Property Highlights 1/4 acre lots

3 bed/ 2 bath

full size garage

purchase plans for eligible buyers

prequalify ing for at least $119K

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FOR MORE INFORMATION PLEASE CONTACT:

Casey Kleinhenz 479 273 7344 cdcbentonv ille.com

Sterling Hamilton 479 8 4 5 3000 sagepartners .com

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Draft 5/13/2020

Cedar Bluff Payment Program Eligibility Guidelines

Homebuyers must have household income below the Maximum Qualifying Incomes at the time

of purchase. Eligible Homebuyers will receive a forgivable, no-payment loan that covers up to

$25K of the cost of their home at Cedar Bluff. The forgivable loan stacks on top of the primary

financing, allowing the buyer to afford a higher home price that they could with primary

mortgage alone. You still need to have your debt and credit score in condition to purchase a

house. The forgivable loan is not a cash rebate.

General Eligibility

Must qualify for a first lien, home mortgage as the primary buyer. This is a 3rd Party process.

Obtain a prequalification with your preferred mortgage source before you begin the Cedar Bluff

eligibility process.

Must owner-occupy the property

Must provide documentation to verify annual household income below the 80% area median

income threshold at the time of purchase.

Other restrictions may apply; you must provide accurate and complete information; program

subject to change

HUD 80% AMI Income Limits, effective 4/1/2020

Household

Size 1 2 3 4 5 6 7

Maximum

Qualifying

Income

$41,250 $47,150 $53,050 $58,900 $63,650 $68,350 $73,050

Example: Jean and Joe Johnson work with a mortgage broker who determines they are eligible

for a mortgage up to $120,000. They have one child and their combined annual income is

$50,000 per year – so they earn less than the 3 person household maximum qualifying income.

They are having trouble finding the house they want under $120,000, but love a house at Cedar

Bluff that costs $145,000. They meet the Cedar Bluff payment Program Guidelines and apply

successfully. They receive a $25,000 forgivable mortgage that stacks on top of their $120,000

primary loan and are able to afford the Cedar Bluff house. No payments are required on the

$25,000 mortgage as long as Jean and Joe stay current on their primary mortgage and occupy the

house as their primary residence. After 10 years of living in the house as their primary residence

the $25,000 mortgage may be forgiven.

If You Think You May Qualify:

Do you have a current mortgage prequalification letter from a bank or mortgage broker? We

cannot provide primary financing. If you need to connect with a lender then ask us for help.

Review your income sources and gather your documents. An information list is included on the

back of this page.

Contact CDC at 479-273-7344 ext. 202 or gerrielynn@cdcbentonville.com to begin the

application process.

Draft 5/13/2020

Pre-Application Checklist

List all members who will be living in the home including yourself:

1.____________________________________________________________________________

2.____________________________________________________________________________

3.____________________________________________________________________________

4.____________________________________________________________________________

5.____________________________________________________________________________

6.____________________________________________________________________________

Do you or any of your household members 18 years of age of older receive income from any of the

following sources? Previous Year Current Year

Employment _______ _______

Public Assistance _______ _______

Social Security _______ _______

Pensions (From_____________________) _______ _______

Veterans Benefits _______ _______

Alimony _______ _______

Child Support _______ _______

Unemployment _______ _______

Workman’s Comp _______ _______

Military Pay _______ _______

Lottery Winnings _______ _______

Money received from non-household members _______ _______

Do you or any of your household members 18 years of age or older have any of the following types

of assets?

Checking account (Bank__________________) _______ _______

Savings account (Bank__________________) _______ _______

Cash at home or anywhere else _______ _______

Certificate(s) of Deposit (Bank__________________) _______ _______

Money Market / Trust Fund _______ _______

Stocks, Bonds, Treasury Bills _______ _______

IRA _______ _______

Lump Sum Receipts _______ _______

Real Estate _______ _______

Whole Life Insurance _______ _______

Other Investments _______ _______

Are there any college students residing in the household who will be receiving education grants,

scholarships or VA education benefits?

_______ _______