The Growing Home Owner's Initiative

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What is the Growing Homeowners Initiative?

 

A matched savings initiative to help individuals and families turn the dream of purchasing a home  into a reality.

 

How can Growing Homeowners Initiative funds be used?

 

1.  The saved money and match money must be used toward the purchase of a home in Luzerne County.
2.  The money can be used toward closings costs, down payment, or a combination of both.
3.  The match money is secured by a second mortgage that is forgiven over a five-year period.

 

How does the Growing Homeowners Initiative work?

 

Currently, interested people who apply and are determined financially within the guidelines must commit to the following:

1.  Opening a savings account and starting a savings plan for at least a 90-day period. Length of time in program will vary for each participant.

2.  Working with a homeownership specialist to set a goal and an action plan on how to achieve the goal.

3.  At the closing on a purchase of a home, your savings will be matched $2 for every $1 saved. The amount of matching funds provided will not exceed $7500.

4.  Attending at least three (3) homebuyer readiness workshops including such topics as developing a budget/credit and credit repair, obtaining a loan, finding a real estate agent, etc.

                             *Additional assistance may be available depending on household income


 

Who is eligible for the Growing Homeowners Initiative?

 

Anyone interested in purchasing a home now or in the future whose household income does not exceed the guidelines listed below -- 

               Household Size                                            Annual Income Limit

          1 person                                                              $37,500

          2 people                                                              $42,900

          3 people                                                              $48,250

          4 people                                                              $53,600

          5 people                                                              $57,900

          6 people                                                              $62,200

          7 people                                                              $66,500

          8 people                                                              $70,800

 

How does someone apply for the Growing Homeowners Initiative?

 

 

Basic steps to apply for the initiative are:
 
1.  Fill out an application and send it to the HDC office -- the Home OwnershipSpecialist will call to set up an appointment.
 
2.  Attend appointment with the Home Ownership Specialist; bring income verification and social security cards for the entire household.

 

For more information or to apply, please contact:

Housing Development Corporation
570-824-4803 (Wilkes-Barre)
or 570-501-1030 (Hazleton)

                                                                                                                                                                                                

Last Updated: Fri Jul 18 11:50:48 EDT 2008
Housing Program Profiles
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