PDF Down Payment and Closing Cost Assistance Program
Down Payment and Closing Cost Assistance Program
The Housing Opportunity Fund's (HOF) Down Payment and Closing Cost Assistance Program (DPCCAP) provides financing to first-time homebuyers in the City of Pittsburgh. DPCCAP is designed to help stimulate housing investment in the City by providing financial assistance to first-time homebuyers who are interested in purchasing an existing or newly constructed residential unit.
What types of loans and repayment options are available through DPCCAP?
? First-time homeowners under 80% of the Area Median Income (AMI) can receive up to $7,500 for down payment and closing cost assistance in the form of a 0% interest, 5-year deferred loan.*
? First-time homeowners between 80% AMI and 115% AMI can receive up to $5,000 for down payment and closing cost assistance in the form of a 0% interest, 10-year deferred loan.*
? No payments are made during the term of the loan if residency requirements are met.
*Please refer to the chart to the right to check your eligibility.
Household Size 1 2 3 4 5 6 7 8
80% AMI
$42,600 $48,650 $54,750 $60,800 $65,700 $70,550 $75,400 $80,300
115% AMI
$61,200 $69,950 $78,700 $87,400 94,400 101,400 108,400 115,400
Down Payment and Closing Cost Assistance Program
In order to be eligible for DPCCAP, borrowers must meet the following requirements:
? The borrower's annual gross household income may not exceed 115% of the AMI.
? The borrower must be purchasing the home as his/her primary residence and have his/ her name on the deed.
? The borrower must not have any outstanding City, School, and County real estate taxes, or the borrower must be on a payment plan for at least six months.
What are considered DPCCAP eligible properties?
? A permanent structure used primarily for year-round residential use. If the property to be improved is vacant, the borrower must certify in writing prior to closing his/ her intent to occupy the property within 30 days upon work completion.
? Each property may contain up to two connected dwelling units (i.e., duplex, townhouse), one of which must be owneroccupied.
We're here to help.
For more information, please contact: Vethina Tercias Community Outreach Specialist Phone: 412.255.6639 Email: vtercias@
Housing Opportunity Fund 200 Ross St, 10th Floor Pittsburgh, PA 15219 412.255.6639
................
................
In order to avoid copyright disputes, this page is only a partial summary.
To fulfill the demand for quickly locating and searching documents.
It is intelligent file search solution for home and business.
Related download
- pdf m t first home club in 10 easy steps
- pdf hula mae mortgage loan program
- pdf discover the georgia dream homeownership program
- pdf household income limits pinel las size and pasco income
- pdf v lending — homeownership counseling act
- pdf down payment and closing cost assistance program
- pdf california housing finance agency mortgage credit certificate
- pdf ihcda opportunities for homeownership 11212016
- pdf oregon housing and community services oregon bond residential
- pdf the information kit
Related searches
- down payment gift assistance programs
- florida down payment assistance 2019
- down payment assistance programs
- national down payment assistance programs
- colorado down payment assistance programs
- government down payment assistance programs
- federal down payment assistance programs
- california down payment assistance programs
- texas down payment assistance programs 2019
- down payment assistance programs in texas
- what is a down payment assistance program
- ms down payment assistance programs