Lower-Income Residents Offered Home-Buying Help
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Ventura County residents who earn less than 60% of their city’s median income may be eligible for assistance in buying a home.
The Norwest Homeownership Assistance Program, which provides up to $2,000, or 5% of the total mortgage, to help eligible homeowners pay closing costs or make a down payment, has received a $500,000 grant from the Federal Home Loan Bank of Des Moines to support its nationwide program.
“This allows many of the nation’s low-income borrowers to achieve the American dream of homeownership,” said Marc Piscitelli, regional vice president for the Ventura area of Norwest Mortgage.
Under the program guidelines, if a borrower’s income is between 50% and 60% of the area’s median income, Norwest Mortgage will match $2 for every $1 the borrower contributes, up to $2,000. Borrowers whose income is less than or equal to 50% of the area’s median income are eligible for a $2,000 contribution toward closing costs or as a down payment.
A borrower’s contributions may come from personal funds, grants or gifts.
Piscitelli said that nearly 1,000 families nationwide have been aided through the program since its August 1995 inception. With the latest grant, Norwest expects to help in the purchase of nearly 255 additional homes.
The program will continue until the grant funds are gone. Interested applicants should contact a Norwest Mortgage office.
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