September 13th, 2007 10:48 AM by Lisa Carey
Looks like HOP funding will be replenished on Oct. 1, 2007!!!!
This popular assistance program ran out of money a few months ago, leaving many customers without reservations in a holding pattern. Builders who specialize in constructing the high-quality HOP homes waited patiently and put spec homes on hold.
If you are unfamiliar with this program, it provides up to 35% (usually 25%) of the cost of a HOP home in assistance to a buyer in the form of a no-interest, deferred-payment loan. Imagine only paying a mortgage on 75% of the cost of your home - what a difference in payment and the amount of house a buyer can afford. Pay off the deferred loan when the house is no longer your primary residence or sold. The idea is that your appreciation & profit will cover the deferred loan. Buyer qualification is based on income and number of residents in the house. With only $500 down, qualified buyers can get in the program.
Only qualified builders can participate in this program, including Russell Homes & Construction, and make an assistance reservation for a buyer. Currently my partner and I have several spec homes by Russell Construction ready for sale in the Orion's Point neighborhood of Midway. We are actively searching for suitable lots in the Leon County and Wakulla County area. Or, we can help you build or purchase any HOP home in the surrounding area.
A typical Russell Home with 3 bedrooms, 2 full baths, loaded with appliances, custom cabinets, a large landscaped lot, garage, back patio and more in the $155,000 range would qualify for $30,000+ in assistance and put payments in the $920 range. (Remember this is an example and not a guarantee - buyers must qualify and rates can change).
The green light is flashing! If you or your customer need a high-quality, new construction home complete with all kitchen appliances and blinds, please contact me at Lisa@CareyCottage.com.