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January 5, 2013
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Loan program change

Effective Jan. 1, the fixed interest rate on all new loans through the Division of Housing down payment assistance program fell to 2 percent. The Summit Combined Housing Authority (SCHA) generates these loans in conjunction with a first mortgage provider, assisting locals with the purchase of a primary home within Summit County. The maximum loan amount will be equal to half of the borrowers required down payment, and cannot exceed 100 percent loan-to-value; Loan amount cannot exceed $25,000. All borrowers must owner-occupy the residence, work a minimum of 30 hours/week year-round, and meet income eligibility requirements of HUD-low income per household size. More info on this program can be obtained at calling (970) 423-7041 or email

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The Summit Daily Updated Jan 5, 2013 09:38PM Published Jan 5, 2013 09:37PM Copyright 2013 The Summit Daily. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.