|
The 3/2
Program is designed to assist first-time
homebuyers with down payment and closing costs. There
are actually two separate programs under the 3/2 program,
each with somewhat different features. Both require completion of the Homebuyer
Workshops sponsored by the Housing Alliance of York.
Participants are required to use a participating lender.( Participating Lenders)
City of York: Applies to purchases within
the city. It provides a five-year forgivable loan
for 2% of the sales price and 6-8% of the sales price
for closing costs (scale depends on home price). (City 3/2 Property Inspection Guidelines)
County of York: Applies to purchases throughout
the county. It provides loans that can be forgiven
after 5 years of ownership. Like the city program,
it covers 2% of sales price, but differs because it
limits the amount for settlement at 6% of the price
and also caps loan at $5,000. (2% must be used for
down payment-except VA or Rural Housing.) (County 3/2 Property Inspection Guidelines)
Before you write a contract which utilizes any of
these first time home buyer programs, make certain
you have all the program specifics as well as the
forms required to process the application. Copies
of the following items must be provided to RAYAC at
least 55 days prior to projected settlement:
1. 3/2 Program
2. 3/2 Grant
Program Application
3. Copy of the Agreement of Sale
4. Financing Addendum to the Agreement of Sale
6. Seller Disclosure
7. Copy of MLS print-out
8. Your REALTOR'sŪ business card
|
