First Place (FP)

• Down Payment Assistance (DPA) of 6.0%
  • Based on the purchase price
  • Not to exceed the appraised value
• Must be a first-time homebuyer, unless:
  • The subject property is located in a qualified census tract/targeted areas
• FHA, 30-year fixed loan
• Minimum FICO credit score of 640 with a DTI of less than 45.00%
• Minimum FICO credit score of 680 with DTI greater than 45.00%, but less than 50.00%

For detailed information, click here: First Place FHA (FP FHA) Program Guide - updated August 12, 2021
For detailed information, click here: First Place Fannie and Freddie (FP Mae & Mac) Program Guide

Next Home (NH)

• Down Payment Assistance (DPA) of 3.50%
  • Based on the purchase price
  • Not to exceed the appraised value
• Can be combined with the Mortgage Credit Certificate (MCC)
• FHA 30-year fixed loan
• Minimum FICO credit score of 640 with a debt-to-income ratio of less than 45%
• Minimum FICO credit score of 680 with a debt-to-income ratio greater than 45%, but less than 50%

For detailed information, click here: Next Home FHA (NH FHA) Program Guide - updated August 12, 2021
For detailed information, click here: Next Home Conventional (NH Mae & Mac) Program Guide

Mortgage Credit Certificate (MCC)

• Is a Federal income tax credit, and can assist the borrower in:
  • Reducing their federal income tax liability
  • Increasing their qualifying income
• Must be a first-time homebuyer, unless:
  • The subject property is located in a qualified census tract/targeted area
  • The borrower is a qualified veteran
• Can be combined with the Next Home Program
• Can be used with Ginnie, Fannie, or Freddie financing

For detailed information, click here: MCC Program Guide - updated December 16, 2020