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Benefits of Building the
Self-Help Housing Way
| Subsidized home loans
as low as 1%. For those paying above 1%, if your income goes down, RD
may pay subsidize a larger portion of the interest.
Longer terms, up to 33 years or 38 years
for those with incomes below 60% of the area median income (AMI). |
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Easier to qualify:
applicants earning 80% or below the area median income and who have
reasonable credit and can afford a monthly mortgage payment may be
eligible. Families living in substandard housing are given first
priority. Education:
participants complete the ABC's of Homebuying, Financial Fitness,
Foreclosure Prevention, and Home Maintenance and Repair classes and
workshops. |
| No money down.
Mortgage payments don't begin until after
construction has finished. |
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Skills training: The
construction skills you learn will enable you to maintain and repair
your own home, and may even help you find work in the construction
industry. Energy efficient
design: homes are stick built with many energy-efficient features,
including Energy Star appliances. |
| Closing cost
assistance. Umpqua CDC's
DreamSavers program allows eligible
participants to save up to $2,000 and get a $6,000 match, to help with
closing costs. Gap financing,
based on need. |
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Community building:
during construction, participants form a building group association and
meet regularly to work out common issues. Members of the community may
come out and volunteer, further strengthening the community.
Pride of accomplishment and home
ownership. When the project is finished, you will have helped build an
entire subdivision in which you are a homeowner. |
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