DOWN PAYMENT ASSISTANCE PROGRAM
(DPAP)
Provides down payment assistance up to $60,000 to low-income
families in purchasing a home within the city limits.
Qualifying Income Limits:
Household
Income
Size
1
$31,650
2
$36,150
3
$40,700
4
$45,200
5
$48,800
6
$52,450
7
$56,050
8
$59,650
Price of home cannot exceed $423,750 (based on current FHA mortgage limits).
Applicant must attend home-buying counseling workshop.
Homebuyers must provide minimum initial investment of 1.5%
of the sales price.
Monthly principal
only payments are required during the first five years. The loan
begins to accrue interest at a rate of 3% in year six. Monthly
amortized payments are required in years 6-30.
For additional information
and guidelines,
click
here.
For more information, call (209) 577-5311 or
e-mail.
AMERICAN DREAM DOWN
PAYMENT INITIATIVE (ADDI)
The amount of ADDI assistance provided to any
low-income family cannot exceed the greater of six percent of
the purchase price of a single family housing unit or $10,000.
Qualifying Income Limits:
Household
Income
Size
1
$31,650
2
$36,150
3
$40,700
4
$45,200
5
$48,800
6
$52,450
7
$56,050
8
$59,650
-
Price of home cannot
exceed current FHA mortgage limit for Modesto.
-
Applicant must complete a
homebuyer-counseling workshop.
-
Participant(s) or any
household member cannot have owned a home during the
three-year period prior to the purchase of a home with
assistance under ADDI.
-
No monthly payments
-
0% interest
-
Repayment only upon the
sale, refinance, transfer of the property or maturity of the
loan.
-
Eligible participants
must contribute with a minimum initial investment of 1.5% of
the sales price.
For additional information
and guidelines,
click here.
For more information, call
(209) 577-5311 or
email.
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P.O. Box 642, Modesto, CA 95353