Overview – The First Time Homebuyer Down Payment Assistance Program is designed to aid low-to-moderate income families overcome the high cost of purchasing a new home.  Eligible buyers will receive a grant of up to  $4,999 to cover 3% of the purchase price of the home and reasonable closing cost.  The grant will be totally forgiven after a period of five (5) years providing the participant honors the terms and conditions of the program.

 

Eligibility Requirements  in order to be eligible for assistance participants must:

 

· Purchase a property in the City of Canton.  The property must meet federal and state lead based paint requirements and is up to area building codes.

 

· Be a first time homebuyer, a displaced homemaker or not have owned a home within the last 3 years and be at or below 80% of area median income. (See chart below)

 

· Have a minimal credit score of 580 and have a debt-to-income ratio of no more than 42% 

 

· Be current in payments of all city utility bills, income tax, real estate tax, personal property taxes and/or outstanding loans or grants payable to the City of Canton and/or HUD

 

· Agree to reside in home for a period of no less than 5 years

 

· Successfully complete SCOPP’s 6 hour First Time Home Buyer training course. For the most up-to-date workshop schedule read or contact lbjosue@scopp.org.

 

If you would like to apply on-line for the First Time Homebuyer Program click here.

 

 

 

First Time Homebuyer Downpayment Assistance

Building Community ... One Household at a Time

“” Having a decent place to live is more than just bricks and mortar and a roof over one’s head.  Having a decent  place to live creates a platform for dignity and stability in a person’s life—a platform from which a poor family can move out of poverty—a platform from which a neighborhood can be revitalized.”

James W. Rouse, Founder of the Enterprise Foundation