City offers downpayment assistance for first time homebuyers
MONTGOMERY, AL - The City of Montgomery is reopening its downpayment assistance program for first-time homebuyers, providing up to $5,000 towards the purchase of a home inside the city limits.
Eligible first-time homebuyers are once again able to utilize this program in the purchase of their first home.
However, due to limited funding, the program will only assist in 25 purchases. Approved participants must be pre-qualified by a mortgage lender, meet eligibility requirements and have not signed a contract on a property.
Lenders are aware of income eligibility guidelines which are maximum income limits set by the Department of Housing and Urban development (HUD).
Once approved, those who qualify must attend mandatory homeownership training, which will be provided by the consumer Credit Counseling Service of Alabama (CCCSA).
Anyone wishing to use this program should contact a mortgage lender and mention the program.
For any questions, you may contact the Montgomery Community Development office at (334) 241-2756.