirements may apply.
To Obtain FIRST DOWN
Assistance: 1. Contact a mortgage lender or a home builder to start the process of
obtaining approval for an affordable first mortgage loan.
2. Make sure your lender reserves funds
on your behalf with Keystone
Challenge Fund, as funding for this program is limited.
3. Contract for a new home to be constructed to receive priority for
funding.
4. You may work with any mortgage lender and any properly licensed home
builder!
5. Other requirements may apply, and remember funds are limited.
FIRST DOWN Assistance
Information:
1. If you are eligible, you may receive up to $9,000 in total assistance
towards a down payment. 2. Or,
you may elect to use up to $2,000 of the total for closing cost assistance,
reducing your down payment accordingly.
3. The portion of the award you elect to
use for your down payment will be secured by a second mortgage on your home
- due on sale, rental, refinance, or your failure to occupy the property as
your principal residence. Mortgage will be null and void after 30
years. Closing costs are treated as a grant to you,
and are not included in the mortgage amount. |
Send mail to