Eighty new homes at Spring Creek are made affordable for working families with several programs available to assist the first-time homebuyer.
For buyers who are income-qualified, assistance includes but is not limited to the following:

• As little as $500 down payment from the home buyer
  Down payment assistance of approximately $10,000 per family
• Federal home buyer assistance funds of up to $20,000
• Amount depends upon approved first mortgage amount and family income.

Example: Martha and Carl are a new family of three with a three year old son. Carl works full-time in security and Martha works part-time as a nurse's aide and have both worked in their same positions for over two years. Together they have a stated combined monthly income of $3,525 or $42,300 per year. They have an average credit score, no bankruptcies, and have $2,000 in savings. The income-to-dept ratios used by lenders for housing expenditures are 36% and 42% to cover all debt, such as credit cards, car loans, and school loans.  

* The sample monthly payment of $988 includes principle, interest, taxes, and insurance based on a sales price of $135,000 and $2500 closing costs with the total sales transaction equaling $137,500. The down payment from the buyer is $500, with a conventional, 30-year fixed first mortgage of $112,000 with a 6.5% interest rate; down payment assistance grant of $10,000 and a HOPE VI soft second mortgage of $15,000.

The breakdown of the monthly payment includes principle and interest of
$708 + $150 hazard insurance and tax escrow; and $130 homeowners association assessment = $988. The family will receive a federal and state tax return for the mortgage interest paid each year which they would not receive in renting.

All financing is subject to change and is based upon availability of funds, changes to qualifying guidelines, terms, conditions and restrictions. Assistance is available to income-eligible first-time home buyers only.