Summit Revolving Loan Fund Down Payment Assistance Loan Program

Before applying for a loan, please see the Loan Application Process page.  We will need to meet with you to determine which loan program you qualify for.

Loan Program Highlights

Qualification

  • $350 application fee
  • All household members must be lawfully present within the United States
  • Income between 100%-160% AMI
  • Minimum credit score of 680 (non-traditional analysis available for borrowers without a credit score)
  • Must put down minimum of 3% of the purchase price from borrower’s own funds (gift funds are acceptable)
  • Must work an average of at least 30 hours/week on an annual basis in Summit County
  • CHFA-approved homebuyer education course certificate required

Loan

  • The maximum loan amount is $25,000
  • The Borrower(s) must put 3% of the total purchase price down to receive any funds.
  • Funds will be granted at a 2 to 1 ratio, based on how much you put down, up to the maximum loan amount of $25,000.  Any down payment or earnest money you put down will count towards determining the loan amount.
  • 3% interest rate
  • 20-year term
  • May be used to pay reasonable and customary closing costs (total loan-to-value cannot exceed 100%)
  • No cash back at closing permitted
  • Property must be primary residence
  • Co-signers not permitted on down payment assistance loan (co-signers are permitted on the primary mortgage)