Costs Associated with HOAP
Homes vary in price from $145,000 to $200,000. Participants have the chance to purchase a home for 50% reduction from the mortgage payment
Example:
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Home costs $175,000
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Depending on income level you will be able to have your portion of the loan for near or close to $87,000.
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Marion County Housing Authority is the silent 2nd in your mortgage (Loan provisions discussed in one on one meetings)
Appraised value of home: $175,000
Your part $87,000
MCHA $87,000
Click here for a spreadsheet of household size vs. median income.
Will I have to pay Marion County Housing back?
Yes you will have to pay MCHA back if:
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You default on your loan
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You sell your home before the 30 year loan has been paid off
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Home owner moves out of the house
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Unit is damaged and deemed a total loss under an insurance claim
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Use the home as a rental or a business