Overview

Home Ownership Center

Buy a House & Fix it Up

HARP-5 is the fifth round of funding offered under BNI’s “Homebuyer Acquisition and Renovation (HARP) programs. HARP-5 financing is:

• Available to income eligible homebuyers;

• To finance repairs at the time of purchase; on

• One and two family homes in selected neighborhoods.

No-interest deferred payment loans of up to $25,000 for single family homes and $40,000 for two unit homes are available. HARP financing requires no monthly payment and is forgiven over time, though some restrictions do apply.

What Will HARP Pay For?

1. Renovations - HARP-5 funds will be used primarily for physical repairs and improvements to the property you are buying. At a minimum, homes must meet Housing Quality Standards (HQS) and local building codes. Improvements consistent with other nearby homes are also considered;

2. Down-Payment & Closing Costs - HARP-5 will finance costs associated with purchasing the home only if necessary to reduce your first mortgage principal, interest, taxes and insurance to no more than 30% of your income.

Technical Assistance

In addition to providing repair financing, BNI provides purchasers with advice and guidance throughout the process of purchasing and renovating the home.

• A Housing Counselor helps you prepare for the purchase, obtain financing and be a successful homeowner;

• A Director of Construction helps you evaluate the scope of construction and insures that the work is completed satisfactorily.

To Get Started

Call BNI to enroll in BNI’s Homebuyer Education Workshops. Once completing the workshops, you can schedule an appointment with one of our Counselors who will help you complete a preliminary application. BNI’s Counselor explains the details of the program including program eligibility and restrictions and estimates funds available. If approved, HARP-5 funds will be tentatively reserved on a “first-come” basis. Then you can begin looking at potential homes to purchase.

Complete information about HARP-5 in .PDF format can be accessed by clicking here!