Affordable Homebuyer Program: City of Sumter Housing & Economic Development Corp.
The construction of a new stick-built house is sold to a qualified applicant. These houses are built within city limits.
To assist lower income individuals and families to purchase a Home within the City of Sumter.
Maximum Household Income must not exceed HUD's Income Limits as noted below:
- Income Verification: The Section 8 (Part 5) definition of income will be used to verify the income of all individuals that are 18 years or older and permanently reside in the household
- Financing: Applicant must be able to obtain first mortgage financing from private mortgage lender
- Credit History: Applicant must have a responsible Credit History
- Minimum Contribution: Minimum cash contribution of 1% of selling price may be required from buyer
- Homebuyer Counseling: Applicant must attend and complete pre-purchase and post-purchase counseling provided by the City of Sumter
- Primary Residence: Applicant must occupy the property as their principal residence
Eligible Properties - The only housing units that are eligible under this program are houses built by the City of Sumter and are located in various areas within the city limits.
- City Grant up to $3,000 for Closing Costs.
- Forgivable deferred loan to $35,000 for gap financing (0% deferred loan).