Down Payment Assistance Program
Program Overview
The purpose of the Ready to Own Program is to make homeownership more affordable for families through homebuyer assistance to qualified households purchasing a home within the City Limits of Birmingham.
- Homebuyer assistance of up to $10,000
- 5-year forgivable loan at 0% interest (with restrictive covenant)
- Funds can go towards down payment, closing costs & interest rate buydowns
- Property MUST be purchased within the city limits of Birmingham
- Homebuyer Education is required in becoming a program participant.
Eligibility Requirements
- Borrower MUST have minimum 600 credit score
- Household income must not exceed the current HUD income limit at 80% of AMI
- Homebuyers must complete a homeownership education course
- Must have a signed purchase agreement before funds are reserved
Neighborhood Housing Services Role
- Client Intake
- Case management of clients
- Homebuyer education
- Facilitation of closings
- Community seminars
- Employee seminars
Our Partners
Participating Lending Partners:
Lenders are providing matching funds between $7,000 – $10,000 dollars
