What Is It?
The Cumberland County Affordable Housing Trust Fund First-Time Homebuyer’s Down Payment and Closing Cost Assistance Program provides up to $5,000 in assistance to qualified first-time homebuyers who have lived or worked in Cumberland County for at least six months and wish to purchase a single family home in Cumberland County.
Applications will be accepted throughout the year. The number of applicants chosen each year to receive the assistance will depend upon the annual Affordable Housing Trust Fund allocation to the Down Payment and Closing Cost Assistance Program. Funds will be reserved on a first come first served basis and subject to availability.
Applicants must attend both classes of the First-Time Homebuyer’s Workshop in order to apply.
The applicant must complete the First-Time Homebuyer’s Workshop before settlement on his/her home. A certificate of completion must be submitted prior to settlement to qualify for assistance.
How Does It Work?
A family with a gross household income between 80% and 100% of the County’s Median Income may qualify for up to $3,000 in assistance to be used for down payment and closing costs. A family with a gross household income less than 80% of the County’s Median Income may qualify for up to $5,000 of assistance to be used for down payment and closing costs. This assistance is in the form of a five-year, no interest, and forgivable loan.
The buyer may not contribute more than $30,000 to the purchase the home. This $30,000 cap includes buyer’s contribution, gift funds and seller assistance. The buyer may not have assets greater than $30,000 after settlement excluding IRAs, 401(k) s and similar retirement accounts.
If you are interested in participating in this program, please fill out the form below: