BG Offers Homeowner Assistance Program – The BG Independent News
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Buying an affordable home may be out of reach for some Bowling Green residents at low income levels. However, a CDBG-funded program can help with this issue.
The city’s Direct Homeowner Assistance Program makes affordable homeownership possible for families who often grapple with the burden of housing costs.
The program is designed to help creditworthy people with low incomes by reducing their mortgage principal amount, paying reasonable closing costs, and/or requiring up-front private mortgage insurance premiums. In most cases the reduction in the mortgage principal will meet the lender’s down payment requirement.
Applicants must qualify through a traditional lender. Support is provided in the form of supplementary subordinated debt for part of the purchase price with zero interest. The loan is forgiven after two years.
Applicants must complete the application process, and comply with all program policies, to be eligible. For more information contact Matthew J. Snow in the Community Development Division of the City of Bowling Green, 419-354-6221 or [email protected]
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