The program is available to people who are renting and have a total household income of up to $69,800.00 The household must purchase a house for $254,000 or less, and must be pre-approved for a mortgage to qualify for the $12,000 loan.
The program will give renters who need a little boost the opportunity to become homeowners — people who can carry a mortgage but can’t put together a down payment. When the sale of the homes closes, the loan is registered as a second mortgage.
The loan program is administered through the City. For more information on how to apply, contact the City’s housing division at 705-742-7777 ext. 4663 or email [email protected].
We believe the information contained in this article to be accurate. It is presented with the understanding that we are not engaged in rendering legal, accounting, or investment advice. When professional assistance is required, utilize the services of a licensed real estate broker, lawyer, accountant, or other consultant as may be required.
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