First Time Buyer Program: Community Homebuyers Corporation

**Update: Income requirements have changed for the CHC program.  Please contact me for details.**

The mission of Community Homebuyers Corporation (CHC) is to provide affordable mortgage opportunities to first-time homebuyers, with low and moderate income, who wish to become residents of the City of South Bend.  Owning a home is a goal of almost every person, but securing the appropriate financing can be difficult.  With assistance from the Community Homebuyers Corporation (CHC) you or someone you know can move one step closer to owning a home.   

The CHC provides mortgage loans for clients who are income eligible and may or may not be able to obtain conventional financing.  The CHC does not require a down payment, and has competitive interest rates, easier qualifying ratios, and no requirement for PMI insurance.

The 80/20 Loan is used by CHC as a program tool in the form of a grant.  The 80/20 Loan Program is a special mortgage for applicants who are eligible based on income.  A percentage of 5% - 20% of the purchase price is in the form of a forgivable second mortgage loan that you will not be obligated to pay back if certain criteria are met. Criterion includes a term of on-time consecutive payments on the first mortgage and attending post-purchase classes that cover home maintenance and personal finance topics.

The CHC serves St. Joseph County; however, the Community Homebuyers Corporation 80/20 loan program is currently available for home purchase within the City limits of South Bend only, based on available funding.

mission of Community Homebuyers Corporation (CHC) is to provide affordable mortgage opportunities to first-time homebuyers, with low and moderate income, who wish to become residents of the City of South Bend.  Owning a home is a goal of almost every person, but securing the appropriate financing can be difficult.  With assistance from the Community Homebuyers Corporation (CHC) you or someone you know can move one step closer to owning a home.   

The CHC provides mortgage loans for clients who are income eligible and may or may not be able to obtain conventional financing.  The CHC does not require a down payment, and has competitive interest rates, easier qualifying ratios, and no requirement for PMI insurance.

The 80/20 Loan is used by CHC as a program tool in the form of a grant.  The 80/20 Loan Program is a special mortgage for applicants who are eligible based on income.  A percentage of 5% - 20% of the purchase price is in the form of a forgivable second mortgage loan that you will not be obligated to pay back if certain criteria are met. Criterion includes a term of on-time consecutive payments on the first mortgage and attending post-purchase classes that cover home maintenance and personal finance topics.

The CHC serves St. Joseph County; however, the Community Homebuyers Corporation 80/20 loan program is currently available for home purchase within the City limits of South Bend only, based on available funding.

Information obtained from CHC.  To find out more about this program contact me at Tim@TimVicsik.com and put CHC in the “Subject” line.

Tim Vicsik ~ Realtor
Tim@TimVicsik.com
574-329-9587

This entry was posted on 20. January 2011 at 16:41 and is filed under 1st Time Buyers, Programs. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response or trackback from your own site.

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