What
is It?
Opportunity for homeownership
in Douglas County through use of “Shared Equity” with
the Housing Partnership. DCHP will provide funds in the form
of down payment and will provide the minimum amount necessary
to bridge lender requirements and resources available to
the buyer up to 20% of the purchase price or $50,000 whichever
is smaller.
This down payment will be a deferred loan which must be
repaid upon sale or refinance of the home, along with the
same percentage share (of down payment amount) of any appreciation
in the market value.
Who is Eligible?
| |
 |
First-Time Homebuyers
including persons that have not owned a home in the
previous 3 years, single parents that have owned prior
with a spouse, and displaced homemakers. |
|
| |
|
People who work within the limits of
Douglas County. |
|
| |
|
Income limits are in two categories,
below 80% of Area Median Income and below 100% Area
Median Income. |
| |
| |
|
AREA
MEDIAN INCOME |
80% |
|
100% |
|
80% |
|
100% |
| |
|
|
|
|
|
|
|
|
|
|
| 1 person |
|
$40,200 |
|
$50,250 |
|
4 person |
|
$57,450 |
|
$71,800 |
| |
|
|
|
|
|
|
|
|
|
|
| 2 person |
|
$45,950 |
|
$57,450 |
|
5 person |
|
$62,050 |
|
$77,550 |
| |
|
|
|
|
|
|
|
|
|
|
| 3 person |
|
$51,700 |
|
$64,600 |
|
6 person |
|
$66,650 |
|
$83,300 |
| |
|
|
|
|
|
|
|
|
|
|
|
| |
| |
|
Borrowers
under 80% AMI must contribute at least
$1,000 towards the purchase. |
|
| |
|
Borrowers
above 80% AMI must contribute at least
3% of the purchase price. |
|
| |
|
Borrower must
occupy the home full time as their primary residence. |
What Homes are Eligible?
Single Family Homes under $250,000
and town homes/condos under $225,000.
DCHP will review applications and consider physical location,
condition, availability to transportation and schools,
and resale marketability.
Home inspections will be required and reviewed by DCHP. Housing
Quality Standards inspection will be performed by DCHP. Appraisals
are required and buyer will sign authorization for lender
to share appraisal with DCHP.
What Kind of Documents are Involved?
| |
|
Deed of Trust |
|
| |
|
Promissory Note |
|
| |
|
How money is paid back, example: |
|
| |
|
| |
|
Sales
Price |
|
Homeowner |
|
DCHP
Equity |
| |
|
|
|
|
|
|
|
| |
Original
Purchase Price |
|
$200,000 |
|
$160,000 |
|
$40,000 |
| |
|
|
|
|
|
|
|
| |
Value
at Time
of Sale |
|
$240,000 |
|
$192,000 |
|
$48,000 |
| |
|
|
|
|
|
|
|
|
What Do I Need to Get Started?
| |
|
Take
a class |
|
| |
|
To obtain all required Shared Equite
Programs documents, please call Travis Anderson, Program
Director, at 303-784-7857. |
|
|
