Down Payment Assistance Program

Ang Down Payment Assistance Program ay isang loan na mapapatawad para sa mga bibili ng bahay sa 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. Ang pondo ay mula sa HOME, CDBG, at Local Government.

Pinapatawad ang Down Payment Assistance Program pagkalipas ng 5 taon, kaya hindi na ito babayaran ng bibili ng bahay na mananatili nang ganoon katagal. Kailangang bayaran kapag may Sale, transfer, refinance, or loss of owner-occupancy within 5-year forgiveness period. Nakatala ang tulong bilang lien sa posisyong Subordinate (typically 2nd lien). Ang mga tuntunin sa pagpapatawad at pagbabayad ay itinatakda ng programa at maaaring magbago — kumpirmahin ang mga ito sa opisyal na pahina ng programa bago mag-apply.

Bukas ang Down Payment Assistance Program sa mga bibili ng bahay na titira sa bahay bilang pangunahing tirahan. Tungkol sa credit, sinasabi ng programa: 600 minimum FICO. Kailangan ang kurso sa homebuyer education, sa pamamagitan ng Neighborhood Housing Services of Birmingham. Requirement sa paninirahan: 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.

Nililimitahan ng Down Payment Assistance Program ang kita ng sambahayan sa 80% ng median na kita sa lugar, na nag-iiba ayon sa county at laki ng sambahayan. 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. Nalalapat ang limit sa kabuuang kita ng sambahayan, hindi lang sa kita ng nanghihiram. Ang mga numero ng median na kita sa lugar ay inilalathala ng HUD at ina-update taun-taon, kaya tingnan ang kasalukuyang talahanayan para sa county bago umasa sa isang numero.

Magagamit ang Down Payment Assistance Program para sa Single-Family, Townhome, at Condo. Kwalipikado ang bagong gawang bahay.

Pinaglilingkuran ng Down Payment Assistance Program ang mga bibili ng bahay sa Birmingham, Alabama. Tinutukoy ng programa ang mga partikular na lugar: Properties must be purchased within the Birmingham city limits.

Dumadaan sa ang ahensyang nangangasiwa ang mga aplikasyon para sa Down Payment Assistance Program, na naglalathala ng kasalukuyang mga tuntunin at mga hakbang sa pag-apply sa sarili nitong site. Nirereserba ang pondo sa pamamagitan ng Online application through City of Birmingham Housing portal (birminghamhousing.seinterminal.com); funds reserved after a signed purchase agreement is in place. Ang Hey Prescott ay hindi nagpapautang at hindi tumatanggap ng aplikasyon; inilalarawan ng pahinang ito ang programa para madala ito ng bibili ng bahay sa isang lender o housing counselor.