|
|
Housing and Neighborhood Services
Affordable Mortgage Assistance Program
The City of Roanoke wants to help you obtain the American dream of owning a home!
If you're thinking of purchasing a home within the City, and you meet the guidlines listed below, the Affordable Mortgage Assistance Program may be able to help with down payment and closing costs.
Loan funds are available for up to 50% of the required down payment plus specific closing costs. This assistance is in the form of a 10-year, forgivable, no interest loan of up to $8000. Funds are available on a first come, first served basis.
If the property was built before 1978, the City requires a visual lead inspection. For more details on the lead requirements and to find out more about the program contact one of the participating lenders below or call Angie Williamson at 853-5647.
 | Low/Mod MAP |
Income Requirements | Not to exceed HUD income guidelines
Family Size | Maximum Income |
1 | 33,700 |
2 | 38,500 |
3 | 43,350 |
4 | 48,150 |
5 | 52,000 |
Note: A family consists of all persons who will be living in the subject dwelling unit.
|
Interest Rate | 0% Interest, forgiven at a rate of 10% of original loan each 12 month period. |
Repayment Term | No Monthly Payment
Remaining loan due upon sale or conversion of the property into rental unit(s) before the 10 year term expires |
Loan Amount | Minimum Loan Amount $1,000
Maximum Loan Amount $8,000 |
Buyer Investment | Homes under $60,000 – contribution of at least $400
Homes over $60,000 – contribution of at least $600 |
Secured by | Deed of Trust |
Eligible Areas | Citywide |
Primary Residence | Home must be primary residence for the borrower |
Lead Requirements | The property must pass a lead inspection.
CONTACT 853-5647 for details. |
Type of Home | Any type of home is eligible - except mobile homes. |
Maximum Price | Purchase Price cannot exceed $172,632
(per HUD guidelines) |
Homebuyer Status | Must be first time homebuyer
(have not owned a home in 3 years) |
Participating Lenders
Atlantic Bay Mortgage—Janie Miles and Jason Bialek
1615 East Main St (Salem)
540-986-0270
Atlantic Bay Mortgage -Tom Lusk
12925 Booker T. Washington (Hardy)
540-721-0126
BB&T—Debbie Heath
1620 Hershberger Road NW
540-362-1744
Countrywide Home Loans—Scott Asselin
5115 Bernard Drive
540-725-6206
Stellar One—Karen Whitaker
2133 Electric Road
540-378-1545
HomeTown Bank—Joanne Polly
202 S. Jefferson St
540-278-1711
National City Mortgage—Faye Crute
1906 Electric Rd
540-776-8325
SunTrust Mortgage, Inc.—Cyndi Stultz
4005 Electric Road
540-725-7598
Wachovia—Dennis Young
201 S. Jefferson St
540-561-5365
Wells Fargo—Richard Day
1504 Santa Rosa Road, Suite 100
Richmond, Virginia 23229
1-866-211-0524 Ext. 1003
|
|
|