Downpayment Plus is a program that provides down payment and closing cost assistance for income-eligible homebuyers. The assistance is provided in the form of a forgivable grant paid on behalf of the borrower at the time the borrower closes on mortgage financing with a participating financial institution. Grants are forgiven on a monthly basis over a five-year retention period.
Homebuyer Requirements:
- Homebuyer must meet the income eligibility requirements
- Complete the required homebuyer counseling
- Contribute a minimum of $1,000 of their own funds toward the purchase transaction
