This program is designed to stabilize neighborhoods by assisting low to moderate-income, first-time homebuyers in purchasing a modest single-family home in Plymouth for their primary residence.
The program has been developed by the Office of Community Development Department (the "Lender") and funded by the U.S. Department of Housing and Urban Development Department Community Development Block Grant (CDBG) program.
Funds are made available to eligible households as a zero% interest deferred payment second mortgage loan. Homebuyers are required to invest a minimum of 1.5% of the purchase price of the home and would repay the loan upon sale, transfer, otherwise encumber or no longer using as their primary residence.
The maximum amount available to eligible households is up to $15,000. based on need calculated by Program Director. The funds can be used for up to 50% of the required down payment and additionally towards reasonable closing costs, cannot be used for prepaid items. For example, you have a 5% required Mortgage loan program and we can help with 2.5% of that and then additionally cover closing costs with the exception of the escrows (prepaids)
Funds are not reserved until the applicant has been certified eligible and the appropriate paperwork has been received by the Office of Community Development (OCD).
Allocation of Funds: These funds can only go towards down payment and closing costs that are not already being covered by another source Final approval of the closing disclosure is required by the Director and funds will not be released if the terms of the original mortgage approval or the Loan Estimate change without approval of the OCD.