Lena Springs has partnered up with AME Zion to help families making 80% or less of median income purchases their first home. This gap financing program funded with NC State bond monies is designed to give hard working families making at or below 80% of median income a step up into their first home. The loan of $25,000 does not have to be paid back until the buyer either sells or refinances the home.
Qualifications are quick and simple. The buyer would just have to make at or below income guidelines and qualify for an FHA or USDA mortgage just like any other transaction in this price range. The buyer only needs $75.00 of their own money. The closing should take the customary 30 days to accomplish, just like any other normal transaction.
AME Zion offers free homebuyer education classes to anyone interested in buying a home or anyone that already owns once. I have attended the class and it is excellent, accurate and comprehensive. They educate people on some of the following:
- How mortgages work & the pros and cons to all types?
- How Realtors work and the benefits of workig with a Realtor?
- Predatory Loans & other predatory credit?
- How credit scores work?
- Credit counseling
- Credit repair
- Family Budgeting
- Maintaining your home