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Depending on the program, the assistance you qualify for could include loans (sometimes forgivable) or grants to cover some or all of your down payment and closing costs. This assistance is ...
Many down payment assistance programs are available through state housing finance agencies. Some major cities, nonprofits and even mortgage lenders administer their own programs, as well.
For example, the state of Ohio offers a Grants for Grads program with up to 5 percent down payment assistance for anyone who finished an academic program in the last 48 months.
However, providing down payment assistance to income-eligible buyers has always been an eligible use of HOME funds, so many of the state and local governments that receive HOME funds, called "participating jurisdictions" or "PJs," continue to operate down payment assistance programs locally.
If for example a state plans to use $1 million of HOME funds during the year, HUD provides $750,000 (75%) and the State must provide $250,000 (25%) for the program to achieve the $1 million goal. This compliance requirement is known as "matching." States can achieve this by either donating non-federal cash (e.g., cash from operations—not from ...
RCW 43.185.050 authorizes the Trust to fund proposals for new construction, acquisition, and rehabilitation as well as rent or mortgage subsidies, down payment or closing cost assistance for first-time home buyers, or mortgage insurance matching funds, social services for housing residents with special needs, technical assistance, shelters for ...
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