First-Time Homebuyer Assistance Program
In June of 1995, all twenty-eight (28) local governments in Alexander, Burke, Caldwell, and Catawba counties agreed to form the Unifour Consortium HOME Program, a regional body that has achieved entitlement status from the US Department of Housing and Urban Development (HUD). The City of Lenoir serves as the Lead Entity for the Unifour Consortium. The Unifour Consortium receives approximately $1.2 million annually to address regional housing issues, and these grant funds are used to provide zero-interest, forgivable loans to first-time homebuyers.
Unifour Consortium Down-payment Assistance Program
Newest Guidelines Effective 7/2021
The Unifour Consortium Down-payment assistance program has been increased to 20% of the purchase price, capping at $30,000 to eligible first time homebuyers.
Clients must have $500 going towards the purchase of the home, and be able to obtain a loan from a participating lender.
2021 INCOME LIMITS BASED ON FAMILY SIZE
1 Person 2 Persons 3 Persons 4 Persons 5 Persons 6 Persons 7 Persons 8 Persons
$33,800 $38,600 $43,450 $48,250 $52,150 $56,000 $59,850 $63,700
- A Minimum Credit Score of 620 will be required.
- Front End Ratios (Housing Cost) must be between 20% and 30% of gross monthly household income.
- Back End Ratios (Housing Cost plus all other long term debt) may not be more than 38% of gross monthly household income.
- Monthly Private Mortgage Insurance (PMI) may not be more than $40.
- Simply think (30/38/$40).
- Assets/Funds in the bank may not be more than $10,000.
Interest Rates and Fees must be attractive and reasonable for the goal of providing affordable housing.
Maximum Existing Home Purchase Price cannot be more than $170,000 in Alexander, Burke, and Caldwell Counties.
Maximum Existing Home Purchase Price cannot be more than $176,000 in Catawba County.
Maximum New Construction Home Purchase Price is $243,000 for all four counties.
Please contact Rick Oxford at 828-485-4245 or Jennifer Cannon at 828-485-4250 for more information.
