Seniors make no monthly payments and no interest accrues on the loan. Loans become due and payable upon transfer of property title.
Most common items are new roofs and furnaces.
Ten local lenders are participating. The household must be able to clean up their credit and qualify to assume County Corp's mortgage within 24 months. Family selects the home, County Corp purchases the home, financing package can include rehabilitation, no downpayment or closing costs required. An affordable home purchase program for families who lack traditional funds required for a downpayment and closing costs by lending institutions. Program is similar to lease purchase homeownership program, but families are credit worthy and must be able to qualify for a lenders purchase loan.