The City of Bowling Green is encouraging potential home buyers in need of assistance with purchasing a home in the city to apply through the Direct Homeownership Assistance Program.
The City’s Direct Homeownership Assistance Program seeks to make affordable homeownership possible for households often overcome by housing cost burden. The program is designed to assist creditworthy people with lower incomes by reducing their mortgage principal amount, paying reasonable closing costs, and/or required up-front private mortgage insurance premiums. In most cases the mortgage principal reduction will satisfy the lender’s down-payment requirement.
Applicants must qualify through a traditional lender. Assistance is provided in the form of a supplemental subordinate loan for part of the purchase price with zero percent interest. The loan is non-amortized, and non-declining, payable upon sale of the property, transfer of title, the property being vacated or the owner(s) no longer occupying the property as their primary residence.
Applicant(s) must complete the application process, and adhere to all program policies to be eligible. For more information, contact Matthew Jay Snow at the City of Bowling
Green’s Grants Department, (419) 354-6221 or firstname.lastname@example.org.