Home Buyer Assistance

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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