|Team up to make homes affordable|
|Written by By DEBBIE ROGERS Sentinel Staff Writer|
|Monday, 24 August 2009 10:19|
A.A. Green Realty, a non-profit agency, the Ohio Housing Finance Agency and two banks have teamed up to make a half-dozen Bowling Green homes more affordable.
Four lots are available in the Indian Trace subdivision in Bowling Green, off Sand Ridge and Rudolph roads.
"The idea is to help people who have good credit but not sufficient funds to purchase a new home," said Don Corley, WSOS Community Action Commission, which is one of the partners. "I think it's about the best deal going."
The government funds allow the agency to get a second, soft mortgage on the home for sale. It makes up the difference in the loan that the homebuyer couldn't afford.
Corley said, for example, a prospective buyer may be able to get a home loan for $130,000 and is $20,000 short of what's needed to purchase the $150,000 home.
The OHFA money will fill the gap, he said. It is not added to the monthly payment and there's no interest. The longer the buyers stay in the home, the more equity they earn. A portion of the make-up money is forgiven every year. The state money is due upon resale of the home if it's before 15 years.
Corley said Indian Trace is an ideal site for this type of program because it's going to help someone build a "starter" home who normally couldn't afford this area.
"Let's talk about Bowling Green in particular. Have you looked at what's available in Bowling Green for under $150,000?" Corley said. "There aren't that many choices for people wanting a starter home."
The homes will be sold to first-time homebuyers who earn no more than 80 percent of Wood County's median income, or less than $49,450 per year for a family of four.
The houses will be "Energy Star," meaning the appliances and materials will be energy efficient, he said.
"We still think there are some deserving people out there with good credit who would like to become homeowners and no one's going to beat this deal," Corley said.
Buyers who qualify must attend 10 hours of First Time Homebuyers Counseling. It covers basic finances, credit history, insurance, liability and planning for long-term maintenance.
"We don't assume anything. We just assume they need to learn everything about being a homeowner," Corley said.
WSOS is named for the four counties that it serves: Wood, Sandusky, Ottawa and Seneca. The agency assists families and individuals in becoming self-sufficient.
A.A. Green owns the 30 lots in the subdivision, said agent Mike Hoelter. Five were made available for the WSOS deal and one has been sold.
The participating banks are Key and National City.
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