Down Payment Assistance

A government grant from Public Finance Authority. 

DO I HAVE TO PAY IT BACK?
No.  The grant is classified as a gift from governmental assistance.
You do not need to repay the grant, because it is not a loan.

ARE THERE RESTRICTIONS FOR RESALE?
No.  You can resell at any time, without having to repay the government grant.

COULD I ALSO RECEIVE HELP FROM THE SELLER?
Yes.  In addition to the 3.5% government grant, you can also receive up to 6% of the purchase price from the seller.

IS THERE AN UNDERWRITING FEE?
No.  The Underwriting Fee is waived for the Downpayment Assistance Program. 

DO I NEED TO TAKE A COURSE?
Yes.  A Homebuyer Education Course that is approved by HUD.
The fee is reimbursed at closing.  The course takes about 5 hours.
This one is $75 and can be completed online:
https://www.frameworkhomeownership.org/get-started/homebuyer-education

PROGRAM REQUIREMENTS:

• Minimum 620 Credit Score
• Maximum 48.99% Debt-to-Income Ratio
• Meet all requirements for FHA Loan

1. FIRST-TIME HOMEBUYER  – not owned a residential property in last three years (since date of application)
2. INCOME – household income equal or less than 140% of area median income (based on property location)
3. ZIP CODE OF HOME IS LOCATED IN AN UNDERSERVED CENSUS TRACT (entire zip code is eligible if any area is in an underserved census tract)
4. HERO STATUS (past / present / future) 
   – FIRST RESPONDER (police officer, firefighter, paramedic, EMT)
   – EDUCATOR (includes sunday school teacher, tutor, day care provider)
   – MEDICAL (nurse, doctor, phlebotomist, hospital worker)
   – CIVIL SERVANT (in federal, state, or local municipality)
   – MILITARY/VETERANS (including all active, reserve, and veterans of US Army, US Navy, US Air Force, US Marine Corps, US Coast Guard, US National Guard)