If you've been wanting to own a home and thought the possibility was out of your price range, Sioux City just announced a 3-bedroom, 1-bath HUD Home for sale, for low-income individuals or families.
The modern 1,400 square foot home is located on the 2600 block of Vine Avenue in Sioux City. The home is on a corner lot with a 2 car garage and sliding door patio. The sale price of the home $112,000. You must pre-qualify and applications are being accepted next Friday, May 26, 2017.
"Applicants have to pre-qualify for a mortgage loan in the amount of at least $112,000 and they have to get together their check stubs and any income documentation to show us they income qualify so on Friday we will accept those and applications will be accepted in the order they receive," said Amy Keairns, Neighborhood Services Project Coordinator, Sioux City.
To qualify, for example, one person cannot make more than $35,500. A four person household must make less than $50,650 to be considered as a prospective buyer. You must apply in person at City Hall.
Household size means the number of people – adults and children – that will be moving into the house at 2601 Vine Avenue. Household income is calculated by adding the taxable income of all household members, regardless of relationship to the prospective buyer. For example, a four person household must make less than $50,650 to be considered as a prospective buyer.
Household Size Must Make Less Than 1 person $35,500 2 person $40,550 3 person $45,600 4 person $50,650 5 person $54,750 6 person $58,800 7 person $62,850 8 person $66,900
Those interested in purchasing this house are required to submit a completed application to City Hall, 405 6th Street, Room 305, beginning May 26, 2017. Applications will not be accepted prior to that date. Business hours are Monday through Friday, 8:00 a.m. to 4:30 p.m. Applications will be considered in the order received. To receive an application, call 712-279-6255, email email@example.com, or stop by City Hall, 405 6th Street, Room 305.
Prospective buyers are encouraged to make an appointment with a local lender as soon as possible to get prequalified for a mortgage loan. Applications received without an attached prequalification letter from a local lender in an amount of at least $112,000 will not be considered.
All proceeds from the sale of the home will be reinvested in Sioux City to create additional affordable housing.