Orange County NC Website
Browse       Search
Item III <br />• Unable to secure loan <br />• Unable to find a suitable home <br />Program Success and Challenges: Although, tremendous effort was made by the <br />Program Administrator to recruit eligible participants, the program fell short of the projected 20 <br />individuals provided for in the grant. In addition to the mortgage industry suffering a major <br />collapse and the subsequent tightening of lending guidelines, key reasons for a small number of <br />eligible applicants include: <br />• Income guidelines not met <br />o Monthly budget deficiencies <br />o Exceeded 80% AMI <br />o Unearned income <br />• Poor Credit <br />o High debt balances <br />o Low or very low credit scores <br />• Residency guidelines not met <br />o Lived and/or worked outside of Orange County <br />o Lived and/or worked in Orange County less than 1 year <br />• Application <br />• Never returned <br />• Incomplete <br />• Withdrawn <br />• Enrolled Participants completed all requirements except purchase <br />o Decreased income due to marital separation <br />o Decreased income due to medical disability <br />o Unable to secure loan <br />o Unable to find a suitable home <br />Although, the program did not reach the anticipated number of clients, the following was <br />achieved: <br />• 50% of active participants purchased a home <br />• 100% of active participants completed requisite hours of financial literacy and <br />homebuyer education training <br />• For the life of the grant, participants saved a total of $10,896 in a local bank. <br />• 7 out of 8 participants exceeded the minimum $1,000 savings requirement. The <br />remaining client was on track ( >$900) until a financial emergency and marital separation <br />occurred. <br />