*For Prince George’s County Only
American Dream Down Payment Initiative (ADDI)
ADDI provides down payment and closing cost assistance to low-income families who are first-time homebuyers for the purchase of single-family housing that will serve as the family’s principal residence. ADDI provides funding to targeted low-income families. In order to be eligible for ADDI assistance an applicant must:
- Be a “first-time homebuyer”;
- Contribute a minimum of $1,000 toward the purchase of the home;
- Be a “low-income family”;
- Use the house as their principal residence;
- Successfully complete a HUD approved homebuyer counseling course; and
- Qualify for a first mortgage.
If you have questions about this program, give Dick Harbin a call at Monarch Mortgage. (301) 850-1092. His email is dharbin at monarchmtg dot com.
Dick says the buyer will receive between $5,000 and $10,000 for down payment assistance – just be aware that income limits do apply. However, I’m always surprised at how high those limits can be, so do check with Dick.