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New Self-Help Home Ownership Program Coming to Swannanoa This Fall

by FANS Admin
June 27th, 2014

Have you always dreamed of owning your own home, but just couldn’t make the finances work? Self-Help Homeownership may be the answer. This national program uses USDA 502 Direct Loans to assist families in constructing their own homes and communities. Mountain Housing Opportunities, Inc. (MHO) is planning to begin construction on a Self-Help Homeownership community in Swannanoa this fall.

Each family in the program works about 20 hours a week to help build the houses in the community. The family’s labor serves as “sweat equity,” and becomes the down payment on the house, meaning that families have instant equity in their home and are not required to put any money down at closing! The mortgage interest rate is no more than 3.75%, and can be as low as 1% for families that qualify for subsidies. The construction process takes about a year, and MHO works with and supports the families from start to finish ~ from recruitment, to construction, to completion.

The major eligibility requirement is income. Families need to make below 80% of the Average Median Income (AMI) for Buncombe County. For a family of 4, that means making less than $44,800 gross income annually. Besides income, MHO also looks at debt, employment history, and credit to determine applicant eligibility.

The Self-Help Homeownership community will be located off Dennis Street, just past the new Habitat for Humanity development. The first group of homeowners will begin construction in fall 2014, and a second group will begin in fall 2015. MHO is looking for qualified applicants now! If you or someone you know might be interested, please contact Emma Topor, MHO’s Self-Help Program Specialist, at 254-4030, ext.122.

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Friends And Neighbors of Swannanoa (FANS)
P.O. Box 697
Swannanoa, NC 28778
(828) 581-9848
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MENU
  • Home
  • About FANS
    • Our Mission
    • History of Our Organization
    • Our Board
    • Get Involved
  • About Swannanoa
    • Facts & Figures
    • Our Community
    • Our Rich Heritage
      • A Brief History
      • Beacon Blankets
  • Our Projects
    • Swannanoa Winterfest
    • Welcome Sign
    • Swannanoa Community Garden
    • Clean-Ups
    • Swannanoa Community Newsletter
    • Community Yard Sale
    • Bus Shelter
    • Greenways
    • Other Projects
  • Photo Galleries
    • Thumbnail Directory
    • Swannanoa Community Garden
    • Swannanoa Yard Sales =>
      • Yard Sale Fall 2014
      • Yard Sale Spring 2014
      • Yard Sale Fall 2013
    • Swannanoa Sweep =>
      • In 2013
      • In 2012
    • Other Events
      • Groovin’ On Grovement
      • River Cleanup
      • Mill Around the Village 2011
      • Mill Around the Village 2012
      • Holiday Party and Benefit 2012
      • Dave’s House Wall Raising in Beacon Village
  • Helpful Resources
    • Swannanoa Organizations
    • Other Information
  • Contact
  • FaceBook