General Description
 | Through federal HOME funds the American Dream Downpayment Initiative gives first-time
homebuyers forgivable loans equal to 6 percent of the home's purchase price.
This assistance helps defray the upfront costs of purchasing a first
home.  To be eligible for the program, individuals must be first-time home buyers interested in purchasing a single family home, condominium unit, or manufactured housing. In addition, individuals who qualify for this assistance must have incomes not exceeding 80 percent of area median income. Special exceptions exist for displaced homemakers and single parents. Available through USDA Rural Development Offices; lenders reserve funds while MHDC regulates closing costs. |
More Information
| Program Details and Guidelines |
| Exceptions |
| Contact a USDA Rural Development Office in Your Area |
