North Pointe Subdivision Down-payment Assistance

What is 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.

Do you have to pay it back?

North Pointe Subdivision Down-payment Assistance is forgiven after 15 years, so a buyer 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.

Who qualifies?

North Pointe Subdivision Down-payment Assistance is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

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.

What kind of home can it be used for?

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.

Where does it apply?

North Pointe Subdivision Down-payment Assistance serves buyers 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.

How do you apply?

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.

1. 1

   Take a homebuyer education course

   Required by the program, through Buyer must complete a homebuyer education class..

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Applications submitted to City of Florence Community Services on a first-come, first-served basis; $25 nonrefundable application fee., and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.