Downpayment Assistance Program

Requirements

• Potential buyer must begin process with one of the three approved Housing Counseling agencies and MUST NOT be under contract before receiving a reservation number. The Counseling agency will provide education, complete application with client and collect documentation (See attached list of approved agencies).
• Potential buyer must utilize the services of a Loan Officer and Real Estate Agent (if applicable), who is reflected on the City’s current Approved Lender List and current Approved Realtor List.
• Income calculated based on HOUSEHOLD income, not just the loan applicant.
• Household income must be at or below 140% Area Median Income (AMI).
• Debt ratios of 36/43%. Mid-Credit Score of 600.
• Purchase price up to $300,000.00 (if you qualify for primary financing)
  
• Minimum of $2,000 investment from the borrower with at least $1,000 from borrower’s own verifiable funds. The additional $1,000 may include POC’s (appraisal, inspections, etc.)
  
• Loan types are flexible – Includes fixed and fully amortized products: FHA, VA and Conventional Affordable Housing Products allowed; ARM loans are not allowed.
  
• A full independent Home Inspection by the Buyer & a Pass HQS Inspection by the City are required before closing.