City of Anderson, SC

City of Anderson, SC

Provides first time home buyers affordable housing through the Joint Venture for Affordable Housing (JVAH) Program

Sources of Funds

Community Development Block Grant (CDBG) – Entitlement from Department of Housing and Urban Development (HUD)

HOME – SC State Housing Finance Development Authority

Other Sources of Funds Community Homeownership

Opportunity Partnership (CHOP) – SC State Housing Finance and Development Authority

CHOP Funding used to “buy down” loan from bank

Qualified home buyers receive fixed interest rate of 4% or 5.5%

City Provides JVAH Participants Downpayment Assistance

Pays all Legal Fees and Closing Costs Prepays – i.e. appraisals, credit reports and

hazard insurance

Land for Construction

Improvements (i.e. driveways, walkways, curb and gutter)

Downpayment Assistance Deferred Forgivable

Loan

Maximum amount - $10,000

5 years affordability period (Recapture Policy imposed if not met)

Closing Costs Assistance Deferred forgivable loan

Maximum Amount - $4,500

5 years affordability period

Recapture policy imposed if affordability period not met

JVAH Program Participants Must:

Be a first time home buyer Be credit worthy Have a stable income - employment history

(minimum 2 years on same job or field) Attend Mandatory Home Counseling

Workshop Credit/Credit History Taxes & Insurance Landscaping & Home Maintenance Loan closing process

Other Requirements Meet income requirements set by

SC State Housing Finance & Development Authority

Meet all other loan requirement set by Federal Housing Administration (FHA) and SC State Housing Authority

Credit Worthiness Determined By:

Credit Report

Verification of Rent

Explanation for collections

Stable Employment and Income

Verification of Employment Date of Employment Present Position Probability of continued employment Current Gross Base Pay Current earnings for last 3 years

including overtime Commissions or bonuses

Employment Criteria continued

Date of next increase

Projected amount to last pay increase

Remarks (i.e. reason for being off for any length of time)

Income Requirements and Verification SC State Housing Finance Development

Authority & HUD have income guidelines based on geographical area and size of household

Banks and credit unions verify income: Checking accounts balance Savings accounts balance

City of Anderson, SC

“We Provide Keys to Homeownership”

City of Anderson, SC

Willie J. Day Jr., DirectorHousing & Community Services Division401 South Main StreetAnderson, SC 29624

Physical Address: 314 Tribble Street Phone: (864) 231-2223Website: cityofandersonsc.com