WHAT ARE DOWN PAYMENTS AND CLOSING COSTS?

• Down Payment: A required upfront payment that reduces the mortgage loan amount. DPCC funds may be used to cover up to 50% of the required down payment.

• Closing Costs: Reasonable and necessary costs incurred by the homebuyer through the traditional financing of a home purchase.

 

WHO IS ELIGIBLE?*

• Must be considered by HUD to be a first-time homebuyer, meaning the applicant cannot have owned a home during the three-year period prior to purchase. Exceptions are made for some displaced homemakers and single parents.

• Household must meet HUD low- to moderate-income guidelines (below 80% AMI).

• Buyers must be purchasing the home as their primary residence and agree to occupy the property for at least five consecutive years.

     *Additional program guidelines apply.

 

WHAT ASSISTANCE CAN DPCC PROVIDE?

• Program covers up to ½ of the required down payment plus: buydown points; origination, credit and verification fees; title insurance and legal fees; upfront mortgage insurance premiums; and more.

 

WHAT TYPE OF PROPERTY CAN BE PURCHASED?

• Property must be a one-family or two-family home, to be occupied by the purchaser.

• Home must be in generally good condition, free of major code violations and lead-based paint hazards.

• Purchase must not result in the displacement of tenants occupying the property prior to contract.