North Village Condominiums are now available to own with no money down and closing cost assistance. Eligible buyers can own a two-bedroom home in downtown Middletown for as little as $696 per month (including mortgage, taxes, condo fee and insurance); or $810 per month for a new 3-bedroom, 1.5 bath; or $935 for a 1,772 sq. ft. 4-bedroom, 2-bathroom unit.*
Michael Taylor, Executive Director of Nehemiah Housing Corporation, will present an information session Thursday, July 26, 2012 at 7pm at First Baptist Church, 93 Main Street, Middletown, CT. The event is free and open to the public.
Open Houses featuring all three condo locations, including 43 Ferry Street, will take place July 28, 1-3 pm. Interested homebuyers can also call Denise Reale, of Century 21 Realty, at 860-729-8172, for more information or to schedule a tour of a unit at their convenience.
“This is what we’ve been working towards,” said Taylor regarding the not-for-profit development project. “As we went forward with the development, the housing market crumbled around us. Banks and regulators responded by tightening credit. The results were that buyers had to contribute a 20% down payment. We responded by creating our own assistance program, but it still required a 3% down payment, that’s like 3 month’ rent, and a buyer needed to have a 680 credit score. Even that was to be too big of an obstacle.”
In addition to providing assistance for down payments and closing costs, Nehemiah Housing has reduced sales prices by $10,000 and lowered the acceptable credit score to 640.
The organization hopes to help would-be buyers now, while interest rates remain at historic lows. “We have one buyer ready to make an offer, and a couple buyers working to correct and repair their credit report. We hope they will be ready to buy within six months,” Taylor said.
Nehemiah Housing Corporation is a not-for-profit organization that works to improve access to housing in Middletown. More information is available at http://northvillagemiddletown.org/
* North Village Condominiums are restricted to income eligible buyers. Monthly costs to own based on a 30-year term, with one point, interest rate of 3.0 and APR of 3.1%-3.5%, for qualified candidates.