First time buyers wanted in Waterford for affordable housing scheme
Waterford City & County Council is seeking expressions of interest for affordable housing schemes for first time buyers who are currently unable to get a mortgage in Waterford City.
For first time buyers who are currently unable to get a mortgage for a new house in Waterford City the affordable housing scheme will provide for:
· The purchase of a home from partner developers using mortgage borrowing to the greatest extent possible, within the income capacity of the purchaser/s and the Central Bank prudential rules.
· The Council to take shared equity in the home to cover the shortfall in the price to a maximum of 40% and a minimum of 5%.
The Shared Equity by the Council in the home can be redeemed at any stage in the future by payment to the Council or may be left in place until a future sale of the property or for the lifetime of the purchaser/s.
Interested persons should note that:
· You will have to be able to meet the 10% deposit requirement of the money borrowed.
· The purchaser/s will be eligible for the Help to Buy scheme for first time buyers. Help to Buy Scheme link · Purchaser/s may be eligible for a Local Authority Home Loan (LAHL). Local Authority Home Loan link
In general you, as an individual or joint applicant, will need to have a Gross Income of between €55,000 and €70,000 to be eligible for this scheme.
If you wish to register an interest in purchasing a home in Waterford City please register here: https://submit.link/Kc
Deadline for applications is Thursday March 31, 2022 at 5pm.