Up to $10,000 Towards Closing Costs or Down Payment Assistance
Tompkins’ Dutchess Community One Grant Program offers borrowers the chance to make home ownership a reality with up to $10,000 towards closing costs or down payment assistance, a reduced application fee, and maximum financing with no mortgage insurance for eligible borrowers. This program is available for an owner occupied 1-2 family purchase transaction and is subject to income and other qualifying guidelines.
Benefits & Qualifications:
- Reduced application fee
- Maximum 45% debt to income (DTI) ratio
- No Mortgage Insurance is required
- Owner occupied primary residence, 1-2 units only
- Income limits apply
- Satisfactory credit history required
- Alternative credit sources may be considered with a minimum 12 month documented history of on-time monthly payments. Minimum of 2 required; i.e. rent, phone, cable, heat, electric
- No purchase price limits
- 100% Loan To Value (LTV) ratio*/97% Max. LTV without reserves; Max. 140% Combined Loan To Value (CLTV) ratio with multiple approved grants
- Household income at or below 80% of the Area Median Income (AMI) in the county the applicant currently resides
- Escrow for taxes and insurance required
- Maximum 3% seller concessions regardless of LTV and not to exceed actual costs - cannot get additional cash back
*3 months Principal Interest Taxes Insurance reserves when LTV is greater than 97%. Grants or Gifts do not count as reserves. Grant program is for eligible residents currently residing within the specified zip codes (12590, 12592, 15567, 12601, 12603) who are purchasing a 1-2 family primary residence anywhere within Dutchess County, NY. Loans subject to credit approval, income, and other qualifying guidelines. Homeowners insurance required; flood insurance may be required. Consult your tax advisor about deductibility of interest. Some restrictions may apply. Funds available until exhausted. NMLS #: 456030
