There is still HOPE ... The Final 48
Do you want to live downtown? Are you sick of paying rent, but think you can't afford new, quality construction downtown? Don't want to have to worry about condo association fees? Want your own front porch and backyard?
There is still HOPE ... Uptown Memphis has special financing that can help you achieve that dream!
To date, 62 99 families have taken advantage of downtown's best kept secret - the HOPE VI Development Bonus available in Uptown Memphis. That's where the Final 48 comes in - we only have 48 11 homes eligible for the HOPE VI Development Bonus left in Uptown ... are you going to be one of the lucky ones?
But how does it work? Here's an example to demonstrate the basics of how the HOPE VI Development Bonus works: You've driven through the Uptown neighborhood and seen the incredible transformation taking place in the area, and you are interested in this house:
This plan, The Guthrie, is a 1,144 square foot three-bedroom, two bath home and is eligible for the HOPE VI Development Bonus.
The first two questions to ask yourself to see if you may qualify for the HOPE VI Development Bonus are:
Is your annual combined household income less than $45,850?
Are there between one and four people in your household?
If you can answer yes to both questions, you are two steps closer to qualifying! (The income limit rises for more than 4 people in your household, so give us a call at 527-7001 for those amounts!) Remember that everyone's situation is different, but basically this is how the HOPE VI Development Bonus is calculated:
You come in and visit our office and find out what you can qualify for on a first mortgage.
Let's say that is $120,000.
The sales price of this particular house is $131,000. Normally, unless you have $11,000 laying around to put down, you can't but this house.
However, the HOPE VI Development Bonus will make up that difference between what you can afford and the sales price of the house.* You only carry the note on the $120,000.
Many people who qualify for the HOPE VI Development Bonus also qualify for City Down Payment Assistance in the amount of $10,000!
The HOPE VI Development Bonus is an interest-free forgivable grant which is reduced at 10% per year for ten years ... all you have to do is live in your own home! But what if you have to move - what if you are transferred out of Memphis before your 10 years is up? What then? Well, the sales price of the house is the appriased value; in all likelihood if you moved out even only a year later you wouldn't be out of pocket any money ... you already have all that equity built in!
We've had two resales on HOPE VI elgible homes since the start of this program - one bought for $140,000 and sold for $165,000 fifteen months later; the other bought for $106,000 and sold for $126,000 after only eight months!
Take a look at some of the houses we have available now and make an investment in your future now before this opportunity passes you by! And don't worry, if you can't qualify for the HOPE VI Development Bonus, we still have something for you - call and ask our sales agents about our market-rate homes!
Call or come in for a tour and see for yourself!
* Conditions apply
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