Save Up To $40,000 On A New Home

There's good news for people looking for an affordable home in Mobile County.
Mobile county officials have a couple of homes up for sale.
Imagine buying a $100,000 home essentially for only $60,000?
The county is selling two homes in Chickasaw under a federal program for people with low and moderate incomes.
The three bedroom, two bathroom homes are being sold under what's called the Mobile County HOME Program.
The program offers up to $40,000 in new home loan assistance.
Phillip Davenporte, the grants developer for Mobile County, said, "Qualified applicants can receive up to $10,000 in down payment assistance which is forgiven in five years. In addition to that, they can receive up to $30,000 in a deferred loan that is deemed paid in stages."
Mobile County Spokesperson Nancy Johnson said, "Not only do they finally get into a home, but they build equity so their future is completely changed. They can use that equity to buy into a bigger home when the need arises."
Davenporte added, "Hypothetically speaking, if the house is $100,000, and we can provide up to $40,000 in assistance, then you only need to secure a loan for $60,000 to purchase a house that's appraised at $100,000."
You have to meet certain qualifications, like having a good enough credit history to get a first mortgage.
There will be an open house for the two homes this weekend.
For those potential homeowners who are interested, Johnson said, "It's a way to get them into the American dream."
The houses are located at 509 Third Avenue and 64 Eleventh Avenue in Chickasaw.
Thoe open house will be held from 2 to 4 p.m. on Saturday, August 15.