“City Living” First Time Home Buyer Loan Changes

There are some great first time home buyer programs out there and City Living is definitely one worth considering. There have been some recent changes that make buying a foreclosed or otherwise vacant home more possible. City Living provides qualified buyers with three different assistance options:

No cash assistance, 5.8% interest rate
2% cash assistance 6.25% interest rate
4% cash assistance 6.375% interest rate

Cash assistance means you get a grant of either 2% or 4% of the loan amount! That is money that you do not have to pay back. Obviously your interest rate will be higher if you choose the cash assistance route. In order to qualify for City Living, you have to meet income guidelines. In addition, to qualify for the 4% cash assistance you need to be one of the following: 1) single, 2) have dependents, 3) purchasing a foreclosed property or 4) purchasing a vacant property. Feel free to contact us with any questions!