SUMMARY OF
SINGLE FAMILY HOMEBUYER PROGRAMS
Home To Own Program
- Type of Loan – First Mortgage ( FHA, VA, Conventional, RD)
- Interest Rate - subject to change with advance notice. –
- Loan Term – 30 years only ( No Prepayment Penalty)
- Purchase Price Maximum - $ 200,160.
- Income Limits – Based on county where property is located and the
number in household
the number in household.
- Must be a first time homebuyer except in targeted counties.
- Buyer must occupy property as primary residence.
- Two – 100% Loan Products. VA & Rural Development with No MI.
Down Payment Assistance (DPA)
- Type of Loan - Second Mortgage
- Purpose of Loan – cover downpayment, closing costs and prepaids.
- Loan Amount - $ 1,000 to $ 6,000.
- Interest Rate - 7.25% subject to change
- Loan Term – 10 years
- Homebuyer counseling class (8 hours) is required.
- Cash back to borrowers at closing to cover expenses paid up front.
American Dream Downpayment Initiative- ( ADDI Program)
- Purpose of Loan – Downpayment and closing costs and prepaids.
- Amounts up to 6% of the purchase price not exceeding $ 10,000.
- Must be first time homebuyer.
- Income limits – Based on county where property is located and number
in household.
See ADDI income limit chart. -
- Homebuyer counseling class ( 8 hours) is required.
