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Hutchinson First-Time Home Buyer Programs
Hutchinson First-Time Home Buyer Programs
The Hutchinson HRA offers a number of housing programs to promote decent, safe and affordable housing within the community of Hutchinson. MHFA funds are available for first-time home buyers at attractive interest rates and may include entry cost assistance. Affordability gap funds/Entry Cost Assistance are also available for purchase of HRA owned houses.
Home Purchase Opportunity Program
Home Purchase Opportunity Program
The Hutchinson Housing and Redevelopment Authority will review submissions for the SCDP Housing and Affordability Gap Loan as well as the HRA Entry Cost Loan Subordination. Each submission is carefully reviewed and each decision is meticulously documented. This revolving loan program is designed to assist future home buyers into ownership — because this is the case, when the first mortgage is completely paid off, the loan is due in full and then payable to help assist another home buyer.
The subordination will only be allowed under these limited conditions:
- Consideration for subordination for those seeking to refinance the first mortgage for a lower interest rate.
- No subordination to a new second mortgage.
- No cash out.
- Current status on payments and property taxes.
- Proposed loan to value ration cannot exceed 100%.
- No increases in first mortgage except refinance fees cannot surpass 3.5% excluding HRA fees and escrow/prepaid payments.
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