CHI
presently has four (4) loan products for first time home buyers. Our products
require closing documentation including a note and deed, prepared by our
Loan Specialist. Below is a list of those products:
First Home Down Payment Assistant
Financial assistance up to $7,500 to qualified first time homebuyers.
0% interest rate, with no amortization, due upon conveyance of
the deed. Maximum purchase price is $170,000.
Individual Development Account Program
Grant from United Way. Provides first time homebuyer with pre-purchase
counseling, economic literacy classes and down payment assistance.
Section 8 (Voucher Homeownership) Program
This program allows subsidies once applied to rental payments
to be utilized for mortgage payments. This program is designed
to increase wealth, build stronger communities and help renters
realize the dream of homeownership. CHI provides credit counseling,
life skills training, financial/literacy training, budget counseling
and lending. We make second mortgage loans upto $25,000 for 10
years. Maximum purchase price is $160,000.
American Dream Down
Payment Assistance
We will receive grant money from The American Dream Down Payment
Initiative in November. This program will give down payment assistance
up to $10,000 to qualified first time homebuyers.
