| CHIP Homebuyer's Assistance |
Available AssistanceThe CHIP Downpayment Assistance/Rehabilitation Program to assists homebuyers with downpayment, closing and rehabilitation costs. The maximum amount of assistance for the downpayment and closing costs is $8,500. Up to an additional $21,500 may be available for rehabilitation of the property being purchased. The maximum amount of combined assistance is $30,000. Eligibility· Properties being purchased must be within the City of Oregon, Ohio. · Houses to be purchased must be single family dwellings. · Homebuyers must contribute at minimum $500 of their personal funds towards the transaction. · Homebuyers are required to receive prepurchase counseling prior to closing. · Liquid assets cannot exceed $10,000 at time of application. Terms and ConditionsAssistance provided will be in the form of a 0% deferred loan. Deferred loans do not Income LimitsHomebuyer Assistance is available to those households whose incomes are at or below the following income limits:
Checklist for utilizing the Downpayment Assistance/Rehabilitation Program1. Get pre-approval from a Lending institution. 2. Select a single-family home within the corporate limits of the City of Oregon, and obtain a signed purchase agreement. 3. The Lending institution should then forward the applicant’s documents to: City of Oregon The qualification process for this program takes the City 45 to 60 days. Participating LendersNorthern Ohio Investment Company Huntington Bank National Bank of Oak Harbor Taylor, Bean & Whitaker Mortgage Company |