Level of Home Assistance
The minimum level of HOME funds to be used for the Home Buyers Purchase Program is $1,000 per dwelling unit. The maximum HOME assistance per project for homebuyers purchase is based on a sliding scale depending on the primary mortgage.
Allowable Loan Use
The deferred payment loan may be used for:
- Closing costs
- Down payment assistance
- Interest buy down and/or mortgage buy down
Ratios
The debt-to-income ratio cannot exceed 43% of the front-end ratio. The front-end ratio, indicates the percentage of income that goes toward housing costs, which for homeowners is:
- PITI, which is comprised of:
