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Here is a great deal for someone! This program involves only paying for a house what you are able to pay...not the value for which a home is appraised! How, you ask? Here's how it works. The home the City of Guthrie Center has for sale is part of a federal program where individuals or families interested in buying a home must be within a specific income range. Then the home can be purchased for what your range indicates you can pay regardless of the appraised value of the home. For example, if your income range shows that you can pay $50,000 on a home appraised for $100,000 then you apply for a conventional loan at a bank and buy the home for $50,000. Pretty good deal. Over the first 10 years that you live in that home the difference between the appraised price and your purchase price is forgiven.
HOME AVAILABLE FOR PURCHASE
707 North Street, Guthrie Center - This home is available for showing. This 2, possibly 3 bedroom home has been updated with a new kitchen with appliances, new flooring, new electrical, new siding, and new bathroom. This property is for those with incomes below 50% of median income.
Please see below. (For example: for a family of three you are eligible for
this home if your income is below $34,000.) Purchase price is based on percentage of homebuyer’s income or the appraisal price whichever is lower. Any gap financing and/or closing costs will be provided by the city as a grant. Additional Down Payment Grant may be available through Region XII DPA program!!!! To view this home contact the City of Guthrie Center at 332-2190.
ATTENTION HOMEBUYERS! HOME FOR SALE BY THE CITY OF GUTHRIE CENTER DOWN PAYMENT ASSISTANCE GRANTS POSSIBLE
The City of Guthrie Center is announcing the next phase of the Neighborhood Stabilization Program (NSP). The City of Guthrie Center previously received stimulus funds from the Iowa Department of Economic Development. The purpose of the funds is to purchase foreclosed properties, rehabilitate and resale the homes or to purchase and demolish vacant dilapidated buildings. One home is currently for sale following its rehabilitation. The second home will be for sale when the rehabilitation has been completed. The eligible homebuyers are those whose income meet the requirements of the NSP program and can acquire conventional financing at a fixed interest rate for a minimum of 15 years. These two homes are reserved for an eligible homebuyer whose income has been verified at less than 50% of median income. (see table below)
The program may provide a grant for mortgage buy down (down payment assistance) to reduce the mortgage payments to be equal to 28% of the homebuyer’s income over a 30 year term. The grant will be secured by a forgivable lien placed on the home. The length of the term will depend on the amount of the grant. Interested homebuyers should first talk to their banker to see if they qualify for a conventional mortgage. The local Realtors or City Hall in Guthrie Center will be able to help you to view a home when it is ready to be sold. For any other information, please call the city at 641-332-2190 or Laurie Gilbert at 712-792-9914 or to acquire an application for the determination of income eligibility.
Questions?
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