City of Taylor Home Down Payment Assistance (DPA) Program

City of Taylor Home Down Payment Assistance (DPA) Program is a forgivable loan for homebuyers in Taylor, Michigan, administered by City of Taylor (program administration awarded to National Faith Homebuyers). The City of Taylor restarted its Home Down Payment Assistance (DPA) program in 2024, awarding administration to National Faith Homebuyers and raising the per-household assistance cap to the maximum allowable $40,000, combining 2020 and 2021 HOME funds (~$400,000 total). Assistance is a forgivable lien: amounts up to about $14,010 forgiven over 5 years, and higher amounts up to $40,000 forgiven over 10 years. Open to first-time homebuyers purchasing in the City of Taylor. Forgivable down payment/closing cost assistance up to $40,000 per household, forgiven over 5 or 10 years depending on amount. Funding comes from 2020 HOME funds (~$230,000) plus 2021 HOME funds ($219,005.90), ~$400,000 total via City of Taylor / HUD.

City of Taylor Home Down Payment Assistance (DPA) Program offers up to $40,000 in assistance. Award tiers: Tier 1: up to $14,009.99 forgiven over 5 years. Tier 2: amounts above $14,009.99 up to $40,000 require a 10-year forgiveness period. Amounts are the program's published maximums, not an offer — City of Taylor (program administration awarded to National Faith Homebuyers) determines any individual award.

City of Taylor Home Down Payment Assistance (DPA) Program is forgiven after 10 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by Forgivable-lien structure: assistance up to $14,009.99 forgiven over a 5-year period; assistance above that, up to the $40,000 cap, requires a 10-year forgivable period. The assistance is recorded in second position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

City of Taylor Home Down Payment Assistance (DPA) Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: Buyer must not have owned any other residential property at the time of application and may not have owned a home within the last 3 years. A homebuyer education course is required, through National Faith Homebuyers (homeownership counseling). First-time buyer (no homeownership in last 3 years and no other residential property at application); HOME-funded forgivable lien; administered by National Faith Homebuyers; homebuyer counseling required.

City of Taylor Home Down Payment Assistance (DPA) Program limits household income to 80% of the area median income, which varies by county and household size. Income eligibility based on HUD limits for the Detroit-Warren-Dearborn MSA (typically 80% AMI for HOME-funded down payment assistance). unconfirmed: exact income_limit thresholds. 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 Taylor Home Down Payment Assistance (DPA) Program can be used for Single Family. New construction is not eligible.

City of Taylor Home Down Payment Assistance (DPA) Program serves homebuyers purchasing in Taylor, Michigan.

Applications for City of Taylor Home Down Payment Assistance (DPA) Program go through City of Taylor (program administration awarded to National Faith Homebuyers), which publishes the current terms and the application steps on its own site. Funds are reserved through Program administered by National Faith Homebuyers at $1,200 per client; application packet submitted to the City of Taylor for approval. 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.