City of Lincoln Park Down Payment Assistance for First-Time Homebuyers

City of Lincoln Park Down Payment Assistance for First-Time Homebuyers is a forgivable loan for homebuyers in Lincoln Park, Michigan, administered by National Faith Homebuyers (on behalf of the City of Lincoln Park). The City of Lincoln Park's Down Payment Assistance program provides eligible first-time homebuyers up to $14,999 toward their down payment or approved closing costs to purchase a single-family home or condo within Lincoln Park city limits. Assistance is structured as a forgivable second mortgage that is forgiven after the buyer occupies the home as their principal residence for five years. The program is administered by National Faith Homebuyers and is funded on a first-come, first-served basis. Households must earn at or below 80% of area median income and may not hold more than $20,000 in liquid assets. Up to $14,999 toward down payment or closing costs. Forgivable after 5 years of owner occupancy. 0% interest. No monthly payments. Funding comes from Federal HOME/CDBG funds via the City of Lincoln Park (Unconfirmed: exact federal source not specified on official page). Program-year DPA budget reported as $100,000 (National Faith DPA budget tracker, last updated 2026-05-20).

City of Lincoln Park Down Payment Assistance for First-Time Homebuyers offers up to $14,999 in assistance. Homebuyer contribution: Not published on official program page (asset limit: buyer cannot hold more than $20,000 in liquid assets). Amounts are the program's published maximums, not an offer — National Faith Homebuyers (on behalf of the City of Lincoln Park) determines any individual award.

City of Lincoln Park Down Payment Assistance for First-Time Homebuyers is forgiven after 5 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by Second mortgage is forgiven after 5 years of owner occupancy as principal residence; if the home ceases to be the principal residence before 5 years, repayment may be triggered (Unconfirmed: exact pro-rata vs. full repayment schedule not published on official page). The assistance is recorded in Second mortgage (subordinate) position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

City of Lincoln Park Down Payment Assistance for First-Time Homebuyers is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: Cannot own or have an interest in any other real estate in the past 3 years at the time of purchase. On credit, the program states: Not published on official program page. A homebuyer education course is required, through National Faith Homebuyers (or another National Faith-approved course). Residency requirement: Home must be within the City of Lincoln Park city limits. Loan term: forgivable second mortgage forgiven after 5 years of owner occupancy. Buyer cannot hold more than $20,000 in liquid assets. Mortgage payment may not exceed 31% of gross monthly household income (general National Faith DPA rule).

City of Lincoln Park Down Payment Assistance for First-Time Homebuyers limits household income to 80% of the area median income, which varies by county and household size. Household income must be at or below 80% AMI. 2026 income limits by household size: 1 person $58,700; 2 person $67,100; 3 person $75,500; 4 person $83,850; 5 person $90,600; 6 person $97,300; 7 person $104,000; 8 person $110,700. The limit applies to total household income, not only the borrower’s. The program lists a maximum household size of 8. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

City of Lincoln Park Down Payment Assistance for First-Time Homebuyers caps the purchase price at $219,000. Eligible property types include single-family and condominium.

City of Lincoln Park Down Payment Assistance for First-Time Homebuyers serves homebuyers purchasing in Lincoln Park, Michigan.

Applications for City of Lincoln Park Down Payment Assistance for First-Time Homebuyers go through National Faith Homebuyers (on behalf of the City of Lincoln Park), which publishes the current terms and the application steps on its own site. Funds are reserved through First-come, first-served; applicants check availability periodically and submit eligibility pre-screen / application through National Faith Homebuyers. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.