updated March 2022 – Buyers can qualify for down payment assistance equal to 5% percent of the purchase price up.
The program will also include low or no-interest loans.
It applies to existing single-family properties including townhomes, condos and manufactured homes.
Summary of the Home is Possible Program:
1. Up to 5% of purchase price.
2. Minimum credit score of 640 (680 for manufactured homes)
3. Money can be use for down payment and/or closing costs.
4. Must live in home as primary residence
5. No first-time homebuyer requirement
6. You must live in the home for 3 years to not have to repay the money otherwise you will have to pay off 1/36 for every month you do not live in it (36 months).
7. Home price below $647,200
8. For government loans (FHA, USDA, VA) with a single borrower: qualifying income up to $105,000 / For government loans (FHA, USDA, VA) with 2 or more borrowers: qualifying income up to $135,000
9. One-time fee of $755 (paid at closing)
10.. (subject to change) There is a location restriction. Must be within the zip codes of
Eligible areas by Zip Code:
Zip Codes: 89011, 89030, 89031, 89032, 89048, 89060, 89081, 89101, 89102, 89103, 89104, 89106, 89107, 89108, 89109, 89110, 89115, 89118, 89119, 89120, 89121, 89122, 89128, 89142, 89146, 89156, 89169
