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.
Neighborhood Stabilization Program - Down Payment Assistance Program
(NSP-DPAP)
Not accepting applications at
this time.
The City of Modesto Parks, Recreation and
Neighborhoods Department has allocated $1,271,031 in
Neighborhood Stabilization Program (NSP) funds from the
U.S. Department of Housing and Urban Development to
assist program eligible low/moderate/middle income
(LMMI) homebuyers to purchase vacant foreclosed
properties in order to stabilize neighborhoods and to
decrease the decline of house values of neighboring
homes.
Funds can be utilized for down payment assistance,
closing costs and rehabilitation of foreclosed
properties.
Qualifying Income Limits:
| Household Size |
Household Income |
| 1 |
$50,050 |
| 2 |
$57,200 |
| 3 |
$64,350 |
| 4 |
$71,500 |
| 5 |
$77,200 |
| 6 |
$82,950 |
| 7 |
$88,650 |
| 8 |
$94,400 |
- Homebuyer must complete at least eight hours of
home buyer counseling from a HUD approved housing
counseling agency prior to participating in the
program.
- 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 600 or higher.
- Homebuyers must provide a minimum initial investment of 1% of the sales price.
- No payments are required during the first five
years. The loan begins to accrue interest at a
rate of 2% in year six. Monthly amortized
payments are required in years 6-30.
| Download |
| NSP-DPAP Guidelines and Application |
View |
For more information, call (209) 577-5311 or e-mail housing@modestogov.com.
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