Dekalb County Purchase/Rehab/Resale Program (HPRRP)

Housing Continuum Inc. purchases properties, rehabilitates, and sells homes to income eligible families. Up to a $40,000 zero interest forgivable loan is provided to the eligible families making the home more affordable.

Progam Incentives

  • Homes Rehabilitated
  • Up to $40,000 zero interest deferred forgivable Loan.

Home Example

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  • Average sale Price $170,000
  • 0% interest forgivable loan of $40,000
  • Prospective buyer 1st Mortgage financing $130,000.

PROGRAM REQUIREMENTS

  

Income Limits

Household income must be no more than 80% of area median income adjusted for household size.

Use the IRS definition of annual income (i.e., income found on IRS 1040 form). Income is projected over upcoming 12 months.

Ownership of Property

Housing Continuum homes purchased must be used as the principle residence of the buyer.

Candidates cannot have owned a home in the last three years (exceptions: divorce or domestic displacement).

Buyers must provide a minimum $1,000 of their own funds for down payment.

Eligible Properties

Properties currently owned and rehabilitated by Housing Continuum Inc.

Loan Terms

Assistance is provided in the form of a deferred second mortgage forgivable loan at 0% interest. No monthly payments are required on this loan. Loan amounts vary depending on the purchase price of the Housing Continuum Property.

Private Funds

Each Borrower shall receive a first mortgage from a private Lender. The mortgage will be a thirty-year fixed at market Rate.

Homeownership Counseling

All assisted homebuyers receive homeownership counseling.

TO LEARN MORE ABOUT AVAILABLE PROPERTIES FOR SALE, CALL HOUSING CONTINUUM INC. AT 847/697-8800.

HOMES CURRENTLY AVAILABLE

At this time no homes are available.