Down Payment Assistance

Eligibility

Buyers and their spouses (occupant and non-occupant) must be first-time buyers and must be able to permanently reside in the US.

Buyers must live in the property they purchase as their principal residence

All applicants must be considered irrespective of age, race, color, religion, national origin, sex, marital status, military status or physical handicap

Buyers must occupy the property purchased within 60 days of closing.

Buyers must live in the property as their principal residence and the property may never be rented.

Program Benefits

30 year deferred, 0.00% second mortgage, up to $10,000. Must be used for down payment and closing costs. The second mortgage is never forgiven and must be repaid when the first mortgage is refinanced, sale, short-sale, foreclosure or if the borrower ceases to live in the property.

Financial Requirements

FHA, USDA and VA loans

1-2 person household $63,900

3 or more person household $73,485

Freddie Mac loans:

All household size $53,520

Maximum Sales price limit $283,348

Homebuyer must complete an approved pre-purchase homebuyer education course.

Property must be new or existing, one to four units, detached or attached, condos or townhomes.

FICO mid credit score must be 640 or higher.