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Who can purchase a new home by River City Housing?
To qualify the buyer must:
- Meet Metro Housing Guidlines including:
- Qualify for a first mortgage with a financial institution
- Complete new homeowner training
- Not exceed maximum household income guidelines
| Household Size | Income Maximum |
| 1 | $34,650 |
| 2 | $39,600 |
| 3 | $44,550 |
| 4 | $49,450 |
| 5 | $53,450 |
| larger families contact us via email at info@rivercityhousing.org. |
How does the buyer benefit?
With down payment assistance, set up as a no-interest, forgivable, soft, second mortgage
| For example: |
| Home sale price | $108,000 |
| Typical down payment assistance | - $14,000 |
| First mortgage with $0 down | $94,000 |
This down payment assistance reduces the amount of the monthly mortgage payment by lowering the amount of the homebuyer’s mortgage. The down payment assistance, set up as a soft second mortgage will be forgiven entirely after a period of time, once the homebuyer lives in the house, usually 10 to 15 years.
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