Purpose
GHF will provide non amortizing subordinate mortgage loans to lower the purchase price of a home for
qualified persons in Greenville County on a first come, first ready basis. GHF will provide a 5 to 1 match up to $5,000 per homeowner. Applications are accepted and evaluated continually throughout the year. Funding is limited.
Eligible Sponsors
Applications for Homebuyer Assistance Loans will be accepted from local employers, nonprofit developers, for profit developers, government entities, nonprofit/for profit developer partnerships, and current GHF lending partners. APPLICATIONS WILL NOT BE TAKEN FROM INDIVIDUAL HOMEBUYERS.
Eligible Buyers
The buyer must
• Contact an eligible sponsor to apply to the program.
• Be a first time homebuyer or have not owned a home in the past three years.
• Meet the income requirements. Annual household income must range between 70%-120% of the area median income.
• Complete a home buyer’s education seminar acceptable to GHF.
• Secure a 30-year, fixed rate first mortgage.
Eligible Properties
• New and existing properties in Greenville County are eligible.
• Fee simple ownership is required.
• The home must be the buyer’s principal residence. Rental property is not eligible.
Eligible Uses
• Loans may be up to $5,000 and are subject to homebuyer securing the maximum affordable first loan mortgage that the lender will allow
• Funds may be used when purchasing a home:
- for all or a portion of closing costs
- for all or a portion of a down payment
- to reduce the principal amount of a first mortgage
• The total of all mortgages on the property may not exceed 100% of appraised value.
Terms
• Funds will be released to the buyer’s attorney at closing.
• GHF subsidy will be a 5-year non amortizing subordinate loan at 0% interest. The loan will be forgiven after 5 years if certain conditions of affordability are met.
• The GHF loan will be secured by a promissory note and a mortgage lien on the property.
Fees
• A $250 loan origination fee will be due at closing.
Contact : Mike Owens, Partner at Horizon Financial, Inc. at (864) 527- 8900 ext. 101 or by e-mails
MOwens@HorizonFinancial.org for more information
