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City of Anderson, SC

City of Anderson, SC. City of Anderson, SC. Provides first time home buyers affordable housing through the Joint Venture for Affordable Housing (JVAH) Program. Sources of Funds. Community Development Block Grant (CDBG) – Entitlement from Department of Housing and Urban Development (HUD)

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City of Anderson, SC

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  1. City of Anderson, SC

  2. City of Anderson, SC Provides first time home buyers affordable housing through the Joint Venture for Affordable Housing (JVAH) Program

  3. Sources of Funds • Community Development Block Grant (CDBG) – Entitlement from Department of Housing and Urban Development (HUD) • HOME – SC State Housing Finance Development Authority

  4. Other Sources of Funds • Community Homeownership Opportunity Partnership (CHOP) – SC State Housing Finance and Development Authority • CHOP Funding used to “buy down” loan from bank • Qualified home buyers receive fixed interest rate of 4% or 5.5%

  5. City Provides JVAH Participants • Downpayment Assistance • Pays all Legal Fees and Closing Costs • Prepays – i.e. appraisals, credit reports and hazard insurance • Land for Construction • Improvements (i.e. driveways, walkways, curb and gutter)

  6. Downpayment Assistance • Deferred Forgivable Loan • Maximum amount - $10,000 • 5 years affordability period (Recapture Policy imposed if not met)

  7. Closing Costs Assistance • Deferred forgivable loan • Maximum Amount - $4,500 • 5 years affordability period • Recapture policy imposed if affordability period not met

  8. JVAH Program Participants Must: • Be a first time home buyer • Be credit worthy • Have a stable income - employment history (minimum 2 years on same job or field) • Attend Mandatory Home Counseling Workshop • Credit/Credit History • Taxes & Insurance • Landscaping & Home Maintenance • Loan closing process

  9. Other Requirements • Meet income requirements set by SC State Housing Finance & Development Authority • Meet all other loan requirement set by Federal Housing Administration (FHA) and SC State Housing Authority

  10. Credit Worthiness Determined By: • Credit Report • Verification of Rent • Explanation for collections

  11. Stable Employment and Income • Verification of Employment • Date of Employment • Present Position • Probability of continued employment • Current Gross Base Pay • Current earnings for last 3 years including overtime • Commissions or bonuses

  12. Employment Criteria continued • Date of next increase • Projected amount to last pay increase • Remarks (i.e. reason for being off for any length of time)

  13. Income Requirements and Verification • SC State Housing Finance Development Authority & HUD have income guidelines based on geographical area and size of household • Banks and credit unions verify income: • Checking accounts balance • Savings accounts balance

  14. City of Anderson, SC “We Provide Keys to Homeownership”

  15. City of Anderson, SC Willie J. Day Jr., Director Housing & Community Services Division 401 South Main Street Anderson, SC 29624 Physical Address: 314 Tribble Street Phone: (864) 231-2223 Website: cityofandersonsc.com

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