Own Mobile Homes For Sale Through The Mobile County HOME Program
If you are one of the individuals who want to purchase Mobile homes for sale and plan to move to Mobile, you might have considered how to finance such purchase. During these times of unstable economy and jobs with less security, many are having a hard time financially.
One of the options for you to get the assistance you need to finance your dream Mobile real estate is through the federal housing grants. These grants are presented by the Government in purchase to spend money on or create a new house, or to include extensions and make repairs to one's house.
There are several grant programs available in Mobile and one of the most notable offered by the grants department of Mobile is the HOME Investment Partnership (HOME). With the HOME Program, the county government's main focus is to provide affordable housing while helping the HUD's national goal of increasing homeownership and rental opportunities for low- and moderate-income persons, especially for minority households. Homeownership is further supported with the provision of down payment assistance and homeownership counselling. Meanwhile, mortgage assistance is also available for housing constructed with HOME funds.
There are two grants offered by the HOME Program to help future Mobile real estate for sale purchasers like you get the chance of home ownership. These are the Down Payment Assistance Grant and the New Construction Affordable Home Loan. These programs also have newly constructed homes available for purchase by qualified homebuyers with up to $30,000 provided as a deferred loan.
The Down Payment Assistance Grant. This grant can provide up to $10,000 of down payment assistance and may be applied to a down payment and to closing costs. A minimum of $1,000 in assistance is also provided by this grant. Based on a national funding formula established by Congress and implemented by HUD, the Consortium of Mobile is a recipient under this formula grant program.
The New Construction Affordable Home Loan. If you are looking for a new home, the Mobile government can work with homebuilders in the community to provide cheap Mobile homes for sale for low and moderate income residents. If you qualify to purchase these new homes, this grant can offer you up to $30,000 as a deferred loan.
Residency Requirements. Both of the programs mentioned are funded by a grant from the U.S. Department of Housing and Urban Development (HUD). The home must be located in the geographical area of Chickasaw, Citronelle, Creola, Mount Vernon, Prichard, Saraland, Satsuma, and the unincorporated areas of Mobile County. Other areas may be included in the future.
Income Requirements. To be eligible to participate in either of the HOME programs, you must have an anticipated annual (gross) income for the next 12 months that does not exceed 80% of the current median family income for Mobile County. For single occupants, annual income should not go beyond $28,300, 2 Person $32,350, 3 Person $36,400, 4 Person $40,400, 5 Person $43,650, 6 Person $46,900, 7 Person $50,100 and 8 Person $53,350.
Participation in the Homebuyer's Training and Counseling Program is a requirement to avail either of the programs mentioned above. The training allows you to learn more about credit requirements and the loan process for you to finally acquire your dream mobile real estate. Upon completion of training, participants will be issued a certificate of completion which will be valid for two years.
One of the options for you to get the assistance you need to finance your dream Mobile real estate is through the federal housing grants. These grants are presented by the Government in purchase to spend money on or create a new house, or to include extensions and make repairs to one's house.
There are several grant programs available in Mobile and one of the most notable offered by the grants department of Mobile is the HOME Investment Partnership (HOME). With the HOME Program, the county government's main focus is to provide affordable housing while helping the HUD's national goal of increasing homeownership and rental opportunities for low- and moderate-income persons, especially for minority households. Homeownership is further supported with the provision of down payment assistance and homeownership counselling. Meanwhile, mortgage assistance is also available for housing constructed with HOME funds.
There are two grants offered by the HOME Program to help future Mobile real estate for sale purchasers like you get the chance of home ownership. These are the Down Payment Assistance Grant and the New Construction Affordable Home Loan. These programs also have newly constructed homes available for purchase by qualified homebuyers with up to $30,000 provided as a deferred loan.
The Down Payment Assistance Grant. This grant can provide up to $10,000 of down payment assistance and may be applied to a down payment and to closing costs. A minimum of $1,000 in assistance is also provided by this grant. Based on a national funding formula established by Congress and implemented by HUD, the Consortium of Mobile is a recipient under this formula grant program.
The New Construction Affordable Home Loan. If you are looking for a new home, the Mobile government can work with homebuilders in the community to provide cheap Mobile homes for sale for low and moderate income residents. If you qualify to purchase these new homes, this grant can offer you up to $30,000 as a deferred loan.
Residency Requirements. Both of the programs mentioned are funded by a grant from the U.S. Department of Housing and Urban Development (HUD). The home must be located in the geographical area of Chickasaw, Citronelle, Creola, Mount Vernon, Prichard, Saraland, Satsuma, and the unincorporated areas of Mobile County. Other areas may be included in the future.
Income Requirements. To be eligible to participate in either of the HOME programs, you must have an anticipated annual (gross) income for the next 12 months that does not exceed 80% of the current median family income for Mobile County. For single occupants, annual income should not go beyond $28,300, 2 Person $32,350, 3 Person $36,400, 4 Person $40,400, 5 Person $43,650, 6 Person $46,900, 7 Person $50,100 and 8 Person $53,350.
Participation in the Homebuyer's Training and Counseling Program is a requirement to avail either of the programs mentioned above. The training allows you to learn more about credit requirements and the loan process for you to finally acquire your dream mobile real estate. Upon completion of training, participants will be issued a certificate of completion which will be valid for two years.