Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SUNDAY, February 10, 1991 TAG: 9102080332
SECTION: CURRENT PAGE: NRV-2 EDITION: NEW RIVER VALLEY
SOURCE: KIM SUNDERLAND/ NEW RIVER VALLEY BUREAU
DATELINE: CHRISTIANSBURG LENGTH: Medium
Virginia Mountain Housing, a non-profit housing development corporation, has the information, funding and financing to help you get started on being a homeowner - if you qualify.
"These are quality homes at an affordable price," said Steve Duncan, marketing director for Virginia Mountain Housing. "And with this kind of financing, you can cut your monthly payment in half and own instead of rent."
Criteria for an applicant includes meeting income standards, which vary depending on family size and which county you live in, having a fairly good credit standing, $500 in cash or equity for the deal, and a desire to live in the New River Valley.
The new Five-Percent Affordable Housing Program - administered through the Virginia Housing Development Authority - has a special fixed rate of 5-percent on a 30-year mortgage for a new single family home.
And the Virginia Department of Housing and Community Development is providing funds to assist with the down payment and closing costs, also at special rates.
Virginia Mountain Housing gets you in touch with the resources and serves as the contractor. Currently, the company has built 17 homes under the program in the last 15 months.
The ranch-style custom-built homes are energy efficient, have two, three or four bedrooms and are low-maintenance.
The mortgage can't exceed $50,000, which can include the lot unless you own your own property.
"If you own property, then we can build a house for you that's worth $50,000," said Janaka Casper, executive director of Virginia Mountain Housing.
The application process takes approximately six weeks. For qualification information and an application, call 382-2002.
by CNB