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1. What is the program?
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Marion County received stimulus funds to
purchase foreclosed and abandoned homes in target areas as a way
of stabilizing neighborhoods.
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These homes have been
completely renovated using "Green"
building practices and incorporating energy efficiency where
ever possible.
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Homes are selling at discounted prices and
most homes are less than 10 years old!
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Homes are available in : Silver Springs
Shores, Marion Oaks and Rainbow Park.
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2. Who can buy these Homes?
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Buyers must be purchasing a home for their
primary residence. No Investors. Buyers cannot currently own a
home or have owned a home in the past 3 years.
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Buyers must have a total household income at
or below 120% of Median Family Income adjusted for family size.
(See Chart Below)
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Must be willing to attend eight hours of
homeownership classes. (Anyone thinking about homeownership
should take these classes!!)
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You must be able to get an affordable
mortgage through a participating lender and have a minimum
credit score of 620
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Once applicants have been approved, they will be
provided with all the information on how to begin the purchase
process. |
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Buyers must meet the following income guidelines (see Income
Chart below): |
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Marion County Florida Guidelines Chart
New and Existing Max. Purchase Price - $189,682
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Household Size Extremely Low
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Very Low |
Low |
Moderate |
| 1 |
$10,450 |
$17,400 |
$27.850 |
$41,760 |
| 2 |
$11,950 |
$19,900 |
$31,800 |
$47,800 |
| 3 |
$13,450 |
$22,400 |
$35,800 |
$53,760 |
| 4 |
$14,900 |
$24,850 |
$39,750 |
$59,640 |
| 5 |
$16,100 |
$26,850 |
$42,950 |
$64,440 |
| 6 |
$17,300 |
$28,850 |
$46,150 |
$69,240 |
| 7 |
$18,500 |
$30,850 |
$49,300 |
$74,040 |
| 8 |
$19,700 |
$32,850 |
$52,500 |
$78,840 |
| Updated June 2010 |
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3. Homebuyer incentives and benefits
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Down payment assistance up to $30,000 to
include all closing costs is available based on income and
household size.
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To apply for Down payment Assistance, fill
out the NSP Down Payment Assistance Application forms with your
mortgage broker/lender.
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Resale Provisions
Marion County will utilize a second mortgage with a
30 year term at 0% interest for the amount of the down payment and
closing cost assistance provided to the buyers by Marion County.
Payments will not be required unless the property is sold, rented or
ceases to be owner occupied during the lien period. Marion County's loan
will be satisfied after 30 years.
Refinance
Refinancing of the primary loan to secure a lower interest rate
and/or payment is allowed as long as no additional equity is taken out
at the time of refinance. If the homeowner wishes to access additional
equity as part of the refinance, they must pay back the second mortgage.
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