Quote:
Originally Posted by JSH
They might also have a program to help with the down payment. I co-worker of mine bought his first house with a city run program that provided I believe $40K towards the down payment for a first home buyers with incomes under a certain percentage of the poverty line. The catch is he can't sell for a number of years without having to pay back the down-payment.
|
That seems correct. The ad says 80% of the AMI (whatever that means). So I take it that someone is paying 20% of the house already. And yes, there seem to be a lot of rules when reading the stuff from the housing authority.
It's also part of a lottery: those that qualify are put into a lottery and the "winners" get the oportunity to buy one of the several apartments they are building on that block. But it seems they didn't get enough in the lottery to do the lottery, so they're apparently selling them, but still under the same requirements.
A part of me wants to go apply for one, but another says I'd be up to my neck in financial frustration.