Purchasing an affordable home in the City of Bowling Green may be out of reach for some people with low/moderate incomes looking to purchase a home within the city limits of Bowling Green. A new CDBG-funded program, however, has a goal of changing this issue.
The city’s new 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 low/moderate 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 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.
Applicants 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 msnow@bgohio.org.
