Tuscaloosa promotes special home loan program for storm survivor - WTOC-TV: Savannah, Beaufort, SC, News, Weather & Sports

Tuscaloosa promotes special home loan program for storm survivors

Source: WBRC Source: WBRC

The city of Tuscaloosa is highlighting a special home loan program for those impacted by the tornadoes of April 2011.

It's called the Home Buyers Assistance Program. Eligible residents can get a $5,000 interest free loan to use towards a down payment or closing costs.

There are income requirements to qualify depending on how many people are in a family. If a resident meets certain qualifications they do not have to pay the loan back.

Many people who previously lived in the recovery area were renters. Therefore, they may not be familiar with the homebuying process. The Homebuyers Assistance Program requires applicants to attend a homebuyers counseling session. The city also says people are available to help throughout the process.

"We have sample applications, to assist intended homebuyers in the process," Tuscaloosa Recovery Operations Staff Member Caramyl Drake said. "Just because it can be overwhelming, they can give us a call, we'll sit down with them, we have lenders we can recommend if they don't have one."

The loan can also be stacked with some loans from other similar programs. For more information, call Tuscaloosa 311 and ask for Recovery Operations or call (205) 248-5700.

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