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Homebuyer Program

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PURCHASE ASSISTANCE PROGRAM
Before submitting your application, please consider the following: program participants are required to income and property qualify, be able to obtain a mortgage loan from a lending institution, must have completed the HUD-approved Eight Hour Homebuyer Education Course, and the mortgage lender must adhere to the City’s underwriting guidelines. Applicants seeking funding with cash value assets exceeding $25,000 after closing is provided are considered ineligible.

SUMMARY
The purchase assistance program is a deferred second mortgage that assists with down payment and closing costs for existing and new home purchases. New construction must have received a certificate of occupancy within the last twelve months. Applicants will not receive the maximum award in all cases.

TERMS
Assistance is in the form of a deferred loan secured by a mortgage and note at a zero percent (0%) interest rate. The loan is not forgiven on a prorated basis, and is for a period of up to 15 years.

DEFAULT
The loan will be considered default if any of the following occurs during the loan term:

  • Sale;
  • Transfer or conveyance of property;
  • Conversion to a rental property;
  • Loss of homestead exemption status;
  • Failure to occupy the home as primary residence; and/or
  • Acquires a reverse mortgage.

If any of these occur, the outstanding balance will be due and payable. In case where the qualifying homeowner(s) die(s) during the loan term, the loan may be assumed by an eligible heir who must occupy the home as a primary residence. If the legal heir is not eligible or chooses not to occupy the home, the outstanding balance of the loan will be due and payable.

ADDITIONAL INFORMATION
Applicants must contribute no less than 3% of the purchase price towards their down payment. At least 1.5% of the 3% contribution must be of the owners own funds. At maximum, 1.5% of the 3% contribution may be in the form of a gift, so long as the source of the gift is revealed. The assisted property must have insurance by closing date. The City will not accept any position less than second in the mortgage/lien process.

Frequently Asked Question may assist with additional questions regarding the City's Homebuyer Purchase Assistance Program.

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