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As the housing market slowly recovers from the Great Recession, more people are thinking about home ownership again. But unlike the pre-recession days, it is not easy to qualify for a first-time home purchase, especially if you don’t make a six-digit income.
The Chattanooga Community Housing Development Organization (CCHDO) has just begun offering a program for those considered low-income under their standards: 1-person household at or below $32,500, 2-person household at or below $37,150, 3-person household at or below $41,800, 4-person household at or below $46,400, 5-person household at or below $50,150. If you meet these guidelines, you might qualify to receive incentives that would reduce your mortgage by up to $22,000, along with up to $4,500 in closing costs. (For those unfamiliar with this last term, it means the fees charged by lenders and various agencies that must be paid before a house is really yours.)
Besides the income guidelines, the program requires that you be pre-qualified for a mortgage from a reputable bank, and that you complete a homebuyers’ education program. For more information, or to request an application, call (423) 668-9804.