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Board of Directors
Officers
Anthony Sarbanes, Chairman
Henry Tilman, Vice Chairman
Michele Canopii, Treasurer
Becky Goss, Secretary
Members
Nancy Althaus, Business Partner
Nestor
Bleech, Resident
Chip
Dashiell, Business Partner
Chris Davis, Business Partner
Carl
Gilbert, Resident
Becky
Goss, Resident
Dee
Henry, Resident
Patricia
Jolley, Resident
Hope
Morgan, Business Partner
Marty
Neat, Business Partner
Myrna Rodriquez
, Resident
Dave Simpson, Business Partner
Ellen Vandergrift, Business Partner
Michelle
Thomas, Business Partner
Richard
Turner, Resident
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HOME
This is a 30-year, below market, fixed-rate mortgage for borrowers with a total household income below 80% of the area median income. The interest rate is 1/2% below the Freddie Mac 60-day delivery rate. The first mortgage is funded by one of our local participating lenders. No mortgage insurance is required. Additionally, two points (% of loan amount) are charged by SNHS. Costs for SNHS required repairs and other renovations may be borrowed as a second mortgage funded by SNHS at the current rehab program interest rate, provided the total of the two mortgages is within appropriate affordability and appraisal value. The minimum borrower contribution is $500. If the applicant's total household income exceeds 80% of the Area Median Income , go to the Home-Plus program below.
HOME-Plus
This is a 30-year, fixed-rate mortgage program to be used if the applicant's total household income exceeds 80% of the Area Median Income (chart attached). The interest rate will be the Freddie Mac 60-day delivery rate. The first mortgage is funded by one of our local participating lenders. No mortgage insurance is required. Costs for repairs may be borrowed as a second mortgage by SNHS at the current rehab program interest rate. The required down payment is 5% of the purchase price. A minimum of 2% of the purchase price must be documented as the borrower's own out-of-pocket funds. The remaining 3% down-payment may be borrowed or gifted. Additionally, two points (% of loan amount) are charged by SNHS. The points are typically split between the buyer and the seller. Maximum loan amount is $225,000.00
Re-Finance
Restricted to families at or below 80% AMI. Fixed rate at 1/2% below the Freddie Mac 60-day delivery rate. At least $3,000 in rehab must also be performed for which a second mortgage can be provided by SNHS at the current low-interest rehab rate. Two points (% of loan amount) are charged by SNHS, and the first mortgage is funded by a participating lender. No mortgage insurance required. As with a purchase transaction, closing costs will apply.
Ultra-Light
Closing cost/down-payment assistance loan secured by the property. 7% (7.8377% APR) for a maximum of $7,000, and a term of up to 7 years. Available in Salisbury neighborhoods city-wide provided that the first mortgage lenders is an SNHS participant. The origination fee is $100.00, which may be waived if the first mortgage is transacted through SNHS.
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