North Pointe Subdivision Down-payment Assistance

North Pointe Subdivision Down-payment Assistance is a forgivable loan for homebuyers in Florence, South Carolina. City of Florence Community Services down-payment and closing-cost assistance up to $30,000 for buyers purchasing a newly constructed home in the North Pointe Subdivision in Florence. Assistance is a 15-year deferred, forgivable second mortgage; the City also pays a 2% realtor commission on behalf of the buyer. Pro-rated repayment is owed if the home is sold or no longer owner-occupied within the 15-year affordability period. Up to $30,000 in down-payment and closing-cost assistance for eligible buyers purchasing a newly constructed home in the North Pointe Subdivision. Assistance is structured as a 15-year deferred, forgivable second mortgage. The City pays a 2% realtor commission on behalf of the buyer. No monthly payments. Fully forgiven at the 15-year anniversary if owner-occupancy is maintained. Funding comes from City of Florence local funds and CDBG; HUD Federal/Local.

North Pointe Subdivision Down-payment Assistance is forgiven after 15 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by Sale of home, transfer of title, or failure to maintain the property as primary residence within the 15-year term triggers pro-rated repayment of the unforgiven balance to the City. After 15 years the lien is released. The assistance is recorded in 2 position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

North Pointe Subdivision Down-payment Assistance 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: No published minimum FICO; lender underwriting standards apply. A homebuyer education course is required, through Buyer must complete a homebuyer education class. Residency requirement: Property must be a newly constructed home located in the North Pointe Subdivision. Funds available on a first-come, first-served basis. $25 nonrefundable application fee. Homebuyer education class required. Income eligibility verified. Home must pass inspection by City and/or state prior to closing. Buyer must be approved by a bank or mortgage lender. Property must be a newly constructed home in the North Pointe Subdivision. Buyer must contribute at least $1,000 of own funds. Buyer must identify their realtor (if applicable) on the application form.

North Pointe Subdivision Down-payment Assistance limits household income to 80% of the area median income, which varies by county and household size. Household income must be within the City of Florence eligible range, approximately 80% AMI for Florence, SC: 1p $39,350; 2p $44,950; 3p $50,550; 4p $56,150; 5p $60,650; 6p $65,150; 7p $69,650; 8p $74,200. All income sources counted. The limit applies to total household income, not only the borrower’s. The program lists a maximum household size of 8. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

North Pointe Subdivision Down-payment Assistance caps the purchase price as follows: Determined by the sale price of newly constructed homes in North Pointe Subdivision. Eligible property types include Newly constructed single-family home in the North Pointe Subdivision. New construction is eligible. Manufactured homes are not eligible.

North Pointe Subdivision Down-payment Assistance serves homebuyers purchasing in Florence, South Carolina. The program targets specific areas: Strictly restricted to the North Pointe Subdivision (newly constructed homes only) within the City of Florence.

Applications for North Pointe Subdivision Down-payment Assistance go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Applications submitted to City of Florence Community Services on a first-come, first-served basis; $25 nonrefundable application fee. 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.