HUBER HEIGHTS, Ohio – Wright-Patt CU has agreed to provide low-cost financing to allow middle-income residents to foreclosed homes here.
The home purchases are being organized by CountyCorp, which has acquired eight foreclosed properties and is in the process of acquiring six more. Construction already has begun on five of the houses, which are being gutted and redeveloped.
Homes will be sold based on appraised market price. Buyers qualify for the program by meeting 120 percent of area median income guidelines. Maximum income levels under those guidelines are $52,120 for someone who is single or $74,500 for a four-person household.
Financing includes a 30-year fixed rate loan through Wright-Patt, plus a "silent" second mortgage for 10% of the purchase price. Under the financing, home owners will make a $1,000 down payment, while CountyCorp contributes a down payment of 10%. The home owners wouldn’t pay the principal or interest on the second silent mortgage but will have to pay back CountyCorp the 10% if they move within five years.
