American Dream Down Payment Initiative (ADDI)
The amount of ADDI assistance provided to any low-income family cannot exceed six percent of the
purchase price of a single family housing unit or $10,000, whichever is greater.
Qualifying Income Limits:
| Household Size |
Household Income |
| 1 |
$33,400 |
| 2 |
$38,150 |
| 3 |
$42,950 |
| 4 |
$47,700 |
| 5 |
$51,500 |
| 6 |
$55,350 |
| 7 |
$59,150 |
| 8 |
$62,950 |
- Homebuyer must currently live in the City of
Modesto, or in the sphere of influence with a
Modesto address during the last six consecutive
months, or be employed in the Modesto city limits
for the past six consecutive months.
- Homebuyer's FICO (Fair Isaac Company) credit
score must be 610 or higher.
- Homebuyer must provide a minimum initial
investment of 1.5% of the sales price.
- No monthly payments are required during the 30
year term of the loan.
- Repayment required only upon the sale, refinance,
transfer or rental of the property or maturity of
the loan.
| Download |
| ADDI Guidelines and
Application |
View |
For more information, call (209) 577-5311 or e-mail housing@modestogov.com.
Down Payment Assistance Program (DPAP)
Not accepting applications at
this time.
The DPAP provides down payment assistance up to $60,000 to low-income families purchasing a home within the
Modesto city limits.
Qualifying Income Limits:
| Household Size |
Household Income |
| 1 |
$33,400 |
| 2 |
$38,150 |
| 3 |
$42,950 |
| 4 |
$47,700 |
| 5 |
$51,500 |
| 6 |
$55,350 |
| 7 |
$59,150 |
| 8 |
$62,950 |
- Homebuyer must currently live in the City of
Modesto, or in the sphere of influence with a
Modesto address during the last six consecutive
months, or be employed in the Modesto city limits
for the past six consecutive months.
- Homebuyer's FICO (Fair Isaac Company) credit
score must be 610 or higher.
- Homebuyers must provide a minimum initial investment of 1.5% of the sales price.
- Monthly principal only payments are required during the first five years. The loan begins to accrue interest at a
rate of 3% in year six. Monthly amortized payments are required in years
6-30.
| Download |
| DPAP Guidelines and Application |
View |
For more information, call (209) 577-5311 or e-mail housing@modestogov.com.
|
