Posted on November 24th, 2015 by Holly & Bob Catania
Posted In: Life in Weston
DOWN PAYMENT ASSISTANCE
For qualified persons wishing to purchase a home within the City of Weston. The maximum amount of assistance is $40,000 and will be determined on need. Households must have incomes less than 80% of the Area Median Income, adjusted by family size (Income Chart).
A buyer must first be able to obtain a first mortgage through a bank and must contribute 3% of the total costs towards the down payment, including closing costs, insurance, inspection fees, and other required fees from their own funds. There will be no interest, and as long as the borrower owns, occupies, and maintains the home for a period of 15 years, the loan will be forgiven.
HOME REPAIR ASSISTANCE
Eligible homeowners may apply for assistance with repairs to their home. The maximum amount of assistance is $40,000 and will be determined by the actual cost of the work. Eligible households must have incomes less than 80% of the Area Median Income, adjusted by family size (Income Chart).
Repairs will be limited to:
· Roof repair and/or replacement; complete repair/replacement
of deteriorated roofing system
· Window replacement
· Door replacement
· Hurricane/storm shutters
Home repair funds will be secured with a junior note and mortgage on the property. There will be no interest. As long as the borrower continues to own, occupy, and maintain the home for a period of 10 years, the loan will be forgiven. Interested persons can complete the City of Weston Home Repair Intake form.