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) HOME – SC State Housing Finance Development Authority

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%

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)

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

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

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

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

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

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

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)

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

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

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