Closing Cost & Down Payment Assistance
We are always working to secure funding that can help bridge the affordability
gap for potential homebuyers.
Although the terms vary depending on the funding source, most loans must be
paid if you sell or refinance your home. Some loans feature no payments and
no interest.
Funding availability is limited and there are income restrictions. Most of
the funding is targeted for households below 80% of the area median income (AMI).
Additional financial assistance is sometimes available for households with
income below 50% of AMI. All assistance given is based on need.
The following chart shows the income guidelines for 2007 in Kennebec County.
To use this chart, find the number of people in your household and work down
that column until you find what your annual household income is "less than"
or "below".
For example, if there are 4 people in your household and your total household
income is $40,000 then you are "below 80% of the AMI" or "between
50% and 80%of AMI".
| |
1
Person |
2
Person |
3
Person |
4
Person |
5
Person |
6
Person |
7
Person |
8
Person |
| 30% |
$11,750 |
$13,400 |
$15,100 |
$16,750 |
$18,100 |
$19,450 |
$20,750 |
$22,100 |
| |
| 50% |
$19,550 |
$22,300 |
$25,100 |
$27,900 |
$30,150 |
$32,350 |
$34,600 |
$36,850 |
| |
| 80% |
$31,250 |
$35,700 |
$40,200 |
$44,650 |
$48,200 |
$51,800 |
$55,350 |
$58,950 |
| |
| 100% |
$39,050 |
$44,600 |
$50,200 |
$55,800 |
$60,250 |
$64,700 |
$69,150 |
$73,650 |
| |
|
|
|
|
|
|
|
|
| 120% |
$46,860 |
$53,520 |
$60,240 |
$66,960 |
$72,300 |
$77,640 |
$82,980 |
$88,380 |
|