Project Reinvest Homeownership down payment assistance loan funds of $10,500 may be used for any eligible purpose including closing costs assistance, down payment assistance or borrower minimum out-of-pocket investment if allowed by the first mortgage loan program or other layers of financing.
Project Reinvest funds will be disbursed at the time of loan closing. These funds will be in the form of a mortgage secured by the property being purchased. Project Reinvest is a zero %, deferred loan due upon sale.
In order to be eligible for Project Reinvest Homeownership down payment assistance, the homebuyer(s) must meet the following requirements:
- Borrowers Household Income, adjusted for household size, should not exceed 100% of the Area Median Income. Click here for income thresholds by county.
- Complete an eight (8) hour Homebuyer Education Course with the past 12 months of closing.
- Purchase a home within the target market. Click here for a list of participating counties.
- Agree to maintain the home as the primary owner occupant residence.
- Obtain a first mortgage from an approved Project Reinvest HomeOwnership Lender. Click here for a list of participating lenders.
Funds are available on a first come, first served basis.
Want to know more? Click here for our FAQ page.