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DOWN PAYMENT ASSISTANCE

Program Description

Buy a home within Almena, Lenora or Norton, and we’ll help with the down payment and closing costs through a one-time $2000 closing cost grant and a 0% down-payment loan up to $8000. Home must be a primary residence to qualify. 

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Program Parameters 

  1. Home located within city limits of Almena, Lenora or Norton within Norton County. 

  2. Two components available to qualified recipients of Home Ownership Program:

    1. ​One time grant, $2000 for closing cost assistance. 

    2. Up to $8,000 loan @ 0% interest, 5-year term for down payment assistance.

  3. Borrower pays all associated closing costs. 

  4. Loan Eligibility:​​

Norton County Logo-Badge_Inverted.jpg

  1. Owner occupied existing home within city limits of Almena, Lenora or Norton 

  2. Home purchase price over $35,000 

  3. Primary loan with a qualified local bank within Norton County. Qualified banks include: First State Bank, Solutions North Bank, Equity Bank.  

  4. Meet primary bank qualifications for its loan 

  5. No income guidelines, need based upon primary lender recommendation 

  6. Borrower with 625+ credit score from national credit bureau source 

  7. 0% interest, loan term meets primary bank term, not to exceed 20 years. 

  8. Borrower must complete/submit application to NC/CED Housing Rehab Committee. 

5.   Subject to availability of funds, available on first come first serve basis. Primary lender will check with           NC/CED office for availability of funds. 

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Program Process 

  1. Primary lender identifies qualified borrower and completes application for borrower’s signature 

  2. Application submitted to NC/CED, reviewed by Norton County Housing Rehab Committee 

  3. Borrower and Primary Lender notified in writing by NC/CED if approved 

  4. Promissory & Mortgage Agreements executed between Borrower and NC/CED

  5. Primary lender will execute a 3rd Party Escrow Agreement for Borrower with NC/CED Down Payment Assistance Loan. 

  6. Primary lender will blend Down Payment Assistance Loan into primary loan mortgage payment plan 

  7. NC/CED prepares $2000 closing cost grant check for closing date.

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Application Review Process

The Norton County Housing Rehab Committee will review all applications for this program and make recommendations to NC/CED.

 

This Committee will also review status of ongoing rehab projects and advise the owners, contractors, NC Housing Rehab Committee and/or NC/CED Board accordingly. 

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