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
- $350 application fee
- All household members must be lawfully present within the United States
- Income between 100%-160% AMI (other options available for below 100% AMI, please inquire)
- 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
- 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)