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HOME Down Payment Assistance Program
This is a deferred loan program available for borrowers with less than 80% of Area Median Income. This program is a nice way for qualified buyers to have assistance for their closing costs without repayment when living in the property for more than 10 years.
Here is a list of the requirements that apply to this Down Payment Assistance Program.
- Assistance to the borrowers, based on need, can range from $1,000 to $20,000.
- Assistance Level: is based on need and the adjusted gross household area median income (AMI) as shown on the following Assistance Level Chart.
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| Minimum $1,000 | Minimum $1,000 | Minimum $1,000 | Minimum $1,000 |
| Maximum $20,000 | Maximum $15,000 | Maximum $7,500 | Maximum $5,000 |
- Deferred Payment Loan (Forgivable) with five (5) year period of affordability for less than $15,000. Deferred Payment Loan (Forgivable) with ten (10) year period of affordability, for greater than $15,000. See 2007 HOME Administrative Plan for details.
- First time homebuyer with exceptions. Exceptions displaced homemakers or single parents with custody of children.
- Homebuyer Education Program Finally Home!® required.
- For further details on requirements, refer to the 2008 HOME Administrative Plan
- For more information about this program please contact Grant Programs at 1-877-447-2687
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