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Independence First Time Home Buyer Program

Program Overview

Independence First Time Home Buyer Program is a The City will pay up to 5% of the purchase price of a home towards down payment assistance (not to exceed $5,000), or the city will pay reasonable closing costs on the purchase of the home (not to exceed $5,000), or the city will pay toward Mortgage Buy-Down, (not to exceed $5,000). The property must be located within the corporate limits of the City of Independence.

Who is eligible for this program?

Borrower must be a first time homebuyer as defined by the city and be within program maximum for total family income. Family income limits 80% of AMI as defined by HUD. Funds can be used towards down payment, reasonable closing costs, mortgage buy down or a combination of the above not to exceed $5000. HUD Median Income Limits: 80 Is this program for first time buyers only? Yes

Property Eligibility Requirements

Property must be located within corporate city limits of Independence Missouri. The sales price cannot exceed $ none. Allowable property types: SFR, Condo, 1/2 duplex, townhome. Must pass city inspection.

Benefit Details

Borrrower will sign a Deed of Trust and Promissory Note and the loan/grant will be forgiven after 5 years of residing in home as primary residence. Assistance available up to $5000. Benefit: City will provide loan/grant funds to approved buyers up to the amount of (not exceeding) $5000. Loan Term: 5 years years Homebuyer Counseling / Education Required: Y Owner Occupancy Required: Yes Other Program Comments: Must obtain lender approval from approved lender and complete Homebuyer Education.

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