Purchase Rehab Resell Program

Purchase Rehab Resell (PRR) Program can work in two ways. One, MEDC can buy a house, fix it up and sell it to a single person or a family who fits within the income guidelines and is a first-time homebuyer. Second, an individual or family buying their first home can spot a house they would like to fix up, get in touch with the housing director and negotiate a price to be paid by the homebuyer after the house is rehabilitated.

This program is a good deal for first-time homebuyers because they receive $3,000 in down payment assistance in addition to having their home updated.

Houses for Sale:

808 West K Street

Program Requirements:
This program targets first-time homebuyers in the City of McCook that meet certain income levels and complete a REACH approved homebuyer education class and qualify for a home loan from a local lender. The homebuyer is required to provide $500 in earnest money that will be applied to the primary loan and occupy the house as your primary residence for a minimum of five years.

First-time Homebuyer:
If you have not owned a home in three years or have experienced a life change such as divorce or widowed you may qualify as a first-time homebuyer.

2009 Income Requirements:
These programs serve those at or below 100% of the median income levels. Household size and income limits are: 1 person - $37,600; 2 person - $43,000; 3 person - $48,300; 4 person - $53,700.; 5 person - $58,000. For larger households, MEDC staff will assist you with the income levels.

Homebuyer Education:
MEDC provides seven Homebuyer Education classes a year.

PRR Application

Application Process:
Potential participants should meet with Mary Seybold MEDC’s Housing Development Director to learn more about the program and complete an application. Applications will be reviewed on a first-come, first served basis. You can download the application by clinking on the link above or they can obtained from the MEDC office, area lenders, real estate agents, insurance agents, McCook Housing Agency, Community Action Partnership of Mid-Nebraska and USDA.

For more information: Contact Mary Kircher at McCook Economic Development Corporation (308) 345-1200 or mary@mccookne.org