Annually, NeighborWorks Great Falls offers approximately ten homes for sale. Most of the homes are newly constructed in the older parts of the city. Some are major renovations of older homes. Some homes are handicapped accessible.
NeighborWorks Great Falls also has a Self-Help Program where qualified buyers earn instant equity costs by working with a group of other families to help build their own homes. Their labor is called “sweat equity” and it can make homes affordable.
These homes are listed for sale at appraised value and sold through a selection system to HomeBuyer Education graduates, approximately four times a year.
To purchase an NWGF home, buyers must complete a full home buyer education course.
Once graduated the potential homebuyer qualifies for a first mortgage at any participating lender and writes a one-page letter to the NWGF Selection Committee detailing their need for the home. NWGF is able to offer silent second mortgages available to make the houses affordable. A silent second means the homebuyer has a no-interest, no-payment mortgage that is not due until the home is sold, is no longer the primary residence upon the death of the homeowner.
The Selection Committee assesses hardship, achievement, credit, and need in selecting the buyers for each home. NWGF has constructed and renovated more than 150 homes in Great Falls – all of which were purchased by low and moderate income homebuyers. |
