Down payment assistance made simple.
The Communities First - Down Payment Assistance program provides first mortgage financing and down payment/closing cost assistance grants to eligible home buyers. Cortland Bank is proud to be a participating lender.
Not a Second Mortgage: Because Communities First is a grant, not a loan, there is no second mortgage on your home.
Based on Borrower Income: Income limits are based only on the borrower, not the household.
Instant Equity: With a grant, the borrower receives instant equity in their new home.
Fewer Restrictions: Additionally, because Communities First is a grant, there are no restrictions on reselling your home or refinancing your mortgage.
Increased Flexibility: 2, 3, 4, or 5% Down Payment Assistance options allow home buyer more flexibility to choose only what they need to keep interest rates low.
What are the income limits?
What first mortgage types apply?
- 115% AMI by county, any family size
- Credit qualifying income of home buyer only
What properties are eligible? (Depends on loan type.)
- Rural Development
How do I qualify?
- Single-family, owner occupied (one-unit) principle residence, including condominiums, town homes, and PUDS.
- Duplex - Owner Occupied
- Meet standard industry guidelines.
- Not exceed maximum income limits.
- Have a maximum debt-to-income ratio of 45% (may vary)
- Have a minimum FICO credit score of 640 (650 for FHA loans)
- Occupy the same property as their principal residence within 60 days.