Working together to make your dream of homeownership come true!


Financing Comparison

The Homeownership Center’s financial assistance can have a dramatic impact in both initial out-of-pocket expenses as well as ongoing monthly payments. Below is an example of the difference between a conventional, open-market home purchase, and a home purchase using the HCT EVERGREEN program. 

For this example we will assume a home purchase price of $195,000, a first mortgage loan of 30 years at 4.5%, a 3 member household with annual household income of $53,750 (80%AMI), and the maximum assistance available using the EVERGREEN Program. Since HCT’s assistance is determined on an as-needed basis, your numbers could differ.



Maximum EVERGREEN Program Mortgage Assistance Available
2nd Mortgage
Household Size of > 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person
$40,000 80% Income Cap $41,800 $47,800 $53,750 $59,750 $64,500 $69,300


Initial Out-of-Pocket Expenses
  Evergreen Program Open Market
Application Fee $20 $200
Down Payment 1,000 5,850
Closing Costs 375 5,000
Total Initial Out-of-Pocket Expenses $1,395 $11,050


Home Mortgage
  EVERGREEN Program Open Market
First Mortgage $154,000 $189,150
EVERGREEN Financing Assistance 40,000 0
Down Payment (from buyer) 1,000 5,850
Total Home Price $195,000 $195,000


Monthly Payment
  Evergreen Program Open Market
First Mortgage Principal and Interest $780 $960
EVERGREEN Financing Payment* 0 0
Taxes and Insurance (est.) 300 300
Total Monthly Payment $1,080 $1,260

* Repayments on the EVERGREEN Financing Assistance is deferred until the first mortgage
is repaid, refinanced or the home is sold. 

There is no Prepayment Penalty.