Down Payment Assistance

APPLICATIONS ARE OPEN FOR DOWN PAYMENT ASSISTANCE

• This is a 0% deferrable loan that must be paid back in full at any transfer of title/ownership.
• Household income must be at or below 100% Area Median Family Income (AMFI) https://www.huduser.gov/portal/datasets/il/il2021/select_Geography.odn Income is calculated by using the households’ Adjusted Gross Income (AGI) on the prior year’s tax return.
• $3,000.00 in Down Payment Assistance (DPA) per household, the household must bring at least $1,000.00 of their own funds to closing.
• To qualify, household must have a valid Homebuyer Education certificate (within past year) and attend at least one pre-purchase appointment with an NMCAA Budget/Housing Coach.
• Down Payment Assistance (DPA) can be paired with IDA funds for maximum benefit.
• Offered on a first come, first qualified, first completed basis.
• Must agree to provide closing disclosure upon purchase.
• Must obtain a Home Inspection (If the loan is a Rural Development loan, proof is not required).
• When is the best time to apply for Downpayment Assistance? The best time to apply is after an offer is made on a home. You can start to save before applying.

For more information, please call 231-346-2141 or email fmsintake@nmcaa.net.

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