Down Payment Assistance Program

Down Payment Assistance Program es un préstamo condonable para compradores de vivienda en Birmingham, Alabama. The Ready to Own Program (City of Birmingham Down Payment Assistance Program) makes homeownership more affordable for qualified families purchasing a home within the city limits of Birmingham. Eligible buyers receive up to $10,000 in homebuyer assistance, structured as a 5-year forgivable loan at 0% interest with a restrictive covenant. Funds may be applied to down payment, closing costs, or interest rate buydowns. The program is delivered as a partnership between the City of Birmingham Department of Community Development, Neighborhood Housing Services of Birmingham (NHS), and participating lenders (SouthState, Regions, SouthPoint, FirstHorizon, BMO) who provide $7,000-$10,000 in additional matching funds. Up to $10,000 in homebuyer assistance as a 5-year forgivable loan at 0% interest with restrictive covenant. Funds can be applied to down payment, closing costs, and/or interest rate buydowns. Participating lenders provide additional matching funds of $7,000-$10,000. Los fondos provienen de HOME, CDBG y Local Government.

Down Payment Assistance Program se perdona después de 5 años, así que un comprador de vivienda que se quede ese tiempo no lo devuelve. El reembolso se activa por Sale, transfer, refinance, or loss of owner-occupancy within 5-year forgiveness period. La ayuda se registra con un gravamen en posición Subordinate (typically 2nd lien). Los términos de condonación y reembolso los fija el programa y pueden cambiar; confírmalos en la página oficial del programa antes de presentar la solicitud.

Down Payment Assistance Program está abierto a compradores de vivienda que vivirán en la vivienda como su residencia principal. Sobre el crédito, el programa indica: 600 minimum FICO. Se requiere un curso de educación para compradores de vivienda, a través de Neighborhood Housing Services of Birmingham. Requisito de residencia: Property purchased must be located within the city limits of Birmingham. Borrower must have minimum 600 credit score. Household income must not exceed current HUD income limit at 80% of AMI for Birmingham-Hoover MSA. Homebuyers must complete a homeownership education course. Must have a signed purchase agreement before funds are reserved. Property must be purchased within the city limits of Birmingham. The COB DPA pairs with participating lender matching funds ($7,000-$10,000), which when combined may produce the higher effective income/funds tiers ($52,850-$99,700) shown in the DPA One source. Program is administered by Neighborhood Housing Services of Birmingham (NHS). Restrictive covenant applies during the 5-year forgiveness period.

Down Payment Assistance Program limita el ingreso del hogar al 80% del ingreso mediano del área, que varía según el condado y el tamaño del hogar. Household income must not exceed the current HUD income limit at 80% of AMI for the Birmingham-Hoover MSA. Limits adjust by household size and are updated annually by HUD. El límite se aplica al ingreso total del hogar, no solo al del prestatario. Las cifras del ingreso mediano del área las publica HUD y se actualizan cada año, así que consulta la tabla vigente del condado antes de basarte en una cifra.

Down Payment Assistance Program se puede usar para Single-Family, Townhome y Condo. La construcción nueva es elegible.

Down Payment Assistance Program atiende a compradores de vivienda que compran en Birmingham, Alabama. El programa se dirige a áreas específicas: Properties must be purchased within the Birmingham city limits.

Las solicitudes de Down Payment Assistance Program se tramitan a través de la agencia que administra el programa, que publica los términos vigentes y los pasos de la solicitud en su propio sitio. Los fondos se reservan a través de Online application through City of Birmingham Housing portal (birminghamhousing.seinterminal.com); funds reserved after a signed purchase agreement is in place. Hey Prescott no es un prestamista y no acepta solicitudes; esta página describe el programa para que un comprador de vivienda pueda llevarlo a un prestamista o a un asesor de vivienda.