2010 SHAC INCOME LIMITS Family Size 1 2 3 4* 5 6 7 Income Limits 100% AMI 46,100 52,700 59,300 65,800 714,100 76,400 81,600 $10,700 Credit Off Lot Price Family Size 1 2 3 4* 5 6 7 80% AMI 36,900 42,150 47,400 52,650 56,900 61,100 65,300 $21,400 Credit Off Lot Price *All figures are determined by HUD income guidelines www.hud.gov

SHAC homebuyer assistance (Gap Financing):   How it works?

Gap Financing is a no interest / no payment second mortgage loan which does not require repayment until you refinance or sell your home loan.  This program is available only to Sheridan County residents who are income qualified.  SHAC will receive a small portion of your profit when you sell the home, equal to the overall percentage of this second mortgage at the time of the initial home purchase.

Example:

If SHAC loans you 12% of the purchase price to buy the home, SHAC will receive 12% of the profit and the Principal loan amount, when you sell.  You will receive 88% of the profit.

If SHAC loans you 10% of purchase price, you receive 90% of the profit etc. 

•You must provide 2% of the purchase price of the home at closing.  It will be applied to the purchase.

•You must live in the home.

•Income qualifications are based on HUD income charts and updated annually.

•New or existing home

SHAC - Homebuyer’s Club

Not sure if you are ready to purchase a home?  Perhaps your credit score needs work?  SHAC can help!

Homebuyer’s club, an educational program, that meets once a month, to prepare you for purchasing a home and to be a smarter home owner.  Topics include: personal budgeting, credit, savings, finding the right home for you, mortgages and homeownership.  Child-care provided, free of charge.

Earn a $1500 matching grant towards the purchase of a home.