Q. What are the terms of the Project Reinvest Homeownership Loan?
A. NeghborWorks® Pocatello Project Reinvest Homeownership funds of $10,500 are provided as a down payment assistance (DPA) loan to qualified homebuyers. Loans are in the form of a second mortgage attached to the home. Loan is a zero percent, zero payment and deferred loan. Loans are due and payable at the time the home is sold or when the borrowers vacate the home. The property must be from 1- 4 units and owner occupied.
Q. Are there income restrictions?
A. Yes. Income is based on TOTAL HOUSEHOLD income up to 100% of the Area Median Income (AMI) for household size. Income limits are calculated based on all household income for anyone over the age of 18. Click here for county by county income limits.
Q. If a person living in the home is not listed on the loan (a non-borrower), does their income need to be included in the calculation of household income?
A. Yes. When calculating total household income, anyone over the age of 18 must be included.
Q. Which 1st Mortgage Lenders are approved to participate in this program?
Q. Do I have to take the Home Buyer Education course, even if I am not a first-time homebuyer?
A. Yes. It is a requirement of the program that the purchaser has eight hours of homebuyer education plus a one-on-one counseling session of approximately one hour in length with a NeighborWorks Pocatello Housing Counselor. Click here to sign up for the HomeBuyer Education Course.
Q. Can I own another home and still qualify for the Project Reinvest HomeOwnership Program?
A. No. Borrower cannot have an ownership interest remaining in another residential property at the time of settlement on the new purchase.
Q. If I qualify, can I use other down payment incentives/programs in conjunction with Project Reinvest funds?
A. Yes, as long as the 1st mortgage lender allows it.
Q. Is the Project Reinvest loan forgivable?
A. No. This is a deferred, due upon sale loan.
Q. Are there restrictions on the areas I can purchase in?
A. Yes. Homes must be in the following Counties: Bannock, Bear Lake, Bingham, Caribou, Franklin, Oneida, Power.