Mortgage Revenue Bond Program
 

Down Payment Assistance : Optional - In the form of a Second Mortgage. Up to 7% (of final first mortgage amount) This may be used to fund Down Payment, Closing Costs and Pre-paid items.

The ability to use the 7% of Down Payment/Closing Cost Assistance is subject to FHA, VA, USDA-RD, and Fannie Mae restrictions.

Borrowers That Qualify
Borrowers using the Program must be first-time homebuyers (typically, borrowers that have not had an ownership interest in a residence within the prior 3 years qualify as first-time homebuyers), unless property is located in a targeted area. In most instances, Veterans do not need to be first time homebuyers.

All borrowers must reside permanently in the United States, occupy the purchased home as their principal residence, and must not exceed the maximum income limits (listed below), as well as qualify under normal FHA, VA, USDA-RD, or Fannie Mae underwriting requirements which show creditworthiness.

	Maximum income limits for the program are:
	Size of Household Non-Targeted Area Targeted Area 1 to 2 persons $66,000 $70,200 3 or more $77,000 $76,860

Please consult a Participating Lender to determine which Census Tracts qualify as Targeted Areas (click here to view target area map).  Two unit properties may only be financed if they are existing facilities – no new construction – please consult your Participating Lender for more details.

To Use the Program
To apply for a mortgage loan under the program, a borrower must:

- Apply through a Participating Lender (see Lender list below)
- Qualify for the program (meet first-time homebuyer requirements, purchase price and income limits, and other program guidelines); and
- Have a purchase contract on a home that meets the program requirements (purchase price limits, etc.)

The Mortgage Loans
The mortgage loans can be FHA-insured, VA-guaranteed, USDA-RD guaranteed, or Conventional, 30-year fixed-rate mortgages.

Participating Lenders