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Downpayment and Closing Cost Assistance Loans

Downpayment and closing cost assistance loans are available for up to 5% of the purchase price.
View a comparison of each loan option.

Monthly Payment Loan

The Monthly Payment Loan has a 10-year loan term with monthly payments and an interest rate equal to the first mortgage rate. It must be used with Start Up, Step Up or MCC with First Mortgage. Loans go up to the greater of $5,000 or 5% of the purchase price or loan amount (maximum loan amount of $7,500).

Deferred Payment Loans

Deferred Payment Loans have loan terms equal to the first mortgage term with 0% interest, repaid when the property is sold, refinanced or is no longer the primary residence. They must be used with Start Up. There are two options:
  • Deferred Payment Loan - Loan amount starting at $5,000 up to $6,000
  • Deferred Payment Loan Plus - Maximum loan amount of $7,500 for borrowers who meet targeting criteria