The dream of homeownership can often feel out of reach for many, especially due to financial barriers, like rising prices, that come with purchasing a home. However individuals and families who earn between 80% and 140% of the area median income (AMI), have the Middle-Income Downpayment Assistance Program which can help make that dream a reality. This program is specifically designed to help qualified home buyers lower their upfront costs, making it easier to secure a mortgage and move into a new home.

Eligible homebuyers who contribute a minimum of $10,000 toward the down payment and closing costs can qualify for a grant of up to $50,000. This grant can be applied toward reducing the down payment, covering closing costs, or helping to lower monthly mortgage payments. This assistance is especially helpful for first-time homebuyers, teachers, police officers, firefighters, healthcare workers, and others who play essential roles in their communities.

Key Eligibility Requirements

To qualify for the Middle-Income Downpayment Assistance Program, homebuyers must meet several criteria, including:

First-Time Homebuyer Status

The applicant must be a first-time homebuyer, as defined by the U.S. Department of Housing and Urban Development (HUD). This also includes individuals who have not owned a home in the past three years.

Income Eligibility

The homebuyer’s household income must fall between 80% and 140% of the local AMI, based on the property’s location and household size.

Homebuyer Education

Applicants must successfully complete an approved homebuyer education and counseling program. This is an essential step to ensure homebuyers are fully prepared for the responsibilities of homeownership.

Property Requirements

The homebuyer must purchase an eligible property as their primary residence. Eligible properties include single-family homes (such as condominiums, cooperatives, and manufactured homes) and properties with two to four dwelling units, provided at least one unit is owner-occupied.

Escrow and Closing

The applicant must open escrow on a home purchase transaction with closing scheduled within 60 days of requesting the program funds.

Minimum Contribution

The homebuyer must contribute at least $10,000 toward the down payment and closing costs. These funds can come from the buyer’s own savings or be gifted by family or other sources.

Why the Program Matters

Homeownership is a major financial milestone, and it can be particularly challenging for middle-income households. By offering this government-funded down payment assistance, the Middle-Income Downpayment Assistance Program helps to bridge the financial gap that homebuyers often face. This makes homeownership more accessible for families who may otherwise be shut out of the market.

This program highlights a commitment to providing sustainable homeownership to essential workers, such as teachers, police officers, and firefighters. These individuals contribute to the well-being of the community, and the program recognizes their need for affordable housing options.

Is it still Available?

Funds for the Middle-Income Downpayment Assistance Program were exhausted for 2024. Fortunately, we are at the cusp of a new year, so this is the perfect opportunity to grab this chance and make your home-making dreams come true. This program is expected to come back around Spring of 2025. To make sure that you can apply as soon as it is available, keep your eyes peeled for when the application process opens. 

The best way to prepare for grant applications is to first speak to a qualified grant-approved lending professional to assist you in looking at your eligibility. We are happy to refer you to one of the best qualified local credit unions that specialize, and are approved, for this specific grant program. If you are eligible, you can then prepare the requirements to apply for the program.

If you are having a difficult time processing all of this information, we at the Dulcie Crawford Group are dedicated to making sure that every aspiring homebuyer is equipped with the appropriate information to streamline the homebuying process. Give me a call at 702-505-2775, or send me an email at dulciecrawford@gmail.com so that we can initiate the first step to buying your home.

Dulcie Crawford is a native Nevadan, born and raised in Las Vegas. Dulcie is a Community Expert & stays current with updates on market trends & market conditions.  A senior Realtor with Signature Real Estate Group, she has sold over 1,300 homes since 1998. You are assured an exceptional experience when buying or selling Real Estate with The Dulcie Crawford Group.