Down Payment Assistance
Overview
(Application cycle – Opening August 31, 2009 until all funds are expended)
SHIP funds will be made available to support down payment and closing costs for the purchase of a single family residence on a one time basis to income-eligible home buyers. Funds may be used to pay all related costs attributable to the purchase of a home including, but not limited to: land, site development, certain infrastructure expenses, materials, labor, permitting, impact fees, and closing costs. The household assisted must secure permanent first-mortgage financing and must be certified within the income guideline requirements.
Assistance
Assistance shall be in the form of a 0% interest loan secured by a second mortgage and promissory note. The maximum loan amount is $20,000 with a maximum term of 20 years for repayment. Assistance is provided on a first-come, first-qualified, first-served basis. There is no Out of Pocket Borrower Contribution Requirement.
For more information, please contact
Kathy Young, Housing Manager
Resources
