 |
 |
 |
 |
 |
2008-09 HOMES
R Crume - Coming Soon
2007 HOMES
- ALL SOLD
How can Homeward Dreams sell brand new homes at prices between $138,000 to $170,000 when most new homes cost over $300,000?
We are able to achieve this because of generous support from our Dream Builders who have sold us land at reduced prices and contributed money, labor and materials needed to build these homes. These local businesses are people who care about their community and are willing to put their money and hearts into helping the families that live here.
Evergreen Federal's Affordable Housing Company has partnered with these Dream Builders to make these homes as affordable as possible, bringing the monthly payments to levels that middle-income families can afford.
The program is unique in many ways:
Land lease opportunity
Evergreen Federal's Affordable Housing Company, Homeward Dreams, will buy the land and lease it to the home buyer for a fixed $50.00 per month. This removes the high cost of the land out of the sales price. If the buyer wishes to buy the land at a later date they may do so. If the buyer wishes to sell the home they can buy out the land lease or simply sell the home to another Homeward Dreams buyer and net the equity in the home.
Low payments for life
The land lease opportunity offers first-time home buyers the chance to be able to afford a home, with a limited down payment. In addition, removing the high cost of land will result in a lower monthly payment.
In recent years, many first-time home buyers used 100% financing, interest only, and adjustable rate mortgages to help them get into a home. Many found themselves unable to manage the payments once the loan terms adjusted.
Through the Homeward Dreams program, first-time home buyers may quailfy for 30-year, fixed-rate mortgages through Evergreen's Affordable Housing Company. These loans currently offer historicaly low rates, and even waive a number of fees including PMI. This way a first-time home buyer can get into a home they truly can afford without having to worry about the terms changing. They continue to pay the $50 monthly land lease for as long as they live in that house. If they ever decide they would like to purchase the land they may do so.
New homes built by our community's most reputable builders
These are not bare bones homes. The Homeward Dreams homes are built by the best developers in our area. These are homes that would normally cost an estimated $200,000 to contract to be built. This price does not include utilites and land.
Not a tax subsidized program
Homeward Dreams uses no tax dollars. It is a grass roots solution that involves local private businesses that donate and volunteer to support the program.
Targets middle-income families
This program was designed to help middle-income families with an income too high to qualify for housing assistance and not enough to be able to afford a home in today's market.
Evergreen Federal's Affordable Housing Company is a subsidiary of Evergreen Federal Bank.