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City of Concord Down Payment Assistance
City of Concord
http://tinyurl.com/cityofconcordhousing

Program Overview


City of Concord Down Payment Assistance is a program that provides loans for closing costs, down-payments, or pre-paids. Property must be located within the city limits of the city of Concord.


Who is eligible for this program?


Applicants must be pre-approved for sufficient financing to purchase the home before applying for assistance. Applicants must have incomes at or below 80% of the area median income. Funds may be used for a down-payment, or to pay closing costs or prepaids.

Is this program for first time buyers only? Yes


Property Eligibility Requirements


The property must be located within the city of Concord
The sales price cannot exceed $ 161500.


Benefit Details


The loan will depreciate at a rate of 20% per year for five years, at which time it is considered repaid. The maximum loan available is $2500.

Benefit: Five-year depreciating second mortgage loan.
Loan Term:5 years
Homebuyer Counseling /
Education Required:
Yes
Owner Occupancy Required:Yes
Other Program Comments:The buyer must use the house as his or her principal residence for five years. First-mortgage loans that involve owner financing, loan products that balloon prior to 30 years, adjustable rate mortgages, buydown or step mortgage, loans with less than 20 year terms, and loans with call options are not acceptable.

Please note: Every attempt is made to reflect accurate and up to date information on housing programs displayed on this site. Some inaccuracies may exist. For verification contact a certified REALTOR member.



For more information about this and other homebuyer programs please contact one of the following:

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