HOME PURCHASING PROGRAM (HPP)
HPP EMPLOYEE REQUIREMENTS
- Employee must meet eligibility requirements (please see employer website or contact his/her benefits/human resources department for a definition of an eligible employee). Each employer has different eligibility requirements.
- Employee must occupy the home that is purchased (for at least 270 days a year) and the purchased home must be used as a primary residence by the purchasing employee. Vacation homes, second homes are NOT permitted.
- If the employee re-finances the first mortgage loan before the 5 year term of the GCL loan has expired then the employee must repay the unforgiven balance of the GCL loan.
- Home purchased cannot be a gift.
- All homebuyers must complete an 8-hour, HUD-approved homebuyer education/budget counseling class provided by or approved by FRDC.
- This program can only be used once.
- The program can only be used by one family member per household.
- The employee must provide at least 3% of the total purchase price toward the home purchase.
- Participating employees who do not comply fully with the rules for eligibility or participation will be required to repay in whole or in part the loan.
Program funds are provided on a first-come, first-serve basis upon approval of complete application, which includes all required documentation and funding availability.
- Home must be located in the designated GCL Target Area. View the GCL Map .
- Single or two-family units and condominiums/townhomes are permitted. Multi family (three units or more) properties are NOT permitted.
- Home must meet existing city code requirements.
- If existing homes requiring rehabilitation are purchased sums must be set aside at the loan closing in amounts sufficient to complete those renovations necessary in order to meet code requirements. Renovation must be completed in 12 months of loan close.
- The purchase price of the home must not exceed the fair market value of the property.
- The employee must present a purchase agreement for the home and proof of insurance for the property.
- Must use lender that accepts secondary community financing. Primary financing cannot be FHA or UA.
- Under special circumstances – including when lenders do not accept secondary community financing – or when FHA or VA financing is used, the benefit amount can be used for permanent upgrades and improvements to the purchased home.
Greater Circle Living funds may not be used to assist in the purchase of a property that was constructed or rehabilitated without proper permits.
If you have any questions or concerns you may contact,
the Program Coordinator.
Emily Hillyer | Phone: (216)361-8400