Homebuyer Programs Available
HOMEBUYER/PURCHASE REHABILITATION PROGRAM (HP/R)
Qualifications:
No family requirement
Income between 40% to 80% of
Reasonable credit or repairable credit
Purchase price limited to $182,100
Provisions*:
Up to $5,000 down payment without children
Up to $10,000 down payment with children
Up to $20,000 toward rehabilitation, plus up to $10,000 for lead paint abatement
Requirements:
Workshop attendance
$10,000 asset cap
1% minimum down payment
Purchase home in targeted areas within City of
ACQUISITION DEVELOPMENT/RESALE (AD/R)
Qualifications:
No family requirement
Income between 40% to 80% of
Good credit
Purchase price limited to $182,100 for new construction
Purchase price limited to $182,100 for rehabilitation
Provisions*:
Up to $30,000 toward down payment and closing costs
Requirements:
Homeownership counseling
$10,000 asset cap
1% minimum down payment
Purchase home from Bay Area Housing, Inc.
First mortgage from MSHDA participating lender
*In the form of a second mortgage.
Current Homebuyer MAP of target areas
NSP Homebuyer Programs Available HOMEBUYER/PURCHASE REHABILITATION PROGRAM (HP/R) Qualifications: No family requirement Income less than 120% of Reasonable credit Must not currently own a home Provisions*: Up to $10,000 down payment assistance Up to $15,000 toward rehabilitation *10 year forgiveness on 2nd mortgage Requirements: Workshop attendance (4 hours) 4 hour in-depth one-on-one counseling $50,000 asset cap 1% minimum cash investment and 2 months total payments (PITI) in reserves Purchase vacant & foreclosed home Purchase home in targeted areas within City of First mortgage must be FHA, MSHDA or equivalent ACQUISITION DEVELOPMENT/RESALE (AD/R) Qualifications: No family requirement Income less than 120% of Reasonable credit Must not currently own a home Provisions*: Up to 20% of purchase price toward down payment and closing costs 10 year forgiveness on 2nd mortgage Requirements: Workshop attendance (4 hours) 4 hour in-depth one-on-one counseling $50,000 asset cap 1% minimum cash investment and 2 months total payments (PITI) in reserves Purchase home from Bay Area Housing, Inc. First mortgage from MSHDA participating lender
*In the form of a second mortgage.
