If you've always dreamed of owning your own home, but can't seem to make the numbers work, there is help out there. Auburn's community development office is helping hard working families get into affordable, new homes.
Unlocking the door to home ownership shouldn't be scary, says Sharon Tolbert, the director of community development with the City of Auburn.
"If you can afford to stay in an apartment for five to six hundred dollars a month you can own your own home," explained Tolbert.
The North West Village Subdivision is Auburns newest affordable housing development.
"it's very hard to find a brand new home in auburn in this price range. We hope to build four or five every year," she said.
The three bedroom two bath homes appraise for one-hundred and ten thousand dollars. But the program helps qualified families move in for eighty-eight thousand.That's 20-thousand, instant equity. The program also pays closing costs.
"In order to qualify you must meet hud income level that is no more than fifty thousand for a family of four, you have to have a $500 down payment and also must be able to receive a loan approval for at least eighty percent of the sales price, that price is about seventy thousand must get it approved through a local lender. We provide a low income loan for the remainder of the loan to make the payments more affordable," Tolbert said.
Families are also required to work one on one with housing counselor Todd White, who says home ownership is not only good for his clients, it's good for generating tax dollars for the city and pride in the community. Plus, if you can't qualify now because of credit issues or a lack of down payment money, don't loose hope. Todd White can help your family create a plan to help you work towards home ownership.