City of Columbia Home Ownership Assistance Program

Today Flat Branch started making the rounds to local real estate offices to inform everyone about the recent changes to the City of Columbia Home Ownership Assistance Program. In the past this program was only available in the central city. Now it has been expanded to include anywhere inside the city limits! This is a wonderful change. This program offers a $5000 grant for Down Payment and Closing Costs. This program is more valuable than ever with the recent back tracking changes to mortgage products. Gone are 100% programs and most are using FHA loans which carry a 3.5% down payment. This is where this money can come in handy! You can still obtain seller paid closing costs to further assist, which almost everybody takes advantage of these days. I believe there are even additional funds available from the city program on a case by case basis.

Below are the qualification criteria:

Qualification 1 : You must be a first time home buyer (defined as someone who has not owned
a home in three years) or be a single parent. (defined as or an individual who
unmarried or legally separated and who has one or more minor children or is
pregnant.

Qualification 2: Make less than the following income limits:
Family Size / Income
1 person / $34,700
2 persons / $39,700
3 persons / $44,650
4 persons / $49,650
5 persons / $53,550
6 persons / $57,550
7 persons / $61,500
8 persons / $65,450
Important Note: If they are a single person who is not disabled or elderly and are buying outside of the old assistance area (central city), the income limit is $26,025

Qualification 3: Complete the Home Buying 101 class ($10 cost)

Qualification 4: Buy a home which passes the inspection. This includes the city inspection and
a structural inspection.

The bottom line is that the City is stepping up in a big way to do their part to help prospective buyers out and I think it is great! Flat Branch will of course do our part as well. With interest rates currently hovering around historic lows, it makes for a good combination.

Brought to you by:

Flat Branch Mortgage, Inc.
Posted by: Eric Hemmer