HAC pre-certifies the eligibility of potential buyers, tracts the progress of applicants and conducts the homebuyers workshops which all participants are required to attend. The Commission is responsible for the overall administration of the Soft Second Loan Program. The soft second mortgage interest subsidy is provided by the state's Department of Housing and Community Development. Participating banks are asked to sign a Memorandum of Understanding with the Commission and indicate how much mortgage money they will commit to the program. The banks are responsible for intakes, qualifying borrowers, loan origination, and loan closing.
Eligible applicants select which bank to apply for a mortgage loan.
Together these funds have significantly expanded homeownership opportunities for low and moderate-income homebuyers. For more information on the Soft Second Loan Program call Vicky Barnes of HAC, at 771-5400.