








|
|
Homeownership & Home Repair
>
First-time homebuyers and veterans
> Cash Assistance Loan
 | Helps enable
first-time homebuyers in need of down payment and closing cost
assistance. |
Need more information? Call Toll Free
800-246-7973
CAL details:
 |
Qualified first-time homebuyers are eligible to receive a forgivable
second mortgage of 4 percent of the loan amount to be used for down
payment and closing costs. The second mortgage will be forgiven if the
borrower stays in the home/loan for ten years. The second mortgage will
diminish after year five by 1/60 every month until year 10 when it will
be completely forgiven.
|
 | No junk fees are allowed. The lender may
charge standard closing costs. |

Purchase Price Limits |
Type of Home |
Non-Target Area |
Target Area* |
Single
family home |
$349,525 |
$427,198 |
Duplexes |
$447,542 |
$546,995 |
Note: These limits
are subject to change in accordance with regulations.
*Target Area:
click here |
Income
Limits |
Program |
Income Limits |
Cash Assistance Loan Program |
click here |
Additional Income Guideline Information
The total gross annual household income for all borrowers
and spouses who will be living in the home must be within the limits
established for household income.
Total gross annual household income is calculated using all sources of
income including, but not limited to, wages, overtime, bonuses, child
support, alimony, commissions and earnings from a second job, business
and investments.
|
More Details


Return to
Homeownership Page
|
|