UDDC’s First Time Homebuyer’s Program helps eligible first time homebuyers purchase a new or recently rehabilitated home within the University District from the UDDC. The program provides assistance with the down payment, closing costs, and purchase price reduction.
Program Qualifications
- Be a first time homebuyer
- Have an annual income that is not more than 80% of area median income
- Purchase a home that has been constructed or renovated by the UDDC within the University District Development Area
Income Qualifications
To be eligible for the program, the prospective homebuyer’s annual income must not exceed 80% of the area median income, adjusted for family size. Eligibility determinations are based on anticipated income. The previous year’s tax return may not reflect the current year’s earnings. Current income information such as pay stubs and benefit receipts are used to determine income. Contact the UDDC if you wish to know more about area median income.
Who is a first time homebuyer?
A first time homebuyer is a person who has not financed a home within the last three years prior to the date of application to the UDDC program. All participants in the program must sign documentation attesting no prior ownership of a home within the preceding three year period. A person who was previously married and owned a home with a spouse but does not currently have an ownership interest may be eligible to qualify as a first time home buyer.
What is Down Payment and Closing Cost Assistance?
A first time homebuyer meeting income qualifications is eligible to receive down payment and closing cost assistance to purchase a home constructed or renovated by the UDDC. The amount of the down payment assistance provided is based upon need. The maximum amount of assistance available for down payment and closing costs is $20,000.