Monday, February 8, 2010

50 New Affordable Homes being built in Mcalester, OK

Wow! 50 brand new homes will be built targeting 1st time homebuyers and subsidizing each home purchase up to $40,000! What this means is that when you purchase a home the credit will be determined by your annual income and given to you at the day of closing as a credit toward down payment of the home. Each year 20% of the debt will be forgiven and on the 5th year the debt will be completely forgiven and is your equity! There is never a payment on the subsidy unless you sell the home prior to 5 years occupancy and at that time it is a prorated payback depending on how long you have lived in the home. For example, if you purchase a home for $120,000 and are given $40,000 subsidy and stay in the home 3 years, 60% of the subsidy will be forgiven (20% per year) on the sale date close and 40% added to payoff. For more information including floor plans and pricing contact Amanda at 918-899-9299.

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