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City of Anderson, SC. Provides first time home buyers affordable housing through the Joint Venture...
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![Page 1: City of Anderson, SC. Provides first time home buyers affordable housing through the Joint Venture for Affordable Housing (JVAH) Program.](https://reader036.fdocuments.in/reader036/viewer/2022062515/56649c9d5503460f9495cb6c/html5/thumbnails/1.jpg)
City of Anderson, SC
![Page 2: City of Anderson, SC. Provides first time home buyers affordable housing through the Joint Venture for Affordable Housing (JVAH) Program.](https://reader036.fdocuments.in/reader036/viewer/2022062515/56649c9d5503460f9495cb6c/html5/thumbnails/2.jpg)
City of Anderson, SC
Provides first time home buyers affordable housing through the Joint Venture for Affordable Housing (JVAH) Program
![Page 3: City of Anderson, SC. Provides first time home buyers affordable housing through the Joint Venture for Affordable Housing (JVAH) Program.](https://reader036.fdocuments.in/reader036/viewer/2022062515/56649c9d5503460f9495cb6c/html5/thumbnails/3.jpg)
Sources of Funds
Community Development Block Grant (CDBG) – Entitlement from Department of Housing and Urban Development (HUD)
HOME – SC State Housing Finance Development Authority
![Page 4: City of Anderson, SC. Provides first time home buyers affordable housing through the Joint Venture for Affordable Housing (JVAH) Program.](https://reader036.fdocuments.in/reader036/viewer/2022062515/56649c9d5503460f9495cb6c/html5/thumbnails/4.jpg)
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%
![Page 5: City of Anderson, SC. Provides first time home buyers affordable housing through the Joint Venture for Affordable Housing (JVAH) Program.](https://reader036.fdocuments.in/reader036/viewer/2022062515/56649c9d5503460f9495cb6c/html5/thumbnails/5.jpg)
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)
![Page 6: City of Anderson, SC. Provides first time home buyers affordable housing through the Joint Venture for Affordable Housing (JVAH) Program.](https://reader036.fdocuments.in/reader036/viewer/2022062515/56649c9d5503460f9495cb6c/html5/thumbnails/6.jpg)
Downpayment Assistance Deferred Forgivable
Loan
Maximum amount - $10,000
5 years affordability period (Recapture Policy imposed if not met)
![Page 7: City of Anderson, SC. Provides first time home buyers affordable housing through the Joint Venture for Affordable Housing (JVAH) Program.](https://reader036.fdocuments.in/reader036/viewer/2022062515/56649c9d5503460f9495cb6c/html5/thumbnails/7.jpg)
Closing Costs Assistance Deferred forgivable loan
Maximum Amount - $4,500
5 years affordability period
Recapture policy imposed if affordability period not met
![Page 8: City of Anderson, SC. Provides first time home buyers affordable housing through the Joint Venture for Affordable Housing (JVAH) Program.](https://reader036.fdocuments.in/reader036/viewer/2022062515/56649c9d5503460f9495cb6c/html5/thumbnails/8.jpg)
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
![Page 9: City of Anderson, SC. Provides first time home buyers affordable housing through the Joint Venture for Affordable Housing (JVAH) Program.](https://reader036.fdocuments.in/reader036/viewer/2022062515/56649c9d5503460f9495cb6c/html5/thumbnails/9.jpg)
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
![Page 10: City of Anderson, SC. Provides first time home buyers affordable housing through the Joint Venture for Affordable Housing (JVAH) Program.](https://reader036.fdocuments.in/reader036/viewer/2022062515/56649c9d5503460f9495cb6c/html5/thumbnails/10.jpg)
Credit Worthiness Determined By:
Credit Report
Verification of Rent
Explanation for collections
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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
![Page 12: City of Anderson, SC. Provides first time home buyers affordable housing through the Joint Venture for Affordable Housing (JVAH) Program.](https://reader036.fdocuments.in/reader036/viewer/2022062515/56649c9d5503460f9495cb6c/html5/thumbnails/12.jpg)
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)
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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
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City of Anderson, SC
“We Provide Keys to Homeownership”
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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