Made available through the federal HOME program
Our Down Payment Assistance Programs
are designed for those homebuyers who qualify for a market-rate mortgage
but whose savings fall short of the amount needed for entry costs like a
down payment, closing costs and prepaid items. These costs are often
stumbling blocks for potential home buyers. Most
of our assistance comes through the 3 percent Cash Assistance second
mortgage loan borrowed with
our First Place Loans. We also
offer a program that has
been made available through federal HOME funding:
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American Dream Downpayment Initiative
Program
Rural
home buyers may apply
to receive down payment assistance made available through the
federal American Dream program. MHDC's ADDI program funds are
available to people purchasing houses in rural areas through the
U.S. Department of Agriculture (USDA) Rural Development loan
program. For information, please contact the local USDA Rural
Development representative.
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Contacts
Potential homebuyers should contact the Rural Development representative in your county for information about the program.
