How much can you spend on the purchase of a home? That will be determined by several factors; i.e. credit history, income, debt ratio, down payment and closing cost amounts. Each family will be different, even if they have the same incomes. The factors cited above will make the difference in the amount of the first mortgage they receive. The amount of down payment they have will also be a determining factor. The program provides a 0% deferred second mortgage; combining up to $40,000 of HOME Program funds, which are paid back upon sale of house, transfer of title or the home no longer is your primary residence. Additionally, CDBG funds of up to $10,000 in matching down payment assistance are available to eligible applicants. These matching funds (CDBG) are forgiven 1/10th per year for 10 years, after 10 years these funds become a grant.

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