Homeownership Assistance Program (City of Auburn)

Homeownership Assistance Program (City of Auburn) is a deferred second loan for homebuyers in Auburn, Alabama, administered by City of Auburn Community Services Department (with subrecipient North Auburn Housing Development Corporation). The City of Auburn uses CDBG funds to help low- and moderate-income first-time buyers by providing a deferred 3rd-mortgage of up to $3,000 toward closing costs and up-front expenses. In addition, the North Auburn Housing Development Corporation (NAHDC) offers qualified applicants a 30-year, low-interest amortized loan of up to $20,000, which lowers the buyer's interest costs and monthly payment. Applicants must be pre-approved for financing, contribute a minimum $500 down payment, have reasonably good credit, meet HUD income limits, and complete housing counseling. Deferred 3rd-mortgage up to $3,000 for closing costs. NAHDC 30-year low-interest loan up to $20,000. Lowers monthly payment and interest costs. Housing counseling provided. Only $500 minimum buyer down payment required. Funding comes from Community Development Block Grant (CDBG) from HUD; NAHDC financing.

Homeownership Assistance Program (City of Auburn) offers up to $3,000 in assistance. The program can be combined with other assistance, subject to the rules of each. Amounts are the program's published maximums, not an offer — City of Auburn Community Services Department (with subrecipient North Auburn Housing Development Corporation) determines any individual award.

Homeownership Assistance Program (City of Auburn) is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off. The assistance is recorded in Third position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Homeownership Assistance Program (City of Auburn) is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. On credit, the program states: Applicant must have reasonably good credit with no outstanding delinquent federal debt. A homebuyer education course is required, through Housing counseling sessions coordinated by the City of Auburn Community Services Manager. Residency requirement: Home must be purchased within the City of Auburn. Applicant must have a minimum down payment of $500 and be pre-approved for financing. Exact HUD income dollar limits, max purchase price, and credit score cutoff are not published on the official page and are omitted.

Homeownership Assistance Program (City of Auburn) limits household income to 80% of the area median income, which varies by county and household size. Applicants must meet HUD income limits for the Auburn-Opelika, AL area (program serves low- and moderate-income individuals). Exact dollar table not published on this page. The limit applies to total household income, not only the borrower’s. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Homeownership Assistance Program (City of Auburn) can be used for Single Family. New construction is eligible.

Homeownership Assistance Program (City of Auburn) serves homebuyers purchasing in Auburn, Alabama.

Applications for Homeownership Assistance Program (City of Auburn) go through City of Auburn Community Services Department (with subrecipient North Auburn Housing Development Corporation), which publishes the current terms and the application steps on its own site. Funds are reserved through Application through the City of Auburn Community Services Department at Boykin Community Center; appointment with the Community Services Manager required. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.