To be eligible for down payment assistance under the pilot program, applicants would need to meet these criteria:
- Income at or below 100% of the area median income at the time of the purchase
- Either never owned a home or owned a home but lost it due to foreclosure or
- Have a parent or prior legal guardian who:
- Never owned a home
- Or owned a home but lost it due to foreclosure
- Pre-approved for a first mortgage loan
All potential buyers who meet these qualifications must also complete a homebuyer education course and occupy the home as their primary residence. NOTE: Assistance is limited to 10% of the purchase price, not to exceed $32,000, and is provided through a loan that is forgivable at a rate of 20% per year.