CrossCountry Mortgage Smart Start Down Payment Assistance Program

What is CrossCountry Mortgage Smart Start Down Payment Assistance Program?

CrossCountry Mortgage Smart Start Down Payment Assistance Program is a forgivable loan for homebuyers in Statewide, California.

• Forgivable lender-funded second mortgage. 5-year forgiveness term. Combines with conventional first mortgage.
• Up to $4,000 forgivable second mortgage (forgiven over 5 years) for first-time homebuyers in underserved communities. Lender-funded SPCP.
• Funding comes from CrossCountry Mortgage.

Do you have to pay it back?

CrossCountry Mortgage Smart Start Down Payment Assistance Program is forgiven after 5 years, so a buyer who stays that long does not repay it.

• Repayment is triggered by sale or refinance within 5 years (otherwise forgiven).
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

CrossCountry Mortgage Smart Start Down Payment Assistance Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

CrossCountry Mortgage Smart Start Down Payment Assistance Program sets its income limit as follows: At or below 80% AMI; or property in majority-Black/Hispanic census tract.

• At or below 80% AMI; or property in majority-Black/Hispanic census tract.
• The limit applies to total household income, not only the borrower’s.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

CrossCountry Mortgage Smart Start Down Payment Assistance Program can be used for Single-family, Condo, Townhouse.

Where does it apply?

CrossCountry Mortgage Smart Start Down Payment Assistance Program serves buyers purchasing in Statewide, California.

• The program targets specific areas: Majority-Black or majority-Hispanic census tracts.

How do you apply?

Applications for CrossCountry Mortgage Smart Start Down Payment Assistance Program go through the administering agency.

1. 1

   Take a homebuyer education course

   Required by the program, through Required - HUD-approved.

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved with the provider and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.