In order to co-sign, a parent or relative must be a first-time home-buyer or cannot have owned a home anywhere during the previous 3 years and parent or relative must maintain the home to be purchased as a primary residence for a 10-year period.
You are eligible for the Down Payment on Your Dream Program if you have not owned a home anywhere during the previous 3 years. If your home was foreclosed upon more than 3 years ago and you can qualify for a first mortgage you are eligible to apply for Down Payment on Your Dream assistance.
You cannot use the program with ADDI or House Keys 4 Less. Note that no extra cash will be given back at settlement. Excess funds will be used for curtailment or reduction of the first mortgage. Seek advice from your Participating Lender concerning the necessity of using another down payment and closing costs assistance program.
Refer to the Income Limit Chart. Remember that in addition to the applicant and co-applicant’s annual income, the income of all members of the household over 18 must be counted in the household income calculation.
Take a housing counseling course and contact a Participating Lender to get pre-approved. For a list of Participating Lenders and Housing Counseling Agencies contact See the First Time Home Buyers Resource.
You can use the certificate if the course you took was a minimum of 8-hours and course was completed within the last 6 months and if the course was provided by a HUD approved housing counseling agency. Online courses are ineligible.
No. There is a minimum required cash contribution of up to $2,000, depending on applicant (s) income. See Program Guidelines. Minimum cash contribution includes earnest money deposit and payments for application, appraisals and other fees necessary for the transaction.
Applications for the program must be submitted through a Participating Lender listed. You must have a sale contract on a vacant foreclosure before you can complete an application with a Participating Lender. You must also complete a minimum 8-hour housing counseling course provided by a HUD certified housing counseling agency. Do not contact the Department of Housing and Community Development for an application. Participating Lenders