Orange County NC Website
Browse       Search
<br />Miscellaneous <br />Over 65 years of age <br />Applicants over the age of 65 at the time of purchase must comply with all program <br />requirements with the exception of: <br /> Do not need to work a minimum of 32 hours per week <br /> May have more than $100,000 in non-retirement assets <br /> Do not need to be a first time homebuyer - 30 day waiting period waived <br /> If purchasing a condo in the Town of Chapel Hill they do not need to meet residency <br />requirement - 30 day waiting period waived <br />Applicants over 65 years of age must still fulfill all educational requirements, regardless of <br />loan financing or first time homebuyer status. <br />Exceptions: Allowed exceptions to this policy are outlined in the attached "Exceptions <br />Policy." Exceptions are granted based on desirability of certain properties, days on market, <br />buyer circumstances, and property deficiencies. <br />Subsidy: Each subsidy source requires different qualifications. See the "Subsidy <br />Qualification Requirements" for HOME, CDBG, AHDR, Bond, and CPLP qualification <br />requirements. <br />1st Mortgages: Except in rare circumstances, buyers must qualify for a 1st mortgage to <br />purchase a CHT home. See the "Lending Qualification Requirements" for the lending <br />qualifications of our current loan products. <br />Applicant Recourse to Appeal Provisions of this Policy: If an applicant wishes to appeal <br />for a waiver or modification of any of the above requirements, he/she may appeal to the <br />Community Home Trust Board of Directors. The Board of Directors will only consider <br />waivers for policies unrelated to subsidy requirements or the basic program guidelines. <br />An applicant's appeal should include a written, brief description of the situation and the <br />reason for the waiver request and can be sent directly to the Executive Director to discuss <br />with the Board. The decision of the Board of Directors is final and not subject to further <br />appeal. <br />Statement of Expectations of Full Disclosure: It is expected that every applicant provide <br />all relevant information that impacts his/her eligibility for the Community Home Trust <br />homeownership program. An applicant should fully and honestly disclose all information <br />used to determine program eligibility and subsidy allocation, including, but not limited to, <br />total household size, income, and assets. Withholding or misrepresenting information <br />regarding any criteria used to determine program eligibility or subsidy allocations <br />constitutes fraud and will result in immediate disqualification from the program, as well as <br />possible legal action. <br />Community Home Trust is an equal housing opportunity provider and does not <br />discriminate because of race, color, religion, sex, disability, familial status, or <br />national origin. <br />DocuSign Envelope ID: 1C608BEC-B713-4BE4-9E53-CD92D598627F