Down Payment Assistance Program

Down Payment Assistance Program是面向Birmingham，Alabama购房者的可免除贷款。 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. 资金来自HOME、CDBG和Local Government。

Down Payment Assistance Program在5年后免除，因此住满这段时间的购房者无需偿还。 触发还款的情形：Sale, transfer, refinance, or loss of owner-occupancy within 5-year forgiveness period。 该援助以Subordinate (typically 2nd lien)顺位留置权登记。 免除和还款条款由项目设定，并可能变化——申请前请在项目官方网页上确认。

Down Payment Assistance Program面向将房屋作为主要住所自住的购房者。 关于信用，该项目说明：600 minimum FICO。 须参加购房者教育课程，由Neighborhood Housing Services of Birmingham提供。 居住要求：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将家庭收入限制在地区收入中位数的80%，该数值因县和家庭人数而异。 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. 该限制适用于家庭总收入，而不仅是借款人的收入。 地区收入中位数由HUD公布并每年更新，因此在依据某个数字之前，请查看该县的最新表格。

Down Payment Assistance Program可用于Single-Family、Townhome和Condo。 新建房屋符合条件。

Down Payment Assistance Program服务于在Birmingham，Alabama购房的购房者。 该项目针对特定区域：Properties must be purchased within the Birmingham city limits。

Down Payment Assistance Program的申请通过管理该项目的机构办理，该机构在其网站上公布现行条款和申请步骤。 资金通过Online application through City of Birmingham Housing portal (birminghamhousing.seinterminal.com); funds reserved after a signed purchase agreement is in place预留。 Hey Prescott不是贷款机构，也不受理申请；本页介绍该项目，方便购房者向贷款机构或住房咨询师咨询。