Homes looking for good owners

Four three-bedroom houses available for middle-income families who qualify

Developer Wayne Newsome donated one lot and sold the other three at reduced prices to make the project work.

"This is an incredible house and a great deal," Newsome said at the event.

The homes are worth about $345,000 retail, but a limited-income buyer for one of the three CHC units would get a $167,655 mortgage, with no down payment in a shared equity arrangement. The corporation would retain a nearly 40 percent interest and would have the first right to repurchase the house if the buyer moves. A buyer would pay property taxes only on the portion he or she owns, under county law, but would need about $11,500 in cash for closing costs. The down payment would come from a $40,000 county-arranged federal loan that would be forgiven if the buyer lives in the house for 15 years.

The monthly payment would be $1,392, according to Barbara Sumney, the Columbia Bank official handling the loans.

To be eligible, buyers' income can be as low as $54,740 for one person, ranging up to $103,224 for a family of eight or more. A family of four could earn up to $78,200.

The Habitat for Humanity house buyer would pay about $950 a month to Habitat, which built and paid for the house and lot and would hold the mortgage, said George Hunter III, chairman of the board.

Hunter said 11 county churches helped support the Habitat house, though he said church donations to Habitat are sharply lower over the past half-year, meaning that Habitat's next project could be delayed. This is Habitat's second home built in Howard County.