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City of Gastonia Homebuyer's Assistance Program
City of Gastonia Community Development Division
http://www.cityofgastonia.com/dept/neighbor_resc/commdev/commdev.cfm

Program Overview


City of Gastonia Homebuyer's Assistance Program is a program that provides loans to assist with down-payments and closing costs.


Who is eligible for this program?


Applicants must be residents of Gaston County, but may not live within the city limits of High Shoals or Spencer Mountain or be a resident within the city limits of Kings Mountain, Cleveland County. Applicants may not have assets in excess of $20,000. Applicants must have had clear credit for the past twelve months. A borrower's household income may not exceed 80% of the area median income. Funds may be used towards a down-payment, or to pay closing costs.

Household Income Limit: $ 70950
Is this program for first time buyers only? No


Property Eligibility Requirements


Property must be located in Gaston County or within the city limits of Kings Mountain.
Allowable property types: Single-family homes, condominiums, or manufactured homes with permanent utility hook-ups. ALl property must be inspected for compliance with HUD Housing Quality Standards.


Benefit Details


There is no interest on the loan. Loan is forgiven after five years, but must be repaid if the borrower sells, refinances, or abandons the proeprty within five years. The maximum loan is $10,000, depending on the borrower's income. The minimum loan is $1000.

Benefit: Soft-second mortgage to pay closing costs or the down-payment.
Loan Term:5 years
Homebuyer Counseling /
Education Required:
Yes
Owner Occupancy Required:Yes
Other Program Comments:Borrowers must make a minimum investment of $500.

Please note: Every attempt is made to reflect accurate and up to date information on housing programs displayed on this site. Some inaccuracies may exist. For verification contact a certified REALTOR member.



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