HERO / HERO STATE PROGRAM HIGHLIGHTS

All HERO and HERO STATE funds have been exhausted.  Both programs have been terminated.

• HERO / HERO STATE  loans are 0% interest loans.  No repayment is required until the home is sold, transferred, refinanced, or no longer owner-occupied.
  
  
• Only Foreclosed, Abandoned or Vacant properties are eligible.
  
  
• Properties must be purchased at a discount of 1% from the current market appraised value.
  
  
• Second Trust Deed Financing for families with up to 80% County Median Income will receive $75,000 or 25% of the purchase price, whichever is the lesser. Families with up to 120% County Median Income will receive $50,000 or 25% of the purchase price, whichever is the lesser.
  
  
• Down Payment Assistance (DPA) provides down payment and/or closing costs assistance to low- moderate-, and middle-income households.  The maximum DPA loan is 6% of the purchase price or $10,000, whichever is the lesser.
  
  
• Eligible properties are single-family foreclosed, abandoned or vacant homes with a maximum purchase price of $493,000, and attached or detached condominium/townhomes with a maximum purchase price of $394,250.
  
  
• HERO / HERO STATE loans are available to first-time homebuyers (borrowers) with no ownership interest in, or who have not held “title” to, a principal residence during the three-year period preceding the purchase of the property.
  
  
• All properties built prior to 1978 are required to have a Visual Lead Based Paint Inspection and must pass the inspection before loan approval.
  
  
• Eligible locations are those located within HERO /HERO STATE Census Tracts and eligible areas only.