Homeownership Initiative Program Application

If you are interested in applying for one of our homeownership initiative program loans, please email us at [email protected]  Below are our rules and regulations for acquiring a loan. 

Homeownership Loan

1.      Subject to availability of funds, assistance loans are available for down payments, closing costs and repairs.

2.     The interest rate will be determined at the time of your application.

3.     The term for repayment is 10 years or less.

4.     No prepayment penalties.

5.     No points for the loan.

6.     Properties considered should be single-family. The Homeownership Committee would also approve, on a case-by-case basis, a multi-family home that would be owner-occupied.

7.     Calculation of income will be determined in the same manner as the first mortgage loan.  Borrower’s income may not exceed specific program limits.

8.      The maximum amount of the loan will be determined on a case-by-case basis at the sole discretion of the Contoocook Housing Trust.

9.     All assistance loans will be reviewed by the Homeownership Committee (the underwriters) before being forwarded to the Contoocook Housing Trust’s Board of Directors for final approval.

10.      Assistance loans may be secured at the discretion of the Contoocook Housing Trust.

11.     The Homeownership Committee will review the Purchase and Sales Agreement as presented to the lending institution.

12.     If approved, payments would be made to the Contoocook Housing Trust and deposited into a separate account for Home  Buyer Assistance.