Downpayment Plus® Program
Downpayment Plus® provides down payment and closing cost assistance for income-eligible homebuyers. The assistance provided is in the form of a forgivable grant (subsidy) paid on behalf of the borrower at the time the borrower closes on first mortgage financing. The DPP Program is a purchase program, not a refinance program. Additionally, the property being purchased must be owner-occupied.
Maximum Grant per Household
The maximum grant per household is determined annually and may be modified during the year. For the DPP Program, the maximum grant per eligible household is the lesser of:
- $10,000 or
- 25% of the first mortgage amount
Home Buyer must contribute a minimum of $1,000 from personal funds toward the purchase of the home.
To find out more or see if you qualify for this limited time program, please contact a Consumer Banker at your local branch.
Contact a Consumer Banker at your local branch to find out more regarding the Downpayment Plus® program today.
Frequently Asked Questions
Program requirements are as follows:
- Apply for first-mortgage financing.
- Provide an executed purchase contract.
- Disclose current income sources and pending changes in income or employment status. Provide income verification documents as requested.
- Contribute a minimum of $1,000 from personal funds toward the purchase of the home.
- Complete an approved homebuyer education and counseling programs prior to closing.
- Sign all required documents including, but not limited to:
- The Certificate of Borrower Eligibility certifying household income
- A retention agreement for the DPP grant to be recorded on the property.
- Repay a pro rata share of the grant, if necessary, due to sale or refinancing before the end of the five-year retention period.