Down Payment Assistance for Any Homebuyers
Get up to $25,000 toward your down payment through a 0% interest, deferred-payment loan — you repay it when you sell or refinance, not month to month. Income limits apply (household income at or below 120% AMI), and first-time homebuyers who complete a homeownership counseling course qualify. First-generation homebuyers receive priority.
Eligibility and Use of Funds
Eligible Property Types
• Single-family homes
• Townhomes, condos, duplexes (single-unit owner occupied)
• Manufactured or modular homes on permanent foundations
• Homes in Community Land Trusts (CLTs)
Use of Funds
• Down payment assistance
• Principal reduction / mortgage write-down
• Closing costs (as needed)
• May be layered with other DPA as a silent second.
Terms and Requirements
Loan Amount & Terms:
The property must remain the borrower’s primary residence throughout the applicable affordability period.
Up to, ~$25,000
0% interest
Deferred payment—due upon: Sale or transfer of the property, or Maturity date stated in the note
$25 application fee
No cash back to the borrower (except standard prorations or escrow adjustments).
Buyer must contribute a total of 1% of purchase price or $1,000
Total indebtedness against the property cannot exceed one-hundred percent (100%) of its value.
Other Fees: Recording Fee and Title Closing Costs
Application Process Overview
All household members must be accounted for in the ECLT DPA application. This includes a listing of all household members, and all sources of income and asset information. Those on the title but not living in the household do not need to be included.
Step 1
Borrower submits ECLT DPA Application once under contract.
Step 2
Lender submits the required documents for ECLT review of income, assets, and eligibility.
Step 3
ECLT requires minimum 15 business days for DPA loan review.
Step 4
Loan commitment typically issued within 48 hours.
Step 5
ECLT issues closing instructions, funding, and final documents directly to title.
Step 6
Funds wired 24 hours before closing.
Anticipating Income:
Annual income is the gross amount of income that is anticipated to be received by all members of the household, even if they are not related to each other, during the twelve months following the effective date of determination. Income includes:
- Wages for all adults >18 years of age (including reoccurring seasonal jobs)
- Earnings on all assets
- Public benefits
- Alimony
- Child support
- Pensions and routine payments from retirement accounts
- Benefits and unearned income of dependents under the age of 18.
To determine a household’s income, use a “snapshot” of the household’s current circumstance to project future income. In general, the lender should assume that today’s circumstances will continue for the next 12 months, unless the lender concludes that there is verifiable evidence of the contrary.
Verifying Income and Assets
The lender is responsible for collecting income and asset verification documentation for every wage-earning member of the home for ECLT’s internal review and such evidence must be provided to ECLT and retained in each client’s file.
Income and assets shall be verified by the lenders internal underwriting processes and other such procedures as necessary. E.X. pay stubs, tax returns, employer verification, Social Security Administration, or public assistance agency).
Acceptable source documents include but are not limited to the following:
Employment & Income Documents
- Most recent 2 months of pay stubs (W-2 employees)
- Self-employment documentation
- Federal tax returns
Verification Documents
- Verification of Employment
- Signed borrower documents needed for loan review
ECLT DPA (Down Payment Assistance) Doc Requirements
- ECLT DPA Application
- Proof of income
- Proof of assets - (6 months)