Save Up To $40,000 On A New Home

Alabama Mobile Mobile County is using federal money for an affordable housing program.

by Steve Alexander

Published: Wed, August 12, 2009 - 7:31 pm CST Last Updated: Wed, August 12, 2009 - 8:51 pm CST

There's good news for people looking for an affordable home in Mobile County.
Mobile county officials have a couple of homes up for sale.
Imagine buying a $100,000 home essentially for only $60,000?
The county is selling two homes in Chickasaw under a federal program for people with low and moderate incomes.
The three bedroom, two bathroom homes are being sold under what's called the Mobile County HOME Program.
The program offers up to $40,000 in new home loan assistance.
Phillip Davenporte, the grants developer for Mobile County, said, "Qualified applicants can receive up to $10,000 in down payment assistance which is forgiven in five years. In addition to that, they can receive up to $30,000 in a deferred loan that is deemed paid in stages."
Mobile County Spokesperson Nancy Johnson said, "Not only do they finally get into a home, but they build equity so their future is completely changed. They can use that equity to buy into a bigger home when the need arises."
Davenporte added, "Hypothetically speaking, if the house is $100,000, and we can provide up to $40,000 in assistance, then you only need to secure a loan for $60,000 to purchase a house that's appraised at $100,000."
You have to meet certain qualifications, like having a good enough credit history to get a first mortgage.
There will be an open house for the two homes this weekend.
For those potential homeowners who are interested, Johnson said, "It's a way to get them into the American dream."
The houses are located at 509 Third Avenue and 64 Eleventh Avenue in Chickasaw.
Thoe open house will be held from 2 to 4 p.m. on Saturday, August 15.

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southfan1981 Says:

Thu, Aug 13, 2009 at 12:36 pm

In the Mobile area, the median income per household is about $37K. A rule of thumb is that you can afford a home that is either three or four times your annual income. Mortgage on $60K is not going to be as much as most rent is in this area. Brand new home doesn’t have the upkeep a trickle-down-theory of housing home could entail. Chickasaw, is less expensive than Mobile. Close to I65 and quick to get to Airport. Not the best school for high school age but the elementary is excellent. And it’s an area where you can feel safe. There are more cops per capita in the town than Mobile has.

claycitymadness Says:

Thu, Aug 13, 2009 at 10:31 am

you still have to qualify for a sixthy thousand dollar prime morgatge, you just get more house, way more. unless its overvalued. its a good program. (Knowing nothing about the location)