Downpayment assistance from MHDC

http://www.mhdc.com/homes/cal/index.htm

Call Boone County National Bank or Flat Branch Mortgage for more details

Cash Assistance Loan (CAL)

Helps enable first-time homebuyers in need of down payment and closing cost assistance.

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Need more information? Call Toll Free 800-246-7973

CAL details:

	Qualified first-time homebuyers are eligible to receive a second mortgage of 3% of the loan amount to be used for down payment and closing costs.
	The second mortgage is a five-year, diminishing loan at 0% interest.
	The second mortgage is forgiven after five years of occupancy by the owner and monthly payments are not required.
	No junk fees are allowed. The lender may charge standard closing costs.

Purchase Price Limits
Type of Home	Non-Target Area	Target Area*
Single family home	$243,945	$293,155
Duplexes	$312,300	$381,700
Note: These limits are subject to change in accordance with regulations. *Target Area: click here

Income Limits
Program	Income Limits
Cash Assistance Loan Program	click here
Additional Income Guideline Information The total gross annual household income for all residents living, or intending to live, in the home, age 18 or older, must be within the limits established for household income. Total gross annual household income is calculated using all sources of income including, but not limited to, wages, overtime, bonuses, child support, alimony, commissions and earnings from a second job, business and investments.