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Cash Assistance Loan (CAL)
 | Helps enable first-time homebuyers in need of down payment and closing cost assistance. |
Need more information? Call Toll Free 800-246-7973
CAL details:
| Qualified first-time homebuyers are eligible to receive a second mortgage of 3% of the loan amount to be used for down payment and closing costs. |
| The second mortgage is a five-year, diminishing loan at 0% interest. |
| The second mortgage is forgiven after five years of occupancy by the owner and monthly payments are not required. |
| No junk fees are allowed. The lender may charge standard closing costs. |
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Purchase Price Limits |
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Type of Home |
Non-Target Area |
Target Area* |
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Single family home |
$258,690 |
$316,177 |
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Duplexes |
$291,280 |
$355,000 |
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Note: These limits are subject to change in accordance with regulations. *Target Area: click here |
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Income Limits |
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Program |
Income Limits |
| Cash Assistance Loan Program | |
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Total gross annual household income is calculated using all sources of income including, but not limited to, wages, overtime, bonuses, child support, alimony, commissions and earnings from a second job, business and investments. |
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More Details
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