Eligible recipients can receive up to ten percent of a home’s purchase price, capped at $32,000. The down payment assistance provided under this program is a zero-interest loan that is forgiven over five years (20% forgiven each year), as long as the homebuyer lives in the home as their primary residence. If you are approved, the funds are reserved for 90 days

Down Payment Assistance Amount (Explanation)

Loan is forgivable at a rate of 20% per year on the day after the anniversary date of the note. There is no monthly pro-rate or other partial year credit. • Prorated balance of the loan is repayable if the property converts to non-owner occupancy, is sold, is subjected to an ineligible refinance, an unauthorized transfer of title, or a completed foreclosure action within the five-year loan term. • Recapture can be waived in the event of financial or personal hardship with the approval of the Administrator

Financial Instution

CMG Home Loans

Role

Loan Officer